Risk Requires Talent

Financial services on look out for skills as regulation grows.

Risk Requires Talent

Asia Pacific

Singapore financial organisations are facing up to the challenge of protecting their customers from evermore invasive and present dangers. According to Hays, this has resulted in several sectors of growth in the market. The heightening of regulatory-driven topics around reforms, cyber-security and cryptocurrencies means that areas such as technology and data analytics are of developing concern.

However, while the growth in these markets continues at an exponential rate, companies are struggling to find candidates to fill roles which is leading to far-reaching problems, with the Monetary Authority of Singapore’s delay in following the Basel III regulations a standout example. While MAS maintains that the intention here is to simply observe how other nations may be affected by these global regulations, herein lies a tacit admission that Singapore may be ill-prepared to implement them.

Given these pressures, Hays says that ensuring Singapore’s banking industry is able to function at full capability means finding talent for:

• Technology audit
• Technology risk
• Technology compliance
• Data analytics

As these areas continue to be candidate short following the initial boom in regulatory functions 24 months ago, companies are looking outside of traditional sectors and are instead seeking out candidates who have been utilising similar skills in other specialisms.

“There is great interest in candidates with anti-money laundering experience in the current market,” says Lynne Roeder, managing director at Hays Singapore. “Candidates from technology backgrounds within data analytics are also highly thought of.

“Though they may lack recent audit compliance backgrounds, this is no longer an impediment as companies try to locate candidates with a good combination of transferrable skills and potential, and then sponsoring qualifications in order to get them up to speed,” she adds.

With competition for candidates so fierce, companies are also putting greater resources into candidate retention. This predominantly takes the form of improved salaries. However, employees are also being offered temporary assignments in the increasingly popular areas of auditing, risk and compliance.

“Companies are seeing value in people from other areas of financial services who may understand the products, those who may be able to spot risk thanks to their time in the industry,” Lynne explains. “These employees are being given six month secondments in compliance functions, which not only increases the knowledge base throughout the organisation, but also expands the candidate pool, with some choosing to make their secondments permanent.”

As Singapore’s financial industry continues to change and the regulatory landscape develops, companies are expanding their outlook and looking to the future.

“In the past, regulatory-related areas have been very much the domain of the experienced, but we are starting to see our clients setting their sights on youth,” says Roeder. “Of course, attending recruitment fairs is nothing new for financial institutions, but now they are doing so with auditing, risk and compliance in mind, with some offering internships in the coming year. It is an area of growing popularity, and thanks to its increasingly integral function for financial organisations, it is also a stable one for candidates in the future.”



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