Quick Thoughts on the Financial Crimes Compliance (FCC) Job Market

May 2018 Industry News

The market for financial crimes compliance (FCC) professionals in the financial services sector remains robust as bad actors and complex financial regulations linger.

The market for financial crimes compliance (FCC) professionals in the financial services sector remains robust as bad actors and complex financial regulations linger. At MBK Search we continue to see active hiring from banking and financial services clients who are looking to add and replace their financial crimes staff....and there are no apparent signs that these needs will expire anytime soon. The complexion of the market is changing as organizations evolve and invest in order to manage their exposure to risk.

Here are our thoughts on the FCC hiring landscape:

1) Sustained market need. While the overall demand for regulatory compliance professionals is decreasing following several years of rapid hiring, demand for financial crimes professionals at all levels is strong as focus on terrorist financing and regulations remain top of book concerns for senior management.

2) Firms are paying up for talent. To keep up with the demand, market compensation ranges have increased at all levels. Candidates are switching roles for sizable increases and firms are matching offers with similar increases.

3) Increased need for specialized expertise. As their financial crimes compliance programs evolve/mature, companies are looking for specific candidate skill sets, particularly in the areas of advanced data analytics, cybersecurity, and information technology.

4) Geographic moves. Many larger banks are relocating their cost centers from more traditional locations to the suburbs and/or less expensive areas of the country. This leads to further tightening of local markets as the demand increases in relation to FCC professionals…firms often pay up to relocate talent.

5) Risk and audit focus. We are seeing more demand for risk management and audit professionals to step into roles focused entirely on FCC as clients look to bring a risk-based advisory approach when interacting with the front office.

We are curious to hear what others are seeing in the marketplace. Please feel free to share your thoughts with us in the comments section or post on one of our social media channels!

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