Asian bank regulation results in call for compliance professionals

Published:  3 Dec at 6 PM
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Tagged: Moving, Jobs, Euro, Emigration
The move within Asian banks to regulate in a similar way to the US and Europe is likely to prove a blessing for compliance and risk-management professionals looking for fresh fields and pastures new.

The high demand for professionals with risk-management experience is the result of Asia’s rush to catch up with the West and avoid the financial scandals still rocking the world economy. Whilst jobs in compliance and risk-management may not create the adrenaline rush of trading, they’re a safe bet during the present Asian slowdown.

Salaries offered for the positions are growing fast as Asian banks implement compliance procedures or beef up existing functions. High-profile scandals such as the recent Libor-rigging as well as the continuing exposure of rogue traders have highlighted the necessity of foolproof compliance measures.

According to Sonia Fuller, head of Singapore-based KS Consulting, although the job itself is still regarded as boring, compliance professionals are asking for 50 per cent pay rises when moving jobs. In-demand candidates now expect, and are getting, remunerations formerly only offered to top bankers, and those with experience in the field can command at least £100,000 p.a plus perks.

Adverts for roles in the sector are now 22 per cent higher than at the same time in 2011, making emigrating to Asia a shrewd career move for those dissatisfied with their present positions. Paul Endacott of headhunting firm Ambition believes that the functions are increasing in importance and will gain even more influence and exposure in the near future.

Regulators in countries across the world have been busily introducing new laws they hope will prevent another global financial meltdown. As a result, according to the Daily Telegraph, even Asian fund managers and insurance companies are upgrading their risk and compliance functions, giving more opportunities for strong career platforms.
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