T+O+M BLOG

In case you missed the T+O+M Talks video, here's a summary from Sophie Watson on recruitment activity for Compliance and Financial Crime mid-2024.

Compliance Market Overview

• Busy for hiring in Superannuation & Insurance Industries as they build out 3 lines of defence as well as the Energy Industry as companies respond to regulatory change
• Privacy is a growing market with imminent reforms
• There has been little work in the big 4 banks

Financial Crime Market Overview

• Job low has been slower but expect this to pick up as Austrack start targeting the pubs & clubs, sector, where enforceable undertakings have already taken place.

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Recent Recruitment Trends

• It’s been a cost cutting environment with redundancies across big banks & consultancies
• This has resulted in an oversupply of senior candidates causing salaries to level out.

Recruitment Predictions

• Expect hiring to increase in early 2025 as the high risk entities look to be include in AML regime once Tranche 2 2nd consultant period closes towards the end of the year.
•  Expect an increase in demand with Privacy reforms due out in Aug 2024, where there’s a lack of experienced candidates available

Advice for Candidates

• Nail your interview – demonstrate your motivation for the role and organisation, research companies for any regulatory scrutiny or enforceable undertakings so as to understand the business’ pressure point.

Advice for Clients

• Be transparent about the business’ risk maturity so candidate know what the role will entail
• Move quickly on hiring process for junior candidates, where the market is still competitive

If you would like to find out more, get in touch with a member of the Audit, Risk, Compliance team.

You can watch the full video here: