The Compliance Talent Supply and Demand Challenge
Financial services firms around the globe say they are experiencing significant difficulty recruiting and retaining skilled compliance and performance team members. This is due to several trends which are coming together to create “superstorm” making it difficult for the financial industry to find and retain talent during an ever-evolving regulatory climate.
First, the departure of compliance and performance professionals from their roles is part of a larger global trend, commonly termed ‘The Great Resignation’. This concept stemmed from the COVID-19 pandemic, which created an environment where many people reassessed where, how, when, and even if they work. The upshoot of this has seen:
- A rise in early retirement
- An increased movement between jobs
- The compliance talent shortage
- Training and retention challenges
Unfortunately, the difficulty firms are having in hiring, training, and retaining compliance and performance team members can translate into substantial risks. These risks can quickly metamorphose into difficulties with regulators, clients, shareholders, investors, and other stakeholders. They include:
- Compliance risk
- Operational risk
- Key person risk
- Operational resilience risk
- Reputational and financial risk
Being understaffed and overstretched because of difficulties in hiring, training, and retaining people in the compliance and performance teams can create substantial risks. This can impair the ability of the team to support the organisation in achieving its overall strategic goals and ability to stay on the right side of the regulator. Worse, these risks could develop into events that do real damage to the firm.
Download our new white paper to discover how some firms are solving these back office and human resources challenges – by engaging managed services, a form of flexible and strategic outsourcing. The paper:
- investigates the challenges facing firms today, and the risks that these can create;
- looks at some more helpful trends, and areas where firms today are deploying a managed services approach;
- discusses the benefits of outsourcing certain compliance and performance related tasks; and
- explores how managed services can, with the right partner, enable financial firms to both embed more efficient processes and free up talent for more value-generating activities.
How we help
We have a dedicated managed services team of 150+ people that has helped 1,400+ compliance and risk teams address the challenges of increasing the effectiveness of their compliance programs, managing with fewer internal resources, ensuring high-quality results, while reducing turnaround times and lowering costs.
Connect with us to learn more about moving to managed services, which can help you navigate uncertain times by providing flexible, affordable, and benchmarked solutions that allow you to focus on other, value-enhancing activities.