Complinet, the leading provider of dynamic and connected risk and compliance solutions to the global financial services industry, has published its 2008 compliance salary survey resulting in a positive forecast for jobs, salaries, and bonuses across the compliance industry.
Fifteen UK recruitment agencies provided a review of employment and salaries in the compliance market. The results showed that the market has been hit, but because of the Financial Services Authority's continued regulatory scrutiny, as well as the necessity for compliance across the financial services industry for the foreseeable future, compliance salaries are going up, bonuses are being paid and recruitment in compliance is still going strong. Compliance salaries are increasing on average by 5%.
The survey reveals that compliance recruitment is holding firm in the wave of uncertainty caused by the credit crunch and the volatility of the financial markets - indeed the recent market events have driven up demand for experienced compliance and risk professionals. The socio-economic and financial cycle historically demonstrates that a focus on regulation increases in the wake of regulatory failure. Good compliance people continue to be a valuable and necessary asset to financial service organisations.
"Bonuses for compliance staff seems to be resilient to the market downturn and the majority of people were satisfied with what they received," the survey reports.
"The risk is too great for any company that doesn't remain committed to compliance, particularly in a seemingly desperate market where fraud is on the rise. At the same time, these departments must be cost-conscious in their approach," said Paul Johns, chief marketing officer at Complinet. "We see growth in light of the credit crunch and a continued obligation and commitment to compliance."
So it is not all doom and gloom then? The need for highly skilled compliance professionals to help regain investor confidence, particularly when the markets are under increased scrutiny means these positions and solutions to help manage costs, are still in high demand.