More stringent regulations in the Risk and Compliance sector

“We have seen a rebound in the hiring market in 2021 compared to the previous year. This is due to the acceptance by businesses that hiring must continue as recovery from COVID-19 will take longer than expected. This is also further driven by increased regulatory pressure placing critical importance on the control and governance functions for businesses as they operate amid the pandemic,” shares Doreen Ooi, Manager of Banking & Financial Services at Robert Walters Malaysia.  

“Highly talented professionals were needed more than ever to continue refining existing policies and developing new ways to ensure good governance,” she adds.

Read on as Doreen shares her expectations about the labour market for banking & financial services, middle office in 2022.

Increase use of technology resulting to a stronger demand in risk management

“We expect to see transformation in the areas of risk and compliance driven by more stringent regulatory guidelines. There will be a need for professionals skilled in digital payment fraud management as transaction becomes increasingly digital and with the entrance of digital banking players in the market,” Doreen says.

“We also expect greater value in risk management analytics, which is in line with the increasing use of technology in data management and the need for analytics tools in decision making and strategic direction.”

Doreen adds, “hiring in the sustainability risk and environmental, social & governance (ESG) areas will pick up pace as companies seek to solidify this function to meet the needs of socially responsible investors.”

“With the changing demands of regulatory and business practices, governance candidates with a strong background in transformation or project management will be sought after and as part of risk and compliance transformation initiatives, skills in risk and compliance audit or review will be in demand to ensure a sound second line of defense. We also see increased demand for data analysis skills to complement the traditional roles in charge of regulatory advisory and surveillance,” Doreen highlights.

Advice on recruiting and retaining talent

“Given that the skillsets that will be in demand in 2022 are new and have yet to be fully developed and readily available locally, hiring managers must not rule out the possibility of hiring for potential. A candidate who has the right foundation and possesses the right personality fit may have what it takes to be successful in the role,” Doreen recommends.

Hiring managers must not rule out the possibility of hiring for potential. A candidate who has the right foundation and possesses the right personality fit may have what it takes to be successful in the role.

“Like most countries around the world, COVID-19 is expected to become an endemic disease in the country. These uncertain and challenging times will remain difficult for most people, both personally and professionally for the foreseeable future. Hence, initiatives such as flexible working arrangements, continuous career development, sending care packages, having one-on-one check-ins, and making counselling sessions readily accessible can ensure employees feel taken care of and are less likely to move,” Doreen points out. 

No significant increase to salaries

Doreen shares, “We are not anticipating any significant increase to salaries in 2022. For candidates taking on a new job in a new company, we are anticipating average increments to remain relatively stable at 20%.”

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