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2024 Risk & Compliance market outlook

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We spoke to Jack Johnson, Business Director, about the Risk, Governance and Compliance market. Jack shares his thoughts below on current market trends, factors affecting hiring, in demand roles and skills, and what businesses and professionals need to be aware of, for the remainder of the year.

For advice on the Risk, Governance and Compliance market, support with your hiring strategy or guidance on finding a new role, contact Jack.

What specific trends have you seen in your market?

The Consumer Duty deadline (July 31st) meant there was a big push for conduct risk professionals in the market, we also saw Lloyd’s clients opening up their searches to retail P&C professionals. Although M&A in insurance was down last year, we have seen a spike in compliance and risk professionals with M&A experience, particularly from a policy and framework perspective. This could be due to the activity of 2022 having a knock-on impact on the market.

Salaries in the industry have slowed down post the COVID boom. Although we are still seeing competitive counter offers, we are also now starting to see professionals move roles laterally or for smaller wage increases, which was not the case during COVID. Counter-offers are a short-term fix for a long-term problem with many candidates registered with IDEX, having accepted counter offers in the last two years.

What factors have affected talent attraction and retention in the past 12 months?

Back to work policies remain a focus for employers. There is a push for a more structured hybrid working model, with businesses enforcing on average two days in the office, and three working from home. Some businesses have gone further with three to four days in the office.

Post the COVID boom, there was always going to be a slightly quieter market. We are now seeing the importance more so than ever, of proactive resources. With direct applications reducing in number and quality, the majority of placements are now through proactive sourcing methods.

Which roles are most likely to be in demand and why?

Roles in technology and automation are still high in demand. Whether that’s to support the automation of polices or the new risks associated with cyber and technology risk. This will remain a growth area for the industry.

As consumer duty continues to impact businesses and associated roles remain important, professionals with strong conduct experience will remain in demand.

What skills are in-demand for professionals wanting to work in this market?

Professionals with project exposure are always in demand. With businesses going through large transformation projects, organic growth or through M&A, clients are often looking for experienced professionals who can deliver on risk and compliance policy changes. This is also replicated with the heighted focus on regulation.

What do clients and professionals need to be aware of throughout the remainder of 2024?

You will often hear the phrase ‘talent shortage’ or ‘war for talent’. I would disagree with these statements and say there is some exceptional talent in the market, but you just have to be looking in the right places, making sure you have the most attractive proposition in the market. It is very competitive, so you need to have the smoothest processes and the slickest onboarding offering to attract the best candidates.

For professionals it’s important to be flexible and prepared for every interview.

Counter-offers are rife but always remember why you were initially thinking of leaving. In any sort of exit from a business everyone is considering their own options, so make sure you do what is best for you and not what is going to make your boss’ life easier in the short term.

About Jack

Jack leads our Risk, Governance and Compliance division for IDEX, recruiting Risk, Actuarial and Compliance professionals across the UK and internationally. He has an excellent network of candidates and clients in the Insurance (Broker, Lloyds, P&C and Life Insurance) and Financial Services (Wealth, Asset Management and Financial Planning) industry.

For advice on the Risk, Governance and Compliance market, support with your hiring strategy or guidance on finding a new role, contact Jack.