4 key traits employers are looking for in Compliance Officers

Businesses face a difficult balancing act when building their compliance teams in today's economic and regulatory environment. Banks are traditionally the main engine driving recruitment in the compliance market, and many financial institutions have been forced to tighten their belts despite an increase in regulatory pressures.

Meanwhile, the EU Referendum cast a shadow of uncertainty over hiring managers in the first half of the year. While the initial shock of the vote seems to have passed, there's still no guarantee how markets will react once the official process of leaving the union begins when the government triggers Article 50 of the Lisbon Treaty.

The upshot is that many organisations are buckling down on their recruitment parameters, so they expect a much higher standard compliance candidate now than perhaps was the case even just a couple of years ago.

What does this mean for jobseekers? Well, employers are looking for people with broader skillsets than before, so let's examine some of the key traits we've noticed are in demand at the moment.

1/ Soft skills

At Barclay Simpson, we feel this is the number one differentiator that separates the best candidates from the rest of the crowd. Compliance isn't simply a box-ticking exercise anymore; professionals must work closely with their business-side colleagues to find solutions to problems that enable the company to continue making money while staying in line with regulations.

Striking this balance can be incredibly difficult, but high-level compliance officers can communicate effectively with senior stakeholders in a language they understand to work towards mutually beneficial outcomes. Anyone who is adept at negotiating these interpersonal relationships is usually at the top of the pile in compliance recruitment.

2/ Longevity

Businesses value stability, and it's probably fair to say that many compliance officers made a huge amount of hay while the sun was shining brightly a few years ago. In other words, lots of professionals chose to switch jobs frequently to take advantage of pay bumps at new companies.

It's not hard to see why. Our figures reveal that compliance officers who move can expect average salary increases of 21 per cent in 2016, compared with seven per cent for those who stick with their current firm. However, that means anyone who can show they've remained in one place for a sustained period of time is now a hot commodity, with employers looking to avoid the cost and hassle of constant recruitment.

3/ Positive attitude

As banks withdraw from certain spaces and the economy continues to seesaw, organisations want people who are willing to roll up their sleeves and muck in where needed. This is particularly true for businesses that may be downsizing or smaller firms, which is where compliance officers tend to be expected to take on more responsibilities than their remit suggests.

Exhibiting a willingness to be flexible and meet the changing needs of an employer's business is a trait that most organisations value, so candidates are encouraged to provide examples of how they've done this in the past.

4/ Technical skills and experience

We've covered a lot of soft skills so far, but that doesn't mean employers are ignoring technical abilities. There are a number of key areas where we've seen a significant rise in demand over the last 12 to 18 months, including monitoring, assurance and testing functions.

In fact, businesses have increasingly moved people from operational risk and internal audit to fill these shortages due to the abundance of transferable skills across these departments. Surveillance experience is also highly sought after, with organisations monitoring internal processes more closely than ever before to prevent regulatory breaches.

These are some of the most important traits that we've seen employers searching for when strengthening their compliance departments, but we'd love to hear your opinions and experiences, so please feel free to comment below.

For a list of compliance vacancies we're currently advertising, please click here, or get in touch today to speak to a consultant.