In recent years, there has been a significant increase in regulatory requirements, particularly in the financial sector. This has led to a surge in demand for compliance and risk professionals, who can help companies navigate complex regulations and mitigate potential risks.
Guernsey’s finance sector is highly regulated and, therefore, is constantly under the watchful eye of regulatory bodies, such as the European monitoring body MoneyVal (the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism).
The island is currently preparing for inspectors from MoneyVal to visit the Bailiwick in 2024 where they will examine its defences against money laundering and the financing of terrorism. Should the island have an unsuccessful inspection we would be put on a gray list which would make us less attractive to financial services companies and investors.
From the recruitment perspective however, the increased regulatory requirements and scrutiny has led to an increased interest in experienced hires, as companies seek to enhance their compliance and risk management functions. In turn, this increased demand also presents an opportunity for new entrants and those looking for a career for life.
Marcel points out “Together with the increase in regulatory requirements, the COVID-19 pandemic has highlighted the importance of risk management, as companies have had to quickly adapt to new challenges and potential risks. As a result, there has been a growing need for professionals who can help companies manage risk and ensure compliance in a rapidly changing environment.
He continues: “Recruiting the right talent for compliance and risk roles is not always easy. These positions require a unique combination of skills, including strong analytical abilities, attention to detail, and a deep understanding of regulatory requirements.”
Compliance and risk roles are integral to the success of any organization. With the continued focus on regulatory compliance, the demand for these roles is only set to increase. Therefore, individuals who are looking for an interesting and varied career for life should consider a role in this field.
Whether you would like to discuss your career within the sector, or you would like to take your first steps into a role in compliance and risk, our consultants are ready to offer you a helping hand.
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