Several Regulatory factors continue to heat up the Compliance and Risk market in Ireland, which remains candidate-led across most areas. In particular, Fund Managers, Alternative Investment Firms with Management Companies established in Ireland following the introduction of the CP86 regime. The competitive nature of the market for Designated Persons to hold one of the six (PCF-39) functions has inflated market demand drastically, including candidate salary expectations. Individuals in the Regulatory Compliance, Fund Risk, Investment Risk and Operational Risk space are all in demand. Other areas of increased activity are within the Financial Crime market at the PCF level (52), as a direct result of the segregation of compliance and responsibility for anti-money laundering and counter-terrorist financing activities.
CHALLENGES FACING THE MARKET
There is a significant shortage of available Compliance and Risk professionals in the Irish market to keep up with both demand and regulatory pressure. The time to hire specific skill sets, particularly at the Designated Person (DP) level, has increased. Employers that find themselves competing for talent are forced to broaden their search to secure talent, and one way to do this is by considering international candidates willing to relocate to Ireland. Similarly, for candidates in an over-inflated market, salary demands are increasing far beyond the market average. For these individuals, it is vital to consider the long-term potential of your prospective employer and the role itself to ensure you are well-positioned for professional growth. It is important to bear in mind that the market will stabilise, and so it is necessary to be realistic with your expectations.
OPPORTUNITIES IN THE MARKET
It’s an exciting time for Compliance and Risk professionals right now in Ireland, particularly those that are considering a move or passively engaged with the market. The Funds industry will continue to be rich in opportunities offering above market average salaries in the current climate. For those looking to make a switch to a different industry or willing to transfer their skills, now is the time to consider a change. Clients are willing to be flexible on their requirements to secure talented professionals, particularly those with expertise in ESG, Sustainability and Regulatory Compliance. Compliance professionals with 3-5 years and 8+ years’ experience are in demand across most industries within Financial Services.
If you are interested in learning more about live opportunities, or you would like to discuss how we can support your hiring processes in the current market, please get in touch with William McCoppin, Associate Director in Compliance and Risk.