As we enter Q2, it is crucial for companies within the compliance and risk industry in Dublin to prioritise transparency. Q2 tends to be the current active period for recruitment, it is essential therefore, for companies to focus on being candid and transparent regarding the overall compliance and risk culture within their firms. This will enable candidates to make informed decisions and ensure that those hiring are hiring individuals who align with their values and goals.

Observations:

Dublin’s business landscape has in recent years witnessed a surge of UK entrants across industries such as asset management, payments and insurance who are setting up entities in the region. It is the movement from these initial hires where we are witnessing the current turnover at the moment and especially since the announcement of the SIA regime. Given the increased liability for individuals in PCF and CF level positions in the event of regulatory breaches, for those firms whose compliance and risk culture is not matured or aligned at a group level there is an increased sense of exposure for the individual, leasing to an intensified pressure associated with these roles beyond previous levels.

Many individuals are currently rejecting job offers or leaving their current positions due to a misalignment with the compliance and risk culture within a given company. In order to avoid such situations, it is imperative for companies to establish and implement mature frameworks that promote a positive culture. For entities that form a part of a wider group structure, it is vital that what is set at the group level is being transferred to the entity level, making it essential for companies to set a good culture from the top-down.

Advice for clients:

In such a competitive market, it is crucial for companies to assess and share their compliance and risk culture to attract and retain talented individuals who align with their values and goals. Providing clarity on the company’s key areas of focus and addressing any turnover resulting from this can enhance transparency and alignment of expectations, ultimately saving the company time and resources.

What are we seeing coming out of Q1?

Building on last month’s update, April marks the beginning of a busy season following the pay-out of bonuses. Employers must now focus their attention on the overall compliance and risk culture within their organisation. This involves ensuring a clear understanding of the stage of their policies and the maturity of their framework. By prioritizing these aspects, companies can create a strong culture that promotes compliance and risk management, ultimately leading to better business outcomes.

Key Takeaways:

Be aware that for some candidates operating across risk and compliance, money may not be the primary motivating factor for them to switch jobs.
Consider other factors that may motivate candidates, such as opportunities for career growth, a better work-life balance, or a more fulfilling work environment.
Keep in mind the risk of a counteroffer from the candidate’s current employer, and be prepared to address it.
If you are concerned about how the current market may affect your position, or to discuss how we can support your hiring processes in the current market, please get in touch with Director and Co-Founder Andrew Murphy at andrew.murphy@coopman.ie