The economic crisis created a paradigm shift in the way banks and financial institutions are now monitored but in this regulation-heavy climate there are those who believe quality regulation is far more effective than the quantity in which new parameters are being rolled out. So as Mifid II comes into play and the Basel Committee prepares plans to drive forward additional changes across the European financial services sector, the question is, it is necessary?
For those looking to move into corporate governance jobs, the continued public distrust in investment banks is certainly saturating the market with opportunities as banks continue to bolster their defences against stricter scrutiny and calls for compliance. The reality however is that banks are safer, thanks in part to programmes like CRD IV which implements the Basel III proposals in Europe in terms of improving banking regulation, supervision and risk management.
New technologies are largely to blame for the unending steam of regulations being administered however, as while they bring the inevitable efficiencies so desired by organisations they have also opened the door to new competition, case in point, fintech companies, and new risks in the form of cybercrime. Thus, there has never been more need for individuals with corporate governance and compliance experience to take the lead in securing and safeguarding modern day business operations.
The banking sector is not alone in its push for good corporate governance, with brands across industry and commerce and the public sector also offering competitive opportunities for those with the relevant skillset. Individuals keen to take on a challenge, with the aptitude to think creatively and innovatively will be highly regarded by hiring managers as well as those with the fundamental requirements for organisational and planning prowess and strong communication and report writing skills.
Corporate governance jobs demand leaders who can step forward, inspire and motivate their colleagues as they look to examine all areas of an organisation to determine the transparency of its operations and subsequently make effective recommendations to improve cost-efficiency, innovation and the agility of an organisation’s global governance structure.
Companies looking to fill corporate governance jobs are seeking professionals who have had prior experience of developing and maintaining corporate governance frameworks, and equally importantly, are able to demonstrate good knowledge of the requirements of data protection. From a personal standpoint, knowing how to navigate key stakeholders and internal auditors with equal proficiency is key, as is having the confidence to work effectively with board members and senior management.
Most, if not all, corporate governance roles rely on individuals having a strong grasp of well-controlled, efficient end-to-end processes in order to then proactively and competently apply those same processes consistently to ensure a high level of governance.