The financial services landscape has undergone a marked shift as the economy cements its recovery from the 2008 recession and an increase in cyber security attacks has led to the implementation of new and stricter rules and regulations across the globe. Demanding higher levels of expectations and scrutiny when it comes to a company’s compliance management and its audit function, initiatives including the Dodd-Frank Act, IFRS 9 and the Basel III Accord have highlighted the need for individuals with specific skillsets able to navigate the heightened regulatory environment.
In particular, companies are looking for candidates who can demonstrate the ability to effectively communicate their understanding of capital rules and regulations to non-financial stakeholders. Professionals moving into financial regulation jobs will be expected to closely monitor communications from various regulatory bodies in order to stay ahead of changes in regulatory reporting. However, most importantly they must be able to clearly convey these changes to Executive Management.
Many companies demand a risk-based approach when it comes to financial regulation, compliance and reporting so experience and knowledge of the regulatory environment in this context will certainly set candidates apart for employers and hiring managers. Within banking specifically, regulatory reporting and policy skills are key to what a candidate can offer as the regulations being rolled out and effected impact on the products the banks can offer. An individual’s written skills are thus equally as important as verbal when it comes to financial regulation job opportunities.
The intensive re-supervisory agenda that has taken hold of the banking and financial services sectors signals a period of unprecedented regulatory change, with those in financial management needing to come equipped with the relevant insights to help clients tackle the issues highlighted by new initiatives. In the UK, IFRS 9 is currently the focus for those in accounting and other financial services firms as they interpret and implement it into general practice. Interim head of the FCA, Tracey McDermott has asserted that despite fears her reign has signalled a softening towards banks’ misconduct, the FCA will continue to “keep up the momentum” with regards enforcing regulations as without them the economy could be in danger of sliding back into recession.
However, as US Federal Reserve Chair, Janet Yellen, expressed her confidence in the blossoming American job market with a view to inflation seeing a positive upturn in the coming months, it would appear that the global economy has finally righted itself. For those in financial regulation jobs this is only an affirmation of their value in the current job market as financial institutions move forward in the knowledge that without the execution of tough regulations, the economy could once again fall on hard times.