01 Feb Australia needs more Compliance experts, says new industry report
Monday 4 February 2019 – Sydney, Australia. Demand for Risk and Compliance experts in Australia has risen sharply over the last twelve months, and will continue to increase in the year ahead, according to findings from the latest Compliance Index, released today.
The Compliance Index, an industry study conducted by TAS, a leading technology partner for Australia’s financial services sector, found that more than 60 per cent of executives surveyed are seeking to employ as many as 5 additional resources to focus purely on Risk and Compliance management in the year ahead. When compared to the previous year’s Index, this is an increase of close to 20 per cent.
Research conducted by SEEK also found the number of job advertisements for Risk and Compliance specialists have jumped by nearly 50 per cent over the past year. Currently 13.5 per cent of all Banking and Finance roles on SEEK are in the areas of Risk and Compliance.
The Index further confirms that compliance is higher on the Boardroom agenda with close to three quarters of surveyed executives reporting increased visibility of compliance across the organisation. This is significantly up by almost 20 per cent when compared to 18 months ago.
Shane Baker, CEO of TAS said, “According to the report, Australian executives are taking a top-down approach to creating positive change in their organisations towards compliance. Leaders are taking the right steps to ensure greater transparency moving forward with increased commitment to specialist resources as well as the prioritisation of compliance at a Board level. This shows executive ownership at the most senior level to meeting regulatory requirements which is critical when creating a company-wide, robust and effective compliance culture.”
However, despite the progression made to-date, the Index also suggests that there are still many challenges that organisations face when it comes to compliance. The top three challenges are: resource constraints (42 per cent), time (35 per cent) and capability (23 per cent). Yet, against these findings, companies appear to be slow on the uptake of innovative partnerships to help overcome these challenges with less than a quarter of organisations activity partnering with RegTechs (23 per cent), three percent actively pursuing future partnership with RegTechs, and a third considering partnerships with RegTechs (32 per cent).
Mr Baker concludes, “It is no surprise that given what the sector has been through recently, there is nervousness around implementing relatively new and untested technology, which may be impacting organisations’ decisions to partner with RegTechs. However, as the demand for skilled experts continues to grow and vacancies remain unfilled, organisations will need to look at alternative resources to meet their regulatory and compliance requirements including innovative partnerships with third parties like RegTechs.” ~ENDS
More about the Compliance Index: TAS initiated the Compliance Index in 2017 to canvass the challenges and opportunities Australian companies are facing in the areas of compliance, regulation, technology and talent. The Index findings are drawn from responses gathered from C-level executives employed across banking, finance, insurance, superannuation and IT, with the aim of providing a timely and relevant snapshot of the latest compliance trends and strategies. A full copy of the 2018-19 report is available at http://tas.business/work/the-compliance-index/.
About TAS (www.tas.business): Founded in 1989, TAS is an Australian-owned and operated provider of technology services to the Australian financial services market. With extensive experience servicing one of the most highly regulated industries – Banking and Finance – TAS delivers the highest levels of availability, compliance and quality of service to over 60 clients.