Where are the hot jobs in audit, risk, and compliance in Singapore?

Professionals involved in the first, second, and third lines of defence have been in great demand, particularly within banking and financial institutions, in 2016. We saw active hiring within asset management and consultancy, as well as requirement for expertise in financial crime, market surveillance, compliance testing, and audit. If you possess niche skills in anti-bribery and corruption, you would most likely be sought-after.

This trend is only set to continue in the July to September 2016 quarter, as numerous Asian banks continue expanding their operations in Singapore. However, the recruitment market is expected to continue facing a shortage of talent despite employers relaxing criteria to secure candidates to fill the vacancies.

Employers are aware of the situation, but loosening hiring requirements have not solved the skills shortage issue in Singapore. One area where this is prevalent is compliance. In the 2015 Compliance Risk Study conducted by Accenture, it is found that although the stature of compliance continues to rise (along with investment in the function), compliance professionals' understanding of the implications of a changing ecosystem seems less advanced than it should be, as covered in issue 11 of the Hays Journal. This holds true in Singapore, where employers often struggle to secure compliance professionals with the necessary knowledge.

The supply of compliance experts is extremely limited, particularly at the junior level. We see companies moving staff across from other functions to fulfil roles such as Anti-Money Laundering (AML) Advisory and transaction monitoring, or look at transferring risk and audit professionals to compliance. However, employers also find these candidates being sought-after in their respective field, further reducing the alternative talent pool.

So where are the skilled candidates moving to? There is a continuous shift in preference from general to specialised roles in the market. Professionals who wish to maintain a more generalised scope tend to focus on positions within smaller firms instead. Regulators and exchanges are also competing for talent, and we have observed some professionals returning to these organisations.

We expect to see a healthy demand for professionals in AML, financial crime and sanctions, bolstered by increasing headcount as volume of work continues expanding with the growing presence of banks and financial institutions in Singapore. Expertise in the global markets space is another hot skill in demand, although there is a shortage of those familiar with the products in this area.

Moving forward, we expect to see more hybrid roles arising within internal audit and compliance, as employers build up their audit, risk, and compliance function to tackle ever-changing and tightening regulations in Singapore. Candidates with abundant product knowledge will stand out.