Compliance and Risk: an evolving landscape

With 2013 being another year of significant change for the financial services industry, the Compliance & Risk team at Grovelands has had to react accordingly and adapt to the needs of their expanding network. David-James Marker offers a round up of their year, and shares their plans for 2014.

Compliance & Risk team
2013 has been another year of substantial change in the financial services industry, specifically around the regulation used to protect the market. Grovelands has reacted to this change, expanding our client network, and we now have more associates assisting clients in the market than ever before.

This has been especially evident in Grovelands’ Compliance and Risk team, where our specialism in providing senior compliance and risk professionals into permanent and contract positions has allowed our associates to meet the needs of the changing regulatory landscape.

How has Compliance and Risk been serving the contract market?

We have seen the need for our associates increase this year on large scale projects such as past business reviews into mis-sold derivatives products, through to failed funds and the question of suitability in the HNW space. We have also been able to bridge the gap for firms by offering them small teams of interim associates to provide the likes of compliance monitoring reviews and financial promotion sign offs, whilst we conduct the search for permanent resources.

Our relationship with many firms appointed to the FCA and PRA’s skilled persons panel has also meant that we are able to provide highly skilled resources known to the regulator to help these professional service firms perform the increasing number of S166 reviews being requested. This has proven an interesting means for firms to utilise individuals known and trusted by the regulator to perform these pieces of project work.

What about permanent recruitment?

Similarly, the developments in the permanent job market are being led by non-discretionary spend needed in the regulatory compliance and conduct risk teams, including the movement of many control functions in the last 12 months.

However, this increasing pressure from the regulator has also meant that the consulting firms are taking the opportunity to hire key people from industry and the regulator to increase the advisory service lines they offer to the regulated firms.

Work, work, work… and a bit of play

Overall, it has been an interesting year in the financial services risk and regulation space. We have seen people move from the regulator to the regulated, from the regulated to the professional service firms and back from the professional service firms to the regulator and the regulated.

For us 2013 has meant a lot of hard work and long nights, but ultimately the fun we have had both in and out of the office has led to a great team that is focused, committed and dynamic (as well as prone to desk-based practical jokes!).

2014 is looking to be an equally exciting year, and here on the Compliance and Risk team we are looking forward to all the new challenges and opportunities it will bring.

– David-James Marker

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