Time to comply

The market for compliance staff in Dublin's financial services sector is growing as fast as new regulations can be drafted.

"Compliance staff are some of the most sought after people in Dublin's financial services sector," says Paul Cotter, managing director at Joslin Rowe.

New firms locating in Dublin are competing with existing ones, he says and candidates are ideally placed to benefit from this. "Anti-money laundering companies, for example are having to look to other sectors such as life and pensions, for example, and candidates can secure pay increases of 15% to 20%."

Gemma Allen, director of professional services at Robert Walters says her clients face a number of key challenges.

"The compliance industry is growing and changing at a fast pace due to the growth of the financial services industry as a whole in Ireland, but also because of the expanding role of the IFSRA (Irish Financial Services Regulatory Authority) and the need to keep abreast of the ever-changing compulsory domestic and European regulation," she says.

"Many clients require compliance candidates with specialist knowledge in funds, derivatives, and this is a key challenge," Allen adds.

Nicola Flavin, head of banking and financial services at Accreate says there is growing demand in several areas. "Both domestic and international banks as well as funds and insurance companies are currently recruiting," she says.

Typical basic salaries tend to start at €50k for a compliance officer, according to Cotter. Managers can expect a basic of €70k to €80k, he says. "Standard bonuses of 15% to 25% are common and benefits vary," Allen adds.