You must comply
Demand for compliance staff in Ireland is surging following a slew of new rulings aimed at tightening regulation of the financial services industry.
MiFID, or the 'Markets in Financial Instruments Directive' is at the forefront of the regulatory deluge. Imposed by the European Union and set for implementation by November 2007, it's a complex piece of legislation designed to create a single European financial market. Few firms seem set to meet the deadline - a recent poll by business software group Handsoft found that almost two thirds of Europe's financial firms don't expect to be up to speed in the next six months.
Couple this with the fact that a reputation for tight regulation is imperative to attract companies to Dublin's International Financial Services Centre, and it's easy to see why compliance staff are so popular.
"Regulations have increased in recent years so the industry has to develop its knowledge base in compliance," says Paul Cotter, Irish managing director of financial recruitment agency Joslin Rowe. "Every institution is looking for individuals in an area that historically hasn't had a big pool of people."
Demand for compliance expertise has been particularly fuelled in Ireland by the increasing numbers of foreign banks and insurers that have set up shop here and by organic growth in domestic institutions.
"It's going to take time for experts in this area to meet current market needs," says Cotter. "The demand is there and has been there for some time but I can't see these positions being filled in a short period of time."
As a result, Cotter says compliance managers command salaries of €80k and upwards, plus a bonus.
Candidates in this relatively new field typically have a legal background or developed compliance knowledge while working in operational roles.
Compliance salaries, Dublin
Compliance manager, banking operations: €50k to €90k
Compliance officer, banking operations: €30k to €60k
Compliance manager, fund administration: €50k to €70k
Compliance administrator, fund administration: €30k to €45k
· Source: Premier Group
