2019 Australian Risk & Compliance Salary Survey
over 3 years ago by Matthew Quinn / Back to all blogs
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2018 was a controversial year for the Banking and Finance sector, and 2019 is predicted to bring greater change and challenge for Risk and Compliance professionals.
In 2019, we expect the findings from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry to prompt a complete upheaval of all corners of the financial services sector, and greatly impact Risk and Compliance jobs and salaries.
2019 will also see the rate of technological innovation continue to increase, intensifying and creating new cyber risk and data security concerns. Plus, the latest regulations on GDPR and several breaches seen across global businesses will likely contribute to the number of Risk and Compliance roles available in Australia.
These trends, and more, have lead to the requirement for new and more intense regulatory focuses for businesses of all sizes. In fact, SEEK reports a 122% increase in Risk and Compliance job advertisements in the last five years, with a dramatic 48% increase in 2018 alone (SEEK). This demand for expertise is set to continue in 2019 and beyond.
However, this increase in demand has been matched by only a 13% increase in candidates searching for Risk and Compliance roles on SEEK, leading to a huge shortage of high-quality candidates to fulfil jobs, particularly in NSW.
In particular, experienced candidates who are experts in their fields are in short supply and high demand. Candidates with experience in tech, insurance and retail banking are consistently sought after due to regulatory pressures in these areas and deep-dive knowledge around conduct, service commission models and advice have all been highly sought after in the candidates our clients are seeking to meet.
More and more businesses are seeking contract and permanent workers over hiring consultancy firms, as it is proving a cost effective way to access talent, knowledge and experience. This shift has lead to candidates receiving multiple job offers, pushing salaries higher, and making it essential for employers to pay to compete.
This skills shortage is not just confined to Australia, making it even harder to find high-quality talent. There’s no doubt that in 2019, Risk and Compliance managers will find themselves competing for talent with overseas employers keen to attract Australians with the appropriate abilities and experience.
Based on the consistent jobs growth, rapidly increasing job advertising trends, and increased hiring intentions we are hearing from our clients, we are expecting increased pressure on salaries throughout 2019. If you need the right team to help you grow your organisation, or perhaps you are considering your own career, then don’t hesitate to get in contact and together we can explore how Ethos BeathChapman can help.
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