Compliance Jobs in Europe
Just as the 2008 financial crisis set a regulatory surge in motion, Brexit is gearing up to do the same with the EU GDPR one of the most notable directives accompanying Britain’s departure from the European bloc. Of course the increasing need for data protection in an age of digitalisation, cyber-attacks and automation is also a key factor in that particular regulation, but one that also calls for ever tougher governance and compliance for businesses navigating the pitfalls of this brave new world.
What it means for candidates seeking compliance jobs in Europe is a plenitude of compliances opportunities, as a number of major banks and financial services firms move jobs from London to European bases such as Dublin, Frankfurt and Paris. There is the issue though in some cases where, due to the costs associated with relocation and the subsequent legal ramifications, salaries may not be as high as candidates would expect. While the demand for those in the compliance function, along with finance, audit and risk, is indeed high as organisations look to offshore control jobs to support their new European offices, this consequent duplication of costs through increased need for roles will affect pay.
Germany in particular is growing as a hotspot for compliance jobs in Europe, with Frankfurt attracting the likes of Morgan Stanley, Goldman Sachs and Citi Bank into its locale. Employers in Germany are specifically looking for candidates experienced in German and EU financial regulations to support companies needing to comply with banking and financial legislation. Salaries typically range between €60-90k for those candidates with 3-7 years’ experience and upwards of €90k dependent on experience and seniority.
Employers are demanding more from compliance professionals, including data analysis skills as companies are looking to take on individuals equipped to improve decision-making and most efficiently leverage business intelligence. Furthermore, as pressure on the financial services sector only heightens from local, European and US regulators, candidates with AML and financial crime skills, experience in consumer and data protection, as well as regulatory risk are most in demand.
International experience is widely valued in candidates applying for compliance jobs in France, with banks actively looking to hire compliance professionals specialising in French and EU risk management and compliance regulations. A strong technical background will serve you well as Fintech companies make up a large proportion of potential employers of compliance roles as the industry negotiates incoming and existing regulatory changes. Fluency with English and those candidates who are bilingual will also pose attractive options for hiring managers.
Pay increases for compliance roles in Europe will likely only find their way into the hands of those skilled in AML (Anti-Money Laundering) and KYC (know-your-customer) analysis due to a shortage of talented individuals, as well as those with technological and IT expertise as digitalisation ramps up across global business. European firms are looking for compliance specialists who can offer strategic insights to facilitate business growth and protect them from the huge financial and reputational losses due to be effected by the GDPR in the event of a data breach.