In its 2013 financial services salary guide report Robert Half found 53% of compliance budgets have increased compared to pre-2008.
Of this increase 62% went towards upping compliance headcount, with 32% going on temporary and interim headcount and 30% on permanent headcount.
Anti-money laundering requirements were cited as having the most significant effect on financial services businesses, with 42% of the 100 chief financial officers surveyed putting it in their top three concerns.
Next in line in terms of impact was disclosure or reporting requirements, with 35% of respondents pitching it as significant, closely followed by privacy requirements at 33%.
Regulatory pressures from Fatca, Mifiid II and Solvency II were given less importance, which could be down to regulatory fatigue, as discussed in a Portfolio Adviser analysis piece recently.
“Not surprisingly, regulatory change remains top of mind for the industry as organisations not only navigate evolving requirements but are also challenged to find staff with relevant experience in such unchartered territory.
“There remains a significant need for risk, regulatory and compliance professionals, and as demand outweighs supply, companies face increased budgetary pressure to secure the market’s most sought-after individuals,” said the report.
Compliance roles in banking have seen the largest percentage increase, up between 6.9% and 7% dependent on level, while compliance IT roles across financial services have jumped between 3.2% and 5.4%.
