The demand for candidates in compliance-related roles is expected to increase across all industry sectors over the coming year, according a recent survey conducted by the Australasian Compliance Institute (ACI).

The ACI Compliance Salary and Benchmarking Survey revealed that 61% of respondents cited an intention to hire for compliance and risk roles in the next 12 months.

Growth has always been strong in financial services, but the market is seeing growth expand into other areas as regulation increases across the Asia Pacific region, says ACI chief executive officer, Martin Tolar.

The news follows a reported rise in client requests for compliance candidates over the past over six months.

Economic upheavals over the last two years have created a need for companies to strengthen their existing compliance frameworks and policies in order to maintain shareholder value. “Companies rate building strong compliance frameworks following the GFC [recognising] the importance now of having a strong compliance framework in place,” said recruiter Lynne Beggs.

 “A poor compliance track record will make share prices suffer, and with various regulators stepping up their actions and taking a firm hand with organisations that don’t comply, the demand for compliance lawyers is growing strongly,” she said.

New legislation around consumer credit has also generated some level of demand, mainly within the financial services sector. However, employers recruiting in this “niche” area are looking for lawyers with a proven history in this area of law.

Compliance professionals who can demonstrate capabilities beyond simply advising  on or interpreting law, and who are ACI accredited, are in highest demand according to feedback the ACI received from senior management.

While understanding the law is an important part in a compliance role, it also requires a range of competencies around driving compliant behaviours within the organisation and helping to create a culture of compliance, said Tolar. ALB