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Danos Group is a leading provider of permanent and interim Compliance, Risk and Legal recruitment services in the Financial Services arena across EMEA, the Americas, and APAC.

We pride ourselves on being able to match talent not just to the requirements of the role, but also to the style of the organisation.

Danos Associates is a leading contingency and search firm specialising in mid to senior level permanent hires across the Financial Services sector.  We deliver a personalised, discreet recruitment and selection service to an elite client base across a global market.

As one of the leading Legal, Risk and Compliance recruitment agencies we deliver top quality professionals to financial services firms...

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Danos Consulting provides experienced Legal, Risk and Regulatory interim and consultancy professionals to the Financial Services sector including consultancies. With an unparalleled talent network, we provide experienced, first class practitioners cost effectively.

We have a bench of over 800 Compliance, Risk and Legal Consultants, which we use to resource projects...

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Danos Associates is the leading global supplier of professionals with offices in Europe, the Americas, and Asia Pacific.

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London

AMERICAS
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Singapore

Danos Group Launches Its Global Diversity & Inclusion Committee

 

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18 Dec

In an increasingly regulated world, organisations are facing greater scrutiny than ever. Compliance functions have been growing for many years due to the increased focus on compliance and meeting the regulators demands.

Today compliance functions are more aligned to business strategic goals and are transforming into a more value-add service, focused on effectiveness and efficiency. A significant move away from the image of past, when Compliance Offices were referred to as the “killjoys of finances” and were seen as the “troublemakers” who created setbacks, making business more difficult.

It is without doubt that increased regulation is driving compliance demand, but are there other factors? And is this growth a temporary trend?

2008 Financial Crisis – Affected the global economy, the lack of regulation was one of the contributory factors for the crisis. The financial crisis cost the British economy up to £7.4 trillion in lost output, according to the Bank of England. The crisis drove a host of legislative, regulatory, enforcement, litigation, and political responses, many of which are still unfolding. Regulators, Investors, and the Public now have heightened expectations for Risk Management, strong Governance, Transparency, and a Culture of Compliance.

New Regulations – The Governance, Risk Management and Compliance (GRC) landscape continuously evolve, as new regulations emerge, and changes to existing ones are made, ensuring that compliance functions are kept busy. Some of the key regulatory changes of recent years include MiFID II, MAR, and SMCR. Firms in the financial sector need to remain responsive to a wide range of developing areas, from sustainable finance, FinTech, LIBOR reform, and operational resilience, to significant changes to regulatory capital and remuneration requirements.

Penalties – In 2019 the Financial Conduct Authority (FCA) issued a recording breaking £392 million fines. According to Skillcast this included Standard Chartered Bank (fined £102m) for breaches of the Money Laundering Regulations 2007, and Bank of Scotland plc (fined £45.5m) for breaches of PRIN 11 & SUP – failing to be open and cooperative. Firms have been quick to realise that they need professionals with skills in risk assessment and compliance to mitigate the risks of hefty fines and reputational damage.

Brexit – With Brexit looming, many firms are in the final stages of moving their operations from the UK to continental Europe.  It has been reported that since the Referendum, 44 Firms have announced plans to make local hires for existing or newly created roles in Europe, equating to over 2,850 new jobs(1). This represents an increase of over 400 since the beginning of the year, with Dublin, Luxembourg, Frankfurt, and Paris named as the main locations. Professionals experienced in international trade and regulations are even more necessary.

Technology Developments – Though regulatory technology (RegTech) advancements are being used to facilitate compliance and aims to protect against violations or highlight vulnerabilities, the global world of technology continues to advance at pace, and the digitalisation of banking services and crypto-currencies is creating new dimensions to historic threats such as terrorism, money-laundering or international crime, and the sector recognises the need to have more AML, KYC and risk specialists onboard.

COVID-19 Global Pandemic – It has tested organisations’ operational resilience and crisis management policies. Osbourne & Clarke published the results of their “Compliance Risk Survey 2020” and reported that 56% of the respondents agreed that COVID-19 would result in a permanent increase in compliance risk, and 70% expected an increase in investment in legal compliance in the next five years.

A changing business environment, tough economic and competitive conditions, evolving risks, evolving regulatory landscape with fines and reputational risks, and cost pressures on financial institutions have led to increasing pressure on organisations to have robust compliance and risk structures and strategies. Having competent compliance specialists will enable firms have the right due diligence in place to identify risks in advance and mitigate them.

While it is difficult to predict the future and given the uncertainty around the global pandemic, we feel that the hiring outlook for Compliance remains very strong across Europe. We have had a busy fourth quarter, and we expect our pipeline to grow as we move into 2021.  

The Danos Group recruits premium Compliance, Risk and Legal professionals to the world’s leading institutions, enabling them to fulfil their legal, risk and regulatory responsibilities.

As a leading supplier of Compliance personnel to the financial services industry globally, we are extremely well-placed to find you the best permanent and interim candidates.

If you would like to discuss your hiring needs, or a recent track record of our work conducted, please contact:

Isabel Anchebe
Senior Associate, Compliance

Tel: +44 (0) 203 889 5758
Email: ianchebe@danosassociates.com

Sources:

(1)https://www.ey.com/en_uk/news/2020/09/ey-financial-services-brexit-tracker-fs-firms-continue-moving-staff-ahead-of-brexit-deadline

https://www.osborneclarke.com/insights/covid-19-compliance-risk-survey-2020/

https://www.linklaters.com/en/insights/publications/2019/december/financial-regulation-horizon-report-2020

https://www.skillcast.com/blog/highest-fca-fines-2019

16 Dec

Last Month the United States (US) and the world watched with bated breath as Vice President Joseph R. Biden, Jr. was declared the winner of the US presidential election. While President Donald Trump has yet to concede and continues to make his case in court, all 50 states have now certified Biden as the winner, and it is a foregone conclusion that we will have a new administration deciding the course of action for the next four years. As we look ahead, we thought we would take a bit of time to speculate on what this will mean for Financial Services from a Regulatory standpoint and what impact this will have as far as growth in Compliance and Risk over the next four years.  

Speculation as to what the Biden Administration will do really revolves around two paths: will this be the centrist leaning, coalition-building Biden like his track record suggests or will his administration lean towards the left and embrace the burgeoning progressive wing of the Democratic Party? So far, with nominees to his Cabinet as well as through comments to the press suggest that Biden will be making a serious effort to build a centrist coalition, inviting ideas from both the right, and left of the political divide. It is also worth noting that with, at best a 50/50 Senate, Biden’s hands will likely be tied as far as significant pieces of legislation or enforcement actions will go.  

Increased Regulation?  

The big question every financial institution is asking themselves right now is what this new Administration will mean as far as regulation goes. It is no secret that past Democratic administrations tended to focus on increased regulatory oversight; Obama’s administration gave us transformative legislation in Dodd-Frank and the CFPB (Consumer Financial Protection Bureau), as two examples. What will be interesting to watch is to what extent might Biden’s team might go in building on those policies. Under Trump, the SEC (Securities and Exchange Commission) maintained a very strong enforcement program and it is expected that the Biden Administration will continue that approach, with a particular focus on financial institutions and Wall Street. We do know that former CFTC (Commodity Futures Trading Commission) chair Gary Gensler is part of Biden’s transition team and is reportedly a potential nominee to head up the SEC, it also could be a signal to expect a tougher enforcement approach across all regulatory agencies. Biden has already said that his SEC will push ESG (Environmental, Social and Governance factors) and climate change related risk alerts, guidance, and rulemaking, very likely requiring companies to disclose how these risks affect their bottom line. As a result, familiarity with ESG rules and regulations will be in high demand for the foreseeable future.    

Regardless of what happens with the SEC, it is extremely likely that there will be new leadership at the Department of Justice which will mean more aggressive enforcement on financial and corporate fraud, especially fraud related to Pandemic and recession related trends. It is also reasonable to assume that there will be a renewed focus on FCPA (Foreign Corrupt Practices Act), sanctions, cyber-crime, and AML (Anti-Money Laundering) related actions. In turn, this would likely mush a push for bolstering AML and Financial Crime teams in large and small financial institutions.  

Much has been made of Biden’s pick for Secretary of Treasury, Janet Yellen. If her tenure as Chair of the Federal Reserve is any indication, this could be great news for economic recovery. Yellen enjoys broad support among investors as they are familiar with her body of work: the economy boomed during her tenure at the fed from 2014 – 2018. She is also shown a willingness for big enforcement actions. Yellen’s final act at the Fed was imposing sanctions against Wells Fargo. If nominated as Treasury head, we expect a similar path. Expect to see increased hiring as a result from the big banks.  

Biden has also suggested the creation of a Public Credit Reporting Agency which would compete directly with the three major credit reporting bureaus. If created, that would be seismic shift in how credit reporting works. Under the proposal, a new task force would be created within the CFPB and federally backed lenders, including mortgage originators, would be required to use the new agency’s reports to evaluate applicants for credit.   

Of course, all of this is speculation at this point, but one thing remains clear: the incoming Biden Administration will likely build upon the work of the last Democratic administration, of which Biden was obviously a part of. This will likely mean increased scrutiny of the financial services sector, with a key emphasis on its impact on the consumer. We expect the industry to respond with increased hiring across all areas including Financial Crime, Advisory, and Surveillance.  

Citations:  

https://www.complianceweek.com/regulatory-policy/bidens-sec-set-to-require-disclosure-of-esg-climate-change-risk/29788.article

https://www.complianceweek.com/regulatory-policy/cfpb-under-biden-will-likely-get-new-director-new-direction/29699.article

https://www.clearyenforcementwatch.com/2020/11/what-to-expect-from-the-biden-administration/

https://fortune.com/2020/11/07/president-biden-business-taxes-unions-regulations-public-option-infrastructure-tariffs-immigration/

https://www.americanbanker.com/news/industry-bristles-at-biden-proposal-for-public-credit-reporting-agency

https://www.cnn.com/2020/11/23/business/janet-yellen-treasury-joe-biden/index.html

14 Dec

Danos Associates publish “Singapore Salary Benchmark Report 2020”. This report outlines senior salaries for “Traditional Asset Manager” and “Hedge Fund & Private Equity” roles.

It also includes key market insights:

  • Overall Asset Management salaries have not changed substantially during 2020 although we continue to see a growing variation between fixed and variable compensation between firms.
  • Whilst 2020 has not been a bumper year for hiring, there has still been movement at all levels necessitating replacement hires, with activity increasing in the second half of the year and expected to increase further post bonuses in the New Year.
  • This year has seen a number of International Asset Managers establishing a Singapore entity, to aide expansion in the South East Asia region. So far this has required hiring new headcount locally, rather than relocating headcount from Hong Kong.

For your copy of the report, please contact Mark Moorby | Lead Partner, Head of Asia Pacific | Email: markmoorby@danosassociates.com | Tel: +(852) 2870 3007.