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31 Jan

Compliance and Risk Hiring Trends in the FinTech and Challenger Bank Space

Banking competition has been encouraged over the last few years, and the market has become very diverse. In the past, there was one universal banking model, but today there are many. Large challenger banks as well as the smaller challenger banks and FinTech firms with niche specialisms, now operate successfully across the market and require broader non-traditional hiring strategies for senior Compliance and Risk professionals. 

External v Internal

Heads of Compliance and Chief Risk Offices in early-stage start-ups usually need to be hired externally, typically attracting talent from one of the big five retail banks or a nationwide. This type of external hiring is also seen across both small and large challenger banks. 

Challenger banks do hire from other challenger banks, with smaller firms offering great opportunities for individuals to take on broader roles.

Whist the big five banks typically continue to leverage their internal pools of senior individuals, by moving them up into senior Compliance and Risk leadership roles. Larger challenger banks tend to have a small number of internal promotions, leveraging their team talent pools. 

Interim v Permanent

Executive interims and contractors are often hired at start-ups and smaller challenger banks, to enable them to manage their fixed costs. As these firms grow often interim executives are often offered permanent roles.

New businesses benefit from the board experience that interim executives can offer. There has been a rise in the calibre of senior Compliance and Risk professionals who have opted for short term contracts, rather than permanent roles.

Diversity 

Firms are actively looking to address gender diversity, as historically only a small proportion of heads of Risk and Compliance at challenger banks are female. Many firms are actively looking to hire senior female talent and are offering talent development programmes to ensure gender diversity.

The hiring of both executive interim and permanent senior Rick and Compliance roles will continue to be in demand, as firms at different stages of their lifecycle, regulatory processes and growth will require different experience.

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

We use our experience and market knowledge to help you land the best people for your roles.  Treating each client as unique, understanding the business requirements and advising on the best hiring strategies, to ensure you have the best and most appropriately experienced talent.

If you would like to find out more or would like our support or advice on permanent and interim resource solutions, please do get in touch.

Ruaridh Brown-Hovelt
Associate Partner, Head of Risk and Quant Practice (EMEA) – Permanent roles

Tel: +44 (0) 20 3889 5757
Email: rbh@danosassociates.com

Katherine Lord
Associate Partner, Head of Danos Consulting – Interim Roles

Tel: + 44 (0) 207 010 1153
Email: klord@danosconsulting.com


  • Author

    Ruaridh Brown-Hovelt

    Associate Partner, Head of Risk and Quant Practice

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