Q4 2020 in review: Financial Crime, Regulatory Compliance & Risk

Daniel Bloom • 16 February 2021

​As 2020 came to a close, our clients experienced a significant uplift in hires within the Financial Crime, Regulatory Compliance and Risk space across the UK, and we ended the year up by 91% compared to 2019. Below, we round up some of the key themes from last year’s Q4.

Talent trends
  • Significant increase in senior hires in the Financial Crime & Regulatory space, namely SMFs, MLROs, DMLROs, Head/Directors of compliance, Reg & Risk. Interestingly, we experienced a fairly equal split between Perm & Interim senior hires.

  • Banks continue to build FLoD AML, KYC & Due Diligence teams and supplement with specialist contractors on a SoW basis to assist with; Remediation, Periodic review and CDD / EDD / Refresh / Transaction monitoring / Policy exercises projected to last well into 2021. Salaries experienced a slight increase and contract rates remained unchanged.

  • Mass contractor cuts and permanent recruitment freezes did not materialise, despite Covid19, IR35 and the scaling down of furlough arrangements. There does appear to have been regional differences, however, with the most pronounced drops being seen in the West Midlands, South West and North West.

  • Blurred lines between 1st & 2nd LoDs as firms appear to recognise the ramifications of 1st line non-adherence, not always being picked up by 2nd line. Various strategies in this regard have begun to emerge including 2nd line functions sitting in 1st line in a QC / escalation capacity.

  • Permanent professionals at all levels are reluctant to move. As a result, attracting top talent away from their seemingly safe jobs has become more challenging. We have supported and encouraged our clients to be more flexible with their benefits arrangements, probationary periods and flexible working arrangements.

  • Flexible working arrangements are here to stay – Perm candidates are expecting firms to have clearly communicated flexible working policies set for the future beyond lockdown / Covid19 restrictions. This is now a key consideration for candidates presently in roles and those weighing up offers. On the flip side, the embedding of flexible working arrangements widens the talent pool for firms that may otherwise struggle to attract the skillsets they require in the region.

  • Risk – Digital, IT, Tech, Cyber, DP experienced / savvy professionals are in high demand and we see this as a key focus area through 2021 and beyond.
Growth areas
  • Outsourcing / bolting on specialist contractors to perform remediation, periodic review, and refresh exercises. With the majority of financial crime specialists working from home, financial services organisations are often falling behind on these activities, and asking for assistance from mid-sized / bespoke consultancies such as our sister company, Project Partners.

  • Climate Risk & Change related roles are likely to ramp up through 2021 and beyond, as more firms and individuals have this on their agenda.

If you’d like to discuss any of these themes in more detail, or how they are impacting your business specifically, please don’t hesitate to reach out to Daniel Bloom or Chris Fields.
Cell and Gene Therapy: The Talent Challenge Defining the Next Decade
by Tina Ledger 2 July 2025
Cell and Gene Therapy: The Talent Challenge Defining the Next Decade
Project RPO, SOW, and MSP: choosing the right workforce strategy for your business
by Tina Ledger 19 June 2025
Project RPO, SOW, and MSP: choosing the right workforce strategy for your business
Doing More with Less – The GC Challenge of 2025
by Tina Ledger 12 June 2025
Doing More with Less – The GC Challenge of 2025
Empowering Women in the workplace: A conversation with Sasha Mauu
by Tina Ledger 9 June 2025
Empowering Women in the workplace: A conversation with Sasha Mauu
How SOW solutions drive project success
by Tina Ledger 19 May 2025
How SOW solutions drive project success
How Project RPO can solve your biggest recruitment challenges
by Tina Ledger 12 May 2025
How Project RPO can solve your biggest recruitment challenges
The rise of skills-based hiring
by Tina Ledger 7 May 2025
The rise of skills-based hiring
by Tina Ledger 28 April 2025
How AI is reshaping workforce management and how we can help you stay ahead
by Tina Ledger 27 March 2025
We're back! We're thrilled to announce the return of our interview series, Women in Law, where we shine a spotlight on the extraordinary women making waves in the legal world. Join us as we delve into their journeys, explore their challenges and triumphs and celebrate their remarkable achievements.
by Charlie Sell 25 March 2025
There’s a quiet revolution happening in the legal sector, and AI and data are powering it.
More posts