In 2018, we saw a sharp upturn in Financial Crime recruitment in response to increasing regulations and powers of the regulators. Compliance was firmly placed front and centre for Financial Services firms, but sadly the sector had a high percentage of individuals who had fallen into the space by default, resulting in some high-profile, catastrophic failures by senior professionals’ oversight. Compliance teams were not as skilled as they needed to be, and we knew that a number of tier 2 and 3 banks and asset and investment managers were being poorly serviced and overcharged by either the Big 4 or mid-sized consultancies. Hydrogen entered the market as a cheaper resource to our clients with no slippage on skills and experience in terms of talent provided.
While demand in the space has dropped in the short term due to COVID-19, the medium-term outlook is positive – regulatory work often has a deadline and will still have to be addressed for firms to remain compliant with changes and avoid penalties such as fines. This work may well be conducted by remote teams if the current situation continues, which is an added complication for businesses when it comes to new compliance projects.
We are able to help our clients mitigate the impact of globally increasing fines and requirements through the introduction of specialised resources, teams or individuals and SOW arrangements. Aside from fines, late adherence to regulations can negatively impact a brand and therefore consumer opinion, so it’s crucial that companies are able to respond to regulation changes quickly. Our team is quick and agile in our ability to assess the problem and supply the solution.