HOW ARE BANKING & FINANCIAL SERVICES HIRING FOR COMPLIANCE ROLES?

Compliance isn’t an expense. It’s a cost-saving measure. 
 
This common financial phrase rings even more true today, with growing foreign investment into Asia as businesses look benefit from the region’s growth potential. This comes amidst a growing backdrop of increasingly complex financial crime, where groups seek to profit from a rising digital economy. 
 
In response, government regulators in many countries are stepping up demands for compliance standards for banks and financial institutions to maintain trust and stability in capital markets and the banking system. And while managing compliance requires resources, it is far less costly than dealing with the aftermath of a breach and the loss of reputation and trust in services. 
 
We previously outlined trends in Banking & Financial Services on a broader scale in our 2024 Hays Asia Salary Guide. But to get a deeper look into compliance trends in China, we spoke to Sophia Zhang, Senior Business Manager at Hays China for further insights. 
 
CONTENTS 
 

FINANCIAL CRIME COMPLIANCE IS STEPPING UP 
 
Banks and financial institutions today face a multitude of risks. Money laundering, terrorist financing, cybercrime and fraud are some of the most common types of crimes being carried out by individuals or groups today. 
 
This has not gone unnoticed by authorities, who have implemented increasingly stringent compliance requirements for related companies. Organisations looking to meet these compliance obligations find themselves increasingly reliant on compliance departments capable of meeting and reporting on key regulatory objectives. 
 
This won’t come as a surprise to China, who has had a keen eye on Financial Crime Compliance from as far as five years back. Compliance talent capable of developing and implementing policies, conducting risk assessments and monitoring transactions remain highly sought after, especially by foreign banks looking to conduct business within the country. 
 
Anti-Money Laundering (AML) compliance is an area of particular focus, with some banks establishing independent departments to tackle issues related to early detection of suspicious activities. First Line of Defense AML is experiencing high demand now, requiring candidates to gain familiarity with the business to set up procedures to minimise transaction risks. 
 

 
Anti-Money Laundering measures reduce the profitability and attractiveness of criminal activities such as drug trafficking, human trafficking, and fraud. Financial institutions are required by law to implement AML measures to safeguard trust and stability of financial systems. 
 
THIRD PARTY RISK MANAGEMENT – A HIGHLY SPECIALISED FUNCTION 
 
Third party risk management (TPRM) is particularly crucial for financial institutions that are increasingly reliant on external parties for solutions in tech, payments and data management. This reliance reduces direct operational control over activities, introducing new risks into the consumer equation. 
 
At the same time, regulators are increasing the pressure on financial institutions to manage their third-party risk. This comes in no small part to organisations facing disruptions, monetary loss and reputational damage’ due to third-party incidents which have grown within the last three years across to a report from KPMG. 
 
Organisations remain responsible for minimising this risk and ensuring the security and privacy of consumer data. Even so, this responsibility is being outsourced – to third parties. Companies in China prefer outsourcing TPRM functions to consultancies who possess expertise in complex areas of risk management. Third party solutions also present a more scalable model, allowing businesses to spread leaner budgets elsewhere without neglecting the establishment of a working TPRM model. 
 
AUTOMATION IS STREAMLINING COMPLIANCE 
 
Automation is transforming the way we work across industries by enhancing efficiency, accuracy, and productivity. Financial compliance is no exception to this trend, enabling continuous monitoring, real-time transaction analysis, and swift identification of suspicious activities. 
 
This is true in China, where companies with the resources to implement automation have found success streamlining Second Line of Defense AML procedures. This is more common among larger banks who generally automate transaction screening processes to minimise labour costs. 
 
Even so, there are still critical parts of compliance that require a human touch. Banks and financial institutions still require talent capable of adapting to changing local and international regulations, and to apply them towards developing the right policies for the organisation. 
 
WHAT IS COMPLIANCE TALENT TODAY LOOKING FOR? 
 
There’s no doubt that compliance talent plays an integral part in ensuring banks and financial institutions remain above board. The supply of talent capable of servicing compliance needs in China today is stable, and hiring managers should have ample opportunities to source for candidates should the need arise. 
 
Candidates in China today are cognisant of the need for job security today, especially on the back of downsizing exercises conducted in the past to reduce overhead during difficult economic periods. There is also parallel demand for better work-life balance from employers, especially in regard to a growing trend of employees expected to double hat and take on more than the usual share of responsibility for a single headcount. 
 
HOW CAN COMPANIES ATTRACT AND RETAIN COMPLIANCE TALENT TODAY? 
 
So how can companies in China do better to retain valuable compliance talent? Competitive benefits packages today that speak to this target group goes beyond basic compensation, and may include health and wellness, flexible work arrangements and career development opportunities. Organisations will want to revisit their Employee Value proposition to ensure it emphasises integrity, empathy and personalisation to attract and retain top talent. 
 
Given the ever-changing landscape of compliance, consider offering courses on new regulations and training in key areas such as cybersecurity, data privacy laws, workplace safety, and diversity. Companies with these initiatives should regularly update their modules to ensure that training remains relevant and aligned with current industry standards. 
 
THE MOST IN-DEMAND ROLES FOR COMPLIANCE IN BANKING & FINANCIAL SERVICES 
 
These are the top three most in-demand positions in Banking & Financial Services for China in 2024: 
 
GENERAL COMPLIANCE MANAGER (RMB 800,000 – 1,200,000) 
 
Responsible for establishing compliance policies and schemes and maintain good relations with regulators to obtain relevant business licenses. 
 
ANTI-MONEY LAUNDERING (RMB 600,000 – 800,000) 
 
A high priority role especially among foreign banks. Responsibilities involve monitoring processes to detect and prevent money laundering and other financial crimes. 
 
INFORMATION SECURITIES MANAGER (RMB 800,000 – 1,500,000) 
 
This position has grown in importance since the Data Security Law was implemented in China. Responsibilities involves developing and implementing security policies and technologies. 
 
Explore more jobs in Banking and Financial Services here today.