Wondering what's new in the Compliance and Risk Management recruitment space? 

Whether you are hiring new people or looking for new opportunities, we’ve got just the thing for you.

We recently caught up with Richard Abelson, the Managing Director and co-founder at MERJE, one of our closest collaboration partners. As a market-leading specialist in Compliance and Risk Management recruitment, he spilt the tea on what’s new in the GRC recruitment space and how Risk Management professionals like you can navigate this ever-changing landscape.

Q: Stringent budgets for GRC functions in 2024 mean that many businesses will choose between tech upgrades and recruitment.

What advice would you give to those making this decision?

Tight budgets force tough choices, but it doesn’t have to be one or the other. I would advise prioritising technology that automates and simplifies tasks, freeing up your GRC team's valuable time for more strategic work.

Take RiskSmart, for example.

It’s a Risk Management Platform that replaces the manual Risk Management processes. Your risk team can stop spending hours staring at spreadsheets and wading through data and instead focus on delivering actionable insights and meaningful change much more efficiently than they have done in the past.

Read more about RiskSmart here

Upskilling your team on tech that enhances their ability to do their jobs rather than replacing them altogether will be more cost-effective than hiring new talent. It shows you’re committed to investing in your staff’s long-term development.

Q: With the advancements in technology and Artificial Intelligence (AI), how do you see the role of risk technology evolving in the future, and what impact might this have on GRC teams and recruitment?

Technology is continuing to transform businesses rapidly, the latest trend being AI-powered tools that automate tasks like data analysis, scenario testing, and regulatory change tracking. This frees up GRC professionals to focus on strategic initiatives, exception handling, and providing actionable insights to leadership.

For recruitment, this means a growing demand for professionals with both technical and soft skills. GRC teams will need individuals who understand AI's capabilities and limitations, translate risk data into actionable insights, and effectively communicate with technical and non-technical stakeholders.

Q: What are some common misconceptions or challenges businesses face when recruiting for Risk Management and Compliance positions?

There is a variety of hurdles GRC leaders can come up against when looking to add talent to their teams. Here are some of the most common ones: 

1.    “Compliance is a box-ticking exercise.”
For GRC to be effective, it must be proactive and integrated into the wider business strategy. Look for candidates who understand the bigger picture and can translate regulations into practical solutions and positive action plans for your business.

2.    “Degrees and industry-specific qualifications are vital.”
While university qualifications and risk/compliance accreditations are valuable, they’re not the be-all and end-all. Although they do show a commitment to pursuing a career in the industry, a candidate with them isn’t always better than one without. Insisting on only candidates with certain qualifications means overlooking highly capable individuals who fit your other criteria.

3.    “Candidates must have everything on the person spec.”
Transferable skills, adaptability, and a proactive attitude can be much more valuable to your business than being a perfect match on paper. Discounting candidates because they don’t check every box on the person specification means missing out on dozens of qualified individuals.

4.    “Our generalist recruitment partners will provide CVs for this.”
Companies often revert to their generalist recruitment partners with new vacancies but miss out on top talent in doing so. These agencies may not have vast networks and deep connections in the specified talent pool, so they rely on job seekers to apply actively. This is a very limited pool. 

Q: How important is cultural fit within Financial Services organisations when considering candidates for Risk Management and Compliance roles, and how do you assess this during recruitment?

Cultural fit is paramount for any business, particularly in Governance, Risk and Compliance functions. GRC professionals must integrate seamlessly into their team whilst working in harmony with other teams.

Embodying the organisation's values and promoting the GRC mindset as an enabler of positive business activity rather than a blocker requires people who can build relationships with all areas and levels of the company.

Here's how to assess it:

1.    Behavioural interviewing:
Ask questions about past experiences that reveal how a candidate handled challenges and collaborated with others to reveal their working approach.

2.    Team fit:
Involve various team members in the interview process to assess how the candidate interacts with potential colleagues.

3.    Company culture research:
Clearly define your company culture and ask specific questions about candidates’ values to identify those who resonate with it.

4.    Work Simulation Tests:
To assess a candidate's decision-making, communication style, and problem-solving ability, provide realistic scenarios that mimic the daily work environment.

Q: What roles do diversity and inclusion play in Risk Management and Compliance recruitment, and how do you ensure diversity in candidate pools?

Diverse and inclusive GRC teams bring a wider range of perspectives, leading to more robust Risk Management strategies and an improved company culture overall.

We’re strongly committed to handling under-representation at MERJE, which is why we launched our MERJE Together pledge a few years ago. We regularly share D&I advice, guidance, information, and reports.

Q: What is the key to an effective hiring process for Risk and Compliance roles?

Start with a clearly defined role profile, job title and salary that genuinely reflect the responsibilities. Inflating a job title or assigning too senior duties to a junior role will risk confusing candidates or deterring them with low salaries and false job descriptions.

Keep an open mind about the level of candidate you’re seeking when possible. Considering a "stepper upper" (someone slightly more junior than the person specification suggests) often gives you candidates with more drive and determination to prove themselves. This also brings a fresh perspective versus someone who has done the role countless times before.

In terms of salary and remuneration, be flexible when you can. Too many firms miss out on their ideal candidate for the sake of a couple of £1000 because they have rigid salary bands. Think of the time and money wasted starting the recruitment process again and the risk of not finding someone else. Does this outweigh the £5k bump in salary you could have offered to secure your first-choice individual?

If your company’s salary bandings are set in stone, what else can you offer to tempt the candidate? The desire for flexible and hybrid working options has gone through the roof. Any business that is not offering this nowadays is behind the curve and surely missing out on talented people.

Q: With a raft of regulatory updates coming in 2024 and beyond, how do you see these affecting businesses and their recruitment strategies?

The current regulatory landscape presents significant challenges.

With FCA initiatives like Consumer Duty, the Dear CEO Letters, and the Motor Finance Discretionary Commission investigation demanding close attention, my advice during these times would be to maintain a robust situational awareness within your leadership team.

Staying informed allows for proactive strategy adjustments and a more confident approach.

More about MERJE

Richard Abelson is the managing director and co-founder of MERJE. With over 20 years of experience in Compliance and Risk Management recruitment, Rick is an expert in talent and recruitment services within the financial services sector. 

Based in Manchester, Rick (along with his brother, Jonathan Abelson, and colleague, Edward Manson) founded MERJE in 2011. Today, they have grown into a leading specialist recruitment firm with offices in London, Manchester, and Glasgow. 

MERJE excels in Governance, Finance, Operations, Insurance, and Data & Analytics recruitment, delivering tailored solutions and fostering long-term relationships across the Financial Services industry.

Learn more about MERJE.