The increasing compliance costs in Singapore is driving the demand for skilled financial services professionals, according to a research commissioned by specialist recruiter Robert Half.
Majority of finance leaders in Singapore (76 percent) said the cost of compliance has increased compared to three years ago, which is partly because of existing regulations becoming more complex and new regulations.
"The cost of compliance in Singapore is rising - which is a legacy of the global financial crisis resulting in a stricter regulatory environment. This rising cost requires companies to invest in educating and upskilling in-house staff or hiring compliance officers to navigate the changing landscape," said Matthieu Imbert-Bouchard, Managing Director at Robert Half Singapore, in a press release.
Almost half of CFOs in Singapore (46 percent) who are planning to add permanently financial services staff said they will be sourcing compliance professionals to add to their teams.
However, the report found that the increasing demand for compliance professionals is creating a skills gap as the demand for these talents outweighs the supply. In fact, 95 percent of finance leaders said it is challenging to find qualified compliance professionals.
According to Imbert-Bouchard, the most-sought compliance professionals have the ability to understand the latest regulations that their companies may face, are able to streamline the compliance process, and can effectively cut costs while maintaining regulatory standards.
"As demand currently outweighs supply for compliance professionals, companies adhering to strict regulations need to proactively assess any skills gap within their teams, and assess whether their existing staff need further training or if they need to invest in onboarding additional staff, either on a temporary or permanent basis, to cover the increased compliance workloads," Imbert-Bouchard concluded.
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