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Market Insights H1: Compliance Insurance 2022

  • Publish Date: Posted almost 2 years ago
  • Author:by Tara Robinson

​I am a Principal Consultant on the compliance team specialising in insurance governance, including compliance, audit and risk management recruitment.

I have explored and shared my insights on the current availability of talent, how this has changed, the approach to flexible working and attracting and onboarding.

Talent Available

Talent pools within the insurance compliance market have continued to tighten throughout the first half of 2022. Due to the regulatory agenda relating to consumer products and the political climate we have seen further requirements for conduct and sanctions specialists and cross-border compliance expertise. While some organisations have been willing to consider experienced talent from the wider financial services sector, knowledge of wholesale products, complex distribution chains and the Lloyds market have been in high demand. Throughout H2/22 the balance of open vacancies versus talent has continued to shift. High volumes of open roles have resulted in candidates having multiple external offers while existing employers are offering attractive packages to retain existing talent.

Changes in the last 24 months?

The market has gone through considerable change over the last 24 months. We witnessed a wider pool of candidates available from early to mid-2020 due to a number of reasons. Firstly, changes to the IR35 rules in Q2/2020 resulted in many firms minimising their use of daily rate contractors from the start of 2020. As a result, many contractors were coming onto the market looking for permanent work. This also combined with the impact of COVID-19 as a number of firms were restructuring and scaling back corporate functions at the start of 2020.

Approach to Flexible working

On the whole, the majority of our clients have been working hard to find hybrid/flexible working models that work for their businesses and employees. Those that have taken this approach have been able to consider hiring from wider afield in terms of location and alternative talent pools such as those looking to return to work and requiring more agile working arrangements.

Those that have taken a more traditional stance requiring compliance/risk teams to be back in the office five days have struggled to retain and also attract talent.

Over the last six months, we have seen a renewed interest to return to the office 2-3 days a week, especially for those who accepted remote/home-based roles 18-12mths ago. Team interaction/visibility, learning and improving business relationships seem to be the key reasons, especially for less experienced compliance professionals who are wanting to learn from their colleagues.

Attracting & Onboarding

Hiring and onboarding processes have become more streamlined with most firms conducting at least one face-to-face meeting throughout the interview process. Both candidates and hiring managers are seeing the value of this. As the market has now become so competitive, candidates who are actively looking for new opportunities view the recruitment process as a reflection of the firm itself and how it operates. Organisations that are able to provide concise feedback and quickly turn around the interview process will often be viewed as more favourable at offer stage.

If you’re a client in need of talent solutions or a candidate looking for their next opportunity, please don’t hesitate to get in touch. Contact me at