The UK job market for risk and compliance roles is undergoing significant transformation, with the fintech sector leading the way.
Editorial
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Risk and compliance vacancies within traditional banks are set to see a decline, according to the latest UK jobs market trends report from recruitment agency Morgan McKinley and market data analyst Vacancysoft. by 17% in 2024, as banks focus on stabilization in response to changing market conditions.
However, the number of vacancies for such positions in fintech companies is expected to increase by 28%. This sector is expected to see 1,000 new roles in 2024, highlighting the growing demand for professionalization of compliance and risk management as fintechs increasingly come under the regulatory microscope.
Within the industry, compliance-related positions are expected to increase by 56% in 2024, accounting for 28% of all compliance-related vacancies. Financial crime functions are expected to grow 16% year-over-year, although their share of vacancies is expected to decline slightly, from 19% in 2023 to 17% in 2024. Risk management functions are poised to experience a notable expansion, with a 115% year-over-year increase, reaching 122 vacancies and representing 12% of the industry’s compliance positions. Know Your Customer (KYC) positions are also booming, with a projected 98.4% increase in vacancies, accounting for 10% of fintech compliance opportunities.
In contrast, compliance and risk roles within traditional banking are expected to decline. Compliance positions are expected to decline 29% year-over-year, with the number of vacancies falling to approximately 1,151. Risk management positions will see a 9% year-over-year decline, maintaining a share of positions vacant by 13%. Financial crime roles will see the smallest decline at 6%, accounting for 10% of vacancies. Credit risk positions are expected to see a significant reduction of 16% year-on-year, with approximately 421 positions vacant.
Greater London is expected to see the largest increase in risk and compliance vacancies in 2024, with a 72% increase year-on-year to around 738 positions. This is a recovery from a 50% decline in 2023. London’s share of job vacancies is expected to rise from 55% in 2023 to 72% in 2024, with advances in financial technology and economic stability boosting investments.