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Bloomberg

Salaries for bank risk and compliance officers in Singapore and Hong Kong have risen at about twice the pace for similar positions at New York and London firms this year amid a shortage of skilled staff, a recruiter said.
Pay excluding bonuses for people who changed jobs in the Asian cities rose as much as 20 per cent this year, compared with 10 per cent in the Western hubs, said Neil Owen, a director for London-based Robert Half International.
A senior officer in Singapore is paid as much as S$250,000 (HK$1.56 million) annually, compared with Hong Kong's HK$1.8 million, London's £175,750 (HK$2.19 million) and New York's US$323,595, data compiled by the firm shows.
The faster wage gains reflected the smaller pool of experienced professionals available in the Asian cities, Owen said.
They also underscore the rise in demand for such skills as policymakers globally tighten regulations on banks' capital buffers and crack down on offences from money laundering to rigging of interest rates.
Pay for risk and compliance officers rose more than for other finance jobs this year, Owen said.
"The compliance team in a large bank consisted of a handful of people before the financial crisis," said Owen, who is the global financial services practice director. "There's been such a significant increase in the types of functions that are required, there's been so much change coming down from the regulators, the types of processes that need to be implemented."
Banks and regulators have clashed over the severity of capital, indebtedness and liquidity rules that were set out in 2010 as part of an overhaul of the banking industry to avoid a repeat of the 2008 global financial crisis. The credit crunch that followed the collapse of Lehman Brothers caused at least US$2 trillion in losses globally.
More regulations are in the pipeline, with the US putting final touches on rules that would curtail proprietary trading and the Basel Committee on Banking Supervision drafting more guidelines to curb risk taking.
HSBC has increased its compliance staff by 46 per cent this year to 4,894 people, according to a spokesman in Hong Kong.
"We will look to increase this further in 2014 as we continue to build our financial crime and regulatory compliance capability globally," he said.


Asian bank staff big winners as risk and compliance demand grows

A senior officer in Singapore is paid as much as S$250,000 (HK$1.56 million) annually, compared with Hong Kong's HK$1.8 million, London's £175,750 (HK$2.19 million) and New York's US$323,595, data shows.

Business

Banking & Finance

Skills shortage sees salaries in Hong Kong and Singapore grow more rapidly than in the West


Salaries for bank risk and compliance officers in Singapore and Hong Kong have risen at about twice the pace for similar positions at New York and London firms this year amid a shortage of skilled staff, a recruiter said.


Asian bank staff big winners as risk and compliance demand grows

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Skills shortage sees salaries in Hong Kong and Singapore grow more rapidly than in the West

Skills shortage sees salaries in Hong Kong and Singapore grow more rapidly than in the West