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AML/Compliance/KYC professionals come in!

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  #1611 (permalink)  
Old 21-04-2022, 12:24 PM
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Default IA/Compliance/Risk

Following my previous post, actually iím lagging behind by about 3 years than peers as i have done my own business. Which path can progress faster?

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  #1612 (permalink)  
Old 21-04-2022, 12:33 PM
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Which has the best & worst career progression?

1. Risk management
2. Compliance
3. Legal
4. Operations

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  #1613 (permalink)  
Old 21-04-2022, 07:24 PM
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Quote:
Originally Posted by Unregistered View Post
Which has the best & worst career progression?

1. Risk management
2. Compliance
3. Legal
4. Operations
Risk management > Operations > Compliance > Legal

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  #1614 (permalink)  
Old 21-04-2022, 10:31 PM
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Risk management > Operations > Compliance > Legal
Any clown who puts Operations above Compliance and Legal probably never worked in Operations before.

The ranking should go like this.

Compliance = Legal > Risk Management > Operations

I would put Legal and Compliance together. In many large banks, both functions are in the same department and many of the top compliance officers are former lawyers themselves. The future of Legal/Compliance is bright as many fintech firms wishing to make their product offerings mainstream will find themselves coming under regulation. They will hire Compliance staff to meet regulatory demands or risk getting fined. The rise of crypto as an alternative asset class also means the space of Compliance will only grow over time.

Prospects are more limited for Risk Management as many things are filtered/flagged by pre-determined system rules.

The worst progression is in Operations. Not only is your job mind-numbingly mundane and very process-driven, your progression will be very slow compared to the front and middle office. To make things worse, your job is vulnerable to offshoring/outsourcing. Many banks and FIs are moving their Operations over to India. To add insult to injury you may even be asked to train your replacement overseas before being made redundant.
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  #1615 (permalink)  
Old 21-04-2022, 11:02 PM
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Quote:
Originally Posted by Unregistered View Post
Any clown who puts Operations above Compliance and Legal probably never worked in Operations before.

The ranking should go like this.

Compliance = Legal > Risk Management > Operations

I would put Legal and Compliance together. In many large banks, both functions are in the same department and many of the top compliance officers are former lawyers themselves. The future of Legal/Compliance is bright as many fintech firms wishing to make their product offerings mainstream will find themselves coming under regulation. They will hire Compliance staff to meet regulatory demands or risk getting fined. The rise of crypto as an alternative asset class also means the space of Compliance will only grow over time.

Prospects are more limited for Risk Management as many things are filtered/flagged by pre-determined system rules.

The worst progression is in Operations. Not only is your job mind-numbingly mundane and very process-driven, your progression will be very slow compared to the front and middle office. To make things worse, your job is vulnerable to offshoring/outsourcing. Many banks and FIs are moving their Operations over to India. To add insult to injury you may even be asked to train your replacement overseas before being made redundant.
Risk Management is more front office than Legal/Compliance. For some positions like Product Controller, the team sits between business and compliance/operations to manage projects or processes.
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  #1616 (permalink)  
Old 22-04-2022, 03:26 PM
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Default Compliance

Does compliance requires advanced excel or data skills?
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  #1617 (permalink)  
Old 22-04-2022, 06:10 PM
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Quote:
Originally Posted by Unregistered View Post
Any clown who puts Operations above Compliance and Legal probably never worked in Operations before.

The ranking should go like this.

Compliance = Legal > Risk Management > Operations

I would put Legal and Compliance together. In many large banks, both functions are in the same department and many of the top compliance officers are former lawyers themselves. The future of Legal/Compliance is bright as many fintech firms wishing to make their product offerings mainstream will find themselves coming under regulation. They will hire Compliance staff to meet regulatory demands or risk getting fined. The rise of crypto as an alternative asset class also means the space of Compliance will only grow over time.

Prospects are more limited for Risk Management as many things are filtered/flagged by pre-determined system rules.

The worst progression is in Operations. Not only is your job mind-numbingly mundane and very process-driven, your progression will be very slow compared to the front and middle office. To make things worse, your job is vulnerable to offshoring/outsourcing. Many banks and FIs are moving their Operations over to India. To add insult to injury you may even be asked to train your replacement overseas before being made redundant.
Its ok its ok
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  #1618 (permalink)  
Old 23-04-2022, 05:15 PM
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Quote:
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Which has the best & worst career progression?

1. Risk management
2. Compliance
3. Legal
4. Operations
curious to hear other opinions too
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  #1619 (permalink)  
Old 25-04-2022, 11:56 AM
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operational risk management is quite a crucial role to the bank. good career prospects and opportunities to jump to other parts of the bank thereafter.
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  #1620 (permalink)  
Old 12-05-2022, 07:12 PM
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What would be the market rate for a pb compliance officer with 8-9yoe?
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