BSA 2024 Compliance Salary Guide v2 SPREADS - Flipbook - Page 7
07
Primary reasons for using interim, contract and co-source staff
Other: 25%
Contract recruitment trends
The interim market for compliance and 昀椀nancial
crime professionals was relatively subdued
in 2023. A combination of tighter budgets and
more prudent hiring saw demand for contractors
and temporary resource staff drop as organisations
committed to streamlining costs.
Subsequently, there has been an in昀氀ux of
contractors into the market over the last 12 months
due to fewer opportunities being available after
existing long-term projects ended.
This trend was evident within the 昀椀ntech space,
for example. Investment in the sector jumped
sevenfold in 2021 to $37.3 billion (£29.8 billion).
Demand for contractors therefore rose signi昀椀cantly
as 昀椀ntech 昀椀rms hired interim staff to help guide
them through key authorisation processes to start
trading in the UK.
But according to KPMG, 昀椀ntech investment
plummeted 60% year on year in 2022, with a
further 57% drop in the 昀椀rst half of 2023. As funding
has dried up, we have seen a resulting decline in
demand for contractors in this area.
Overall, however, speci昀椀c projects are still the
primary driver behind the use of interim staff across
compliance and 昀椀nancial crime functions. The
most common projects where support is needed
are regulatory audits and regulatory change
preparation, as well as systems implementation
and remediation.
Leverage
subject matter
experience: 10%
2023
Speci昀椀c
projects: 50%
2022
Speci昀椀c
projects: 53%
2021
Speci昀椀c
projects: 46%
Absence
cover: 15%
Other: 25%
Leverage
subject matter
experience: 11%
Absence
cover: 11%
Other: 20%
Leverage
subject matter
experience: 10%
Absence
cover: 24%
