While recent banking news is nothing like the financial crisis of 2008, what has happened with Credit Suisse, Silicon Valley Bank, and Signature Bank, has once again highlighted the importance of experienced Regulatory talent within companies.
But what exactly could this mean for the Regulatory and Legal professionals working in the Financial Services industry? Ian Yeung, Head of Larson Maddox Hong Kong - APAC, has three key takeaways for leaders looking to attract, retain and better manage their talent:
1. Succession planning
“Bloomberg highlighted that SVB had no Chief Risk Officer from between the months of April and December 2022. People hand in resignations all the time, everywhere, but if one crucial learning is to come off the eight-month-gap left by Laura Izurieta, it is the importance of succession.
“Securing a replacement is the obvious reactive action to an unanticipated resignation, however the team at Larson Maddox want to emphasize that the preparation of a strong succession plan is the proactive solution.
“It is certainly not beyond the realms of possibility that future corporate governance will insist in a workable and viable succession plan being in place for board-level business-critical roles. For leaders, this may be a good time to consider what successions looks like in your organization – if the company’s Head of General Counsel submitted their resignation tomorrow, do you have a suitable internal successor? If no obvious choice comes into mind, how can your company remedy this?”
2. Flexible working considerations
“The world of working has fundamentally changed with the rise of flexible and hybrid working patterns. And while the demand for Regulatory Financial Services professionals continues to grow worldwide, strategies to facilitate flexible and remote working has become essential in attracting and retaining top-tier talent.
“However, many leaders have a desire for employees to come to an office environment. Certain functions are not as effective remotely as in-person. For example, certain collaboration tools limit the creativity and genuineness that in-person collaboration can bring. Resources can also be less accessible when working from home, such as knowledge and equipment.
“Why does this matter? If flexible working impacts an employee’s ability to perform or communicate as well, it may cause issues long-term. Leaders must carefully balance an employer’s desire for more flexibility with business needs – stability is absolutely vital right now.
“An important consideration with flexible working as well is the ability to mentor and train new workers or graduates —and it is next to impossible to perform some financial services roles remotely.”
3. Retaining talent
“Competition for top Regulatory & Legal talent will now naturally rise as the recent events in banking have underlined the importance of having strong legal partners and in-house regulatory experts.
“Consider how you retain your Regulatory professionals – do you have a strong company culture, are you confident in your retention strategies, and is your organization paying well? Larson Maddox offers key salary guidance covering Hong Kong Legal & Compliance positions across the hedge fund, private equity and buyside spaces in Financial Services, so you can benchmark your firm best.”
In summary, one thing is for certain, according to Ian:
“Presented in 1686, Sir Isaac Newton’s third Law of Motion, ‘That for every action (force) in nature there is an equal and opposite reaction…’ has stood the test of time. In the immediate and long term, the Financial Services industry will need to react to the consequences. The role of Regulatory and Legal experts will become increasingly vital to ensure a compliant system underpins the sector.
“Simply put, banking cannot exist without universal trust in the regulatory framework that protects depositors.”
Whether you're a professional looking to capitalize on recent events or a client looking for more talent insights, we'd love to start a discussion.
Continue the conversation with the team at Larson Maddox below:
 | Ian YeungHead of Larson Maddox Hong Kong, APAC.Ian Yeung is a seasoned talent partner leader with over 6 years of experience in sourcing senior Regulatory, Legal, and Compliance candidates across the financial sector in APAC. As the brand head of Larson Maddox, a leading specialized search group, Ian has helped organizations across the region bring in business-critical talent to drive growth and success. Ian's expertise lies in his ability to understand unique business needs and match them with the right talent. He has a deep understanding of the Legal and Compliance landscape in APAC and has built a strong network of candidates with the necessary skills and experience to excel in these roles. Under Ian's leadership, Larson Maddox has become a trusted partner for organizations in the financial sector, who rely on his team's expertise to help them find and attract top talent. His commitment to building long-term relationships with clients and candidates alike has earned him a reputation for delivering exceptional results. Ian is passionate about the talent industry and is constantly seeking new ways to innovate and improve Larson Maddox's service and capabilities. |
Salary guidance for Regulatory & Legal roles across Financial Sciences & Services industry
