2) What's the prospect like in the risk and compliance area? What's the outlook like for areas like MAS regulations and sanctions on a 5-10 years horizon? How can I enter the area of sanctions? What are some of the jobs that have fast and predictable career progressions? Which are the areas that Singaporeans have a opportunity to rise to senior management positions?
Instead of focusing on risk and compliance, understand why you want to be in it (because if it is solely for the money, you will be sorely disappointed because the job can be very dry, and sometimes not very ethical)
Compliance, in itself, is very complicated.
But as explained previously, can
loosely be classified under 3 arms.
Anti money laundering, to break down further, can be further classified into the following areas
1) Sanctions (further broken down into filtering and advisory)
2) Fraud
3) Investigations
4) Know your client (which is further broken down into client onboarding, and periodic reviews)
5) Anti corruption and anti bribery
Regulations can be further broken down to understanding
- Securities and Futures Act (SFA)
- Financial Advisors Act (FAA)
- Banking Act
- Insurance Act
- Any other new acts by MAS
Do note: it is quite impossible to master every single act, due to the amount of data. Most people only are competent in 1 or 2, but even then they don't really "master" it
To enter sanctions, it is often easiest to start your career doing post transaction surveillance (easiest to get in), then slowly progress from there.
Risk can loosely be classified under 3 types
1) Operational Risk (1st line and 2nd line of defence)
2) Credit Risk
3) Market Risk
Do note that it is easiest to get an operational risk job because most banks require more of them.
In smaller companies, it is common to do both operational risk and AML
As for jobs with predictable career paths, cannot comment, because what you are asking is for 3 to 4 years down the road.
5 years ago for example, not many people really worked in compliance or risk, and 5 years later, there might be more compliance and risk jobs than people (the way i see it), and thus pushing salaries down. (because banks are actively churning compliance people out fast and furious, some of the european banks for example, have training academies solely devoted to teaching both fresh grads and experienced staff compliance concepts)
In any front or middle office function, singaporeans will have the opportunity to rise to senior management. Not saying that back office is impossible, just more difficult.
