Compliance recruitment specialists Holmes Search have just released results of a survey which gauged the appetite for hiring front office staff into compliance roles.
Both small, mid sized firms and large investment banks took part in the survey on an anonymous basis.
Whilst the overall picture was mixed (50% of those surveyed answered that they would employ former front office staff into Compliance roles), global investment banks were markedly more positive in their response (80% replied positively).
The Holmes Search survey also asked respondents why firms were now interested in former front office professionals for Compliance roles, and it appears that product knowledge and operational process knowledge are areas where front office staff can make a significant contribution - especially in Advisory (Compliance who sit with the front office advising on transactions) and Surveillance (real time or T+1 analysis of trades).
Credibility vs Conflict
Some Heads of Compliance raised concerns about hiring a front office person internally, pointing to potential conflicts in advising former team members, but generally firms are happy to receive applications from employees of other banks.
Other Heads of Compliance believe that hiring the right type of front office professional would give Compliance greater credibility with the business.
The survey was conducted by ex-Sales/Trader Matthew Starbuck, who has recently moved from the front office to join Holmes Search as a consultant and believes there remains a lack of knowledge in the front office of career options away from sales and trading.