BFSI sector sees surge in demand for legal, compliance professionals
There was a sixfold jump in managing director level movement in legal and compliance functions in the financial services sector in the past one year, according to data from executive search firm Native.
Companies sought to bolster their in-house legal teams with chief legal officers, chiefs of compliance and general counsels amid a push from stricter regulatory guidelines, constantly evolving governance structure and accelerated digitisation of the legal system, according to industry experts.
A push from boards, audit committee members and investors to promote fair practices also fuelled the demand to strengthen the top legal deck with experts who can understand regulations of the Reserve Bank of India, Securities and Exchange Board of India, and Insurance and Regulatory Development Authority.
Aditya Birla Finance, Hero Fincorp, Kotak General Insurance, Standard Chartered Bank, Nomura, Jio Financial Services, UBS Securities, IndusInd Bank, among others, made key appointments in legal and compliance roles, according to data from Native.
“Companies are witnessing a considerable turnover within legal and compliance functions due to the constantly changing regulatory environment and evolving governance structures,” said Vinal Vikamshi, director, BFSI Corporate Functions, Native.
“This has rendered the roles more complex, critical and in high demand. Employers today seek strong leaders who can not only ensure compliance with regulatory requirements but strategise on the legal aspects of the company and bring good understanding of technology to facilitate business growth," she said.
Shweta Sheth, head of compliance–corporate practice group at executive
