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Demand for RegTech skills soars following Royal Commission

The rise of “Regtech” and the need to respond to recent findings is driving high demand for fintech and compliance skills, following fallout from the Banking Royal Commission.

According to Talent’s 2019 Salary Guide, increasingly risk-conscious financial services institutions are actively seeking candidates with compliance experience.

“With the Royal Commission’s findings now published, all of the major financial players are having to react rapidly. The result is a huge demand for BA’s with regulatory reform and/or compliance experience,” Talent NSW General Manager, Matthew Munson said.

2019 will continue to see the rise of “RegTech” – technology that works to solve regulatory challenges, including monitoring, reporting and compliance obligations. It uses automation and machine learning tools to simplify processes and reduce cost, time and effort.

“Compliance is experiencing a sorely overdue transformation. The innovation of smart contracts (computer programs to enforce the negotiation or performance of a contract), blockchain, cloud computing and predictive analysis will all improve regulation for financial institutions. However these tools require professionals who until recently had had little exposure to these emerging technologies, which is creating a skills shortage,” Munson said.

Other sought-after skills highlighted in Talent’s annual report include data science, cyber security and UX/UI design, while software developers with Java, React and Angular skills remain in high demand.

In each major city, Australia is experiencing a candidate-short market in digital and tech, creating favourable conditions for job-seekers. However, increased salaries are not always enough to attract top talent, according to Talent Western Australia General Manager, Paul Mackin-Brown.

“In 2019, job seekers will have more opportunity to dictate their terms of employment. Employers need to review and adapt their plans for talent attraction and retention, including providing flexible work environments, experiential learning and ‘giving back’ initiatives.”

Market highlights:

  • In Queensland, state government investment in technology related projects is driving demand for skills in the business analysis, project management, architecture and development (specifically ReactJS, AngularJS, NodeJS and Go and R) verticals.
  • Victoria had the highest economic growth across Australia in 2018, resulting in a thriving year for the IT industry. There is strong demand from the University sector for IT contractors due to broadly adopted migration to new learning system products and improved student digital experience.
  • The West Australian market for technology professionals has moved from a job short market to a candidate short market. The state government and a number of large organisations are undergoing significant ‘digital transformation’ and ‘innovation’ programs, which is creating intense competition for high-quality candidates.
  • Growth in the start-up sector is improving prospects for job-seekers in Adelaide, with site of the old Royal Adelaide Hospital currently being transformed into Australia’s first creation and innovation neighbourhood.
  • The ACT continues to see high demand across most information and communication technology roles, driven largely by a stable federal government investing in digital transformation and technology projects.

For full salary data and market commentaries, please see the 2019 Talent Salary Guide.