Hong Kong banks compliance officers get big pay hikes

That’s due to a shortage of risk and compliance officers.

Salaries for banks’ risk and compliance officers in Hong Kong rose at about twice the pace of pay for similar positions at New York and London firms, said US human resource consulting firm Robert Half International Inc. Pay for risk and compliance officers rose more than for other finance jobs in 2013.

Robert Half said pay excluding bonuses for risk and compliance officers who changed jobs in Hong Kong and Singapore rose as much as 20% this year compared to 10% in the Western hubs.

A senior official in Hong Kong is now paid US$232,000 annually compared to Singapore’s US$201,000; London’s US$282,000 and New York’s US$323,595.

Robert Half said the faster wage gains in Hong Kong and Singapore reflect the smaller pool of experienced professionals available in the Asian cities. It also emphasizes the rise in demand for these skills as policy makers globally tighten regulations on banks’ capital buffers and crack down on offenses such as money laundering and rigging interest rates.

The firm said that in each financial-services hub globally, there’s absolutely a demand for risk and compliance candidates. Aggregate pay for the banking industry may climb this year, partly because more compliance and legal staff are being hired.