Growing GRC Field Sparks New Opportunities in Finance Industry

Four call center operators in front of computers
You’ll be hearing a lot more about GRC ― Governance, Risk Management and Compliance ― in coming months. In essence, GRC refers to the programs and processes that banks and other financial institutions have proactively put in place to guard against fraud and ensure they are in compliance with government regulations.

Let’s break it down:

  • Governance refers to the establishment, implementation and monitoring of policies by leadership within an organization (including effective oversight and reporting)
  • Risk management refers to the identification, analyzation, prioritization and response to risks that could negatively impact an organization 
  • Compliance refers to an organization’s ability to conform to laws, regulations, contracts and policies

Why is GRC such a hot topic right now?

Following the financial crisis, banking industry regulation increased and Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. This introduced more than 400 new rules, with more than 20,000 pages of regulatory text and guidance, which banks are required to follow. The government and other regulatory bodies routinely check for compliance, and if banks do not follow these regulations, they could face big fines.

Demand drives need for more staff

The rapid growth in GRC means that financial institutions are actively looking for talented employees to fill new positions. If you’re job hunting, it could be a great new career you can pursue without going back to school or undertaking costly retraining.

GRC is driving increased hiring for a vast number of reasons. To cut down on financial loss from fraudulent credit card charges, banks switched to “chip” cards that are harder to hack. The distribution and reactivation of hundreds of thousands of new credit cards has led to increased staffing. Banks also need to constantly monitor accounts for suspicious activity, such as money laundering, terrorism funding or other illegal and reputation damaging activity. When they find questionable accounts or transactions, they look to hire project teams to investigate and perform corrective actions.

In addition, the “Know Before You Owe” regulation (also known as TRID) now requires banks to show customers how much a loan will cost earlier in the borrowing process. This increases the workload for processing loans, which drives the need for mortgage and data entry specialists.

The Department of Labor also recently passed legislation that enacted new rules for retirement accounts. As a result, brokerage firms must ensure they are in compliance and will need people to help review their current accounts.

New opportunities in GRC

  • Compliance quality assurance officer
    Organizations are looking to hire employees with mortgage processing experience, which could transition to a position in compliance quality assurance officer at a bank or other financial institution. In this role, employees assist with monitoring and assessing the company’s adherence to laws and regulations, and stay informed about any new regulatory requirements that are instituted. They also might be given responsibility for reviewing existing loans, providing an extra layer of scrutiny to help the organization ensure complete compliance.
  • Financial crimes call center specialist
    Job seekers who have experience as customer service representatives or a back office associates could explore opportunities in the growing area of financial crimes tracking. Financial crimes cost large sums of money every year, and it comes out of the pockets of financial institutions if they’re not able to catch it in time. Employees who can help identify fraud via inbound and outbound communications can help their employers be proactive, avoid theft and reap huge savings in fines and fees.
  • Credit card customer service
    As mentioned above, chipped credit cards are helping organizations protect their cardholders from theft and reduce risk, which has increased the hiring of employees to send out new cards and in call centers to handle questions, track the distribution of the new cards and follow up to ensure they’re activated.

Because GRC jobs are so crucial to the bottom line, savvy workers who take advantage of this opportunity to grow their skills and launch a new career should find that the financial institutions they join welcome them with open arms. Want to know more? Aerotek specializes in GRC jobs across many organizations and industries. 

Article by Maria Jones, Aerotek Strategic Account Executive  

Want to know more? If you’re a business looking to recruit GRC employees, contact Maria directly. If you’re looking for a job, visit our job board.