Demand for specialist legal and compliance professionals has surged in the banking, financial services and insurance (BFSI) sector in the past year with banks, non-banking financial companies (NBFCs), insurance and fintech companies beefing up their senior leadership teams, reports The Economic Times, citing data from executive search firm Native. The growth was driven by an increasing need for regulatory adherence and zero tolerance from boards. The data also showed a sixfold jump in managing director level movement in legal and compliance functions in the financial services sector in the past one year.

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. "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 search firm Vahura, said, "As financial institutions, including banks and NBFCs, continue to navigate complex regulatory frameworks, and with the dynamic advancements in fintech, the need for skilled senior compliance professionals becomes increasingly critical."