The pandemic changed how Risk & Compliance professionals think about their careers. Today’s candidates aren’t just chasing the biggest brand, the flashiest title, or even the highest salaries. They’re looking for something real: a culture where they can make a difference, have their voice heard, and build something meaningful.

And that’s exactly where smaller, challenger firms have the edge.

Big Brands Don’t Always Mean Big Fulfilment

At psd, we’ve seen this shift firsthand across dozens of Risk & Compliance hires this year. Many experienced Risk & Compliance professionals have already spent years in large, traditional banks or financial institutions. They’ve built strong technical skills, but often tell us they’ve hit a ceiling – too many layers of sign-off, narrow remits, and a feeling that their impact gets lost in the hierarchy.

Smaller, regional, and challenger firms can offer what the big names can’t:

• Exposure to senior leadership – active involvement with the CRO or CEO (who actually knows your name)
• Broader roles – stretching across conduct, operational, prudential, and financial crime risk
• Visible impact – seeing the frameworks you’ve built and the culture you’ve influenced take shape

As one Compliance Leader recently told us after we helped them join a growing Insurance business from a global firm: “I’ve gone from a brand everyone recognises to a business that recognises me. I wasn’t particularly unhappy in my previous company, but now feel so much more invested and enthused.”

Culture Is the Deciding Factor

When candidates tell us why they accepted an offer with a smaller organisation, it’s rarely about salary. It’s about culture: the tone, the collaboration, the sense of purpose.

They talk about:

• A more personal, supportive environment
• Feeling valued as a partner
• The ability to challenge constructively, without politics or bureaucracy

For many, that cultural warmth and accessibility is exactly what’s missing in bigger institutions.

You Might Be the Perfect Fit – Even If They’ve Never Heard of You

Let’s be honest, for challenger Financial Services companies, many candidates outside your immediate network may have little or no knowledge of your organisation.
But that’s not a barrier. In fact, it’s often a benefit.

It gives you a blank canvas to tell your story:

• What makes your business different?
• How do you view Risk and Compliance?
• Why does your leadership team genuinely care about doing the right thing?

Be ready to answer:

• What does your culture look and feel like day-to-day?
• How does the business view compliance – as a blocker or a business enabler?
• What opportunities exist to influence and grow beyond the job title?

A compelling, authentic story goes much further than a household name.

Hiring Managers: Bring Your Culture to Life

The interview is your shop window. Candidates are deciding if your environment feels right.

A few small changes make a big impact:

• Show personality – let candidates see what it’s like to work with you
• Be transparent – share your challenges as well as your successes; honesty builds trust
• Give access – involve senior leaders in the process external to Risk & Compliance; it demonstrates openness and confidence in your culture
• Move quickly – smaller firms can win top talent simply by being decisive and human

Legacy Over Logo

The most powerful motivator for today’s Risk & Compliance professional is the chance to leave a legacy. In a challenger environment, people can shape something – whether that’s building a new framework, embedding a compliance culture, or influencing how the business grows responsibly.

One of our clients is the Chief Risk Officer at a new, challenger bank and told us that despite holding senior roles in significant banks, nothing compared to the satisfaction of taking the business through FCA authorisation and building the Risk & Compliance function from scratch.

That sense of ownership is powerful.
It’s why so many experienced professionals are stepping away from more established Banks & Financial Services institutions, and finding renewed energy in challenger firms across the UK.

Looking Ahead

As we move forward, culture will continue to be the competitive edge in Risk & Compliance recruitment. The firms that can clearly articulate who they are, how they operate, and what it feels like to work there will consistently attract and retain the best people.

So, if you’re hiring into a smaller Financial Services business, don’t compete on brand name or budget.

Compete on what truly matters: meaning, autonomy, and the opportunity to build something special – because that’s what the market’s really listening to!

If you’d like to discuss any of the themes in this article or would like any advice attracting candidates within Risk & Compliance, let’s talk.