Now is a good time to be in control. With firms placing an increasing focus on risk management, internal control professionals are still in steady demand, says Paul Ridley, division manager of the financial services group at Robert Half Japan.

Kevin Naylor, financial services division team manager at Wall Street Associates, says experienced, bilingual internal auditors continue to be in short supply in Japan, especially those with a strong grasp of the risk-based approach.

“As the market bottoms out, we will see many financial firms - both foreign and domestic - looking to strengthen their internal controls in anticipation of more aggressive regulatory inspections in 2010 or perhaps sooner,” says Naylor.

He adds that demand for good compliance candidates should remain close to that for internal auditors. “Some firms are already anticipating the bottom and looking to capitalize by setting up new businesses or expanding existing ones. Strong compliance people are always the backbone of such ventures."

Also in demand, as firms seek to identify cost drivers and reduce expenditure, are financial analysts, says Ridley. But he cautions that firms are becoming more selective.

“They are seeking professionals with relevant qualifications, such as a Japanese or US CPA, bilingual communication skills and stable career histories. Firms are more likely to wait for the perfect candidate as hiring approval processes become longer and more difficult,” says Ridley.

Naylor adds: “Across all control functions, we do not expect the required skill sets to be changed, but particularly in the short run, the bar will be raised. As it will be harder to get final approval from regional or head offices, candidates can expect greater scrutiny on language skills, professional qualifications, experience in Japan and cultural fit with the firm."