The official is responsible for managing and overseeing compliance risk management for Liabilities, Digital Banking, Product compliance advisory, Support & Control functions, AFI / RBS Compliance, Subsidiary Governance.
Key Responsibilities:
Regulatory adherence / monitoring implementation:
Assessment of applicable regulatory guidelines and identifying the actions emanating from these guidelines.
Ensuring that changes in applicable regulatory guidelines are promptly disseminated, along with actionable to the concerned business units / departments for implementation.
Driving timely implementation of regulatory changes across various business Advisory / Consultative Role: Driving an effective compliance management program through formulation of policies, review of relevant MIS and timely escalation of issues. Advising business units on processes / controls from compliance standpoint to ensure adherence to the regulatory guidelines.
Engaging with regulatory authorities to facilitate discussions and/or seek specific guidance on critical matters.
Reviewing new products / change in product features, as a part of PMC/CMC, to be in alignment with the regulatory guidelines
Review of policies / internal guidelines from compliance perspective, before being disseminated to the units for implementation. Assisting with regulatory enquiries / examinations
Monitoring / Assessment:
Consistently monitoring the effectiveness of processes / controls through Key Compliance Indicators (KCIs), compliance testing. Identifying non-compliance / breaches through various sources like RBI RAR, Internal Audit, Operational Risk Reports, etc., advising business in carrying out root cause analysis and on remedial action plan.
Conducting annual compliance risk assessment and identify critical units / focus areas for mitigation of compliance risk. Regular meetings with the business / operation / support function unit heads to discuss compliance matters / open issues.
Assisting in development and administration of compliance training to business units.
Reporting to Board / ACB / Governance forums:
Reporting and Updating the Board / Audit Committee of the Board on important regulations and non-compliances / breaches observed in various areas.
Participating in governance forums to advise business from compliance standpoint.
Qualifications:
ICWA / Engineer (ITSC) / Chartered Accountant, MBA / Postgraduate with banking background with job experience of 12-15 years