Compliance - Retail Banking

Role & responsibilities

About the Role

• The official is responsible for overseeing compliance risk management for Retail Lending and Payments.

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, 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 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

Preferred candidate profile

• Chartered Accountant, Company Secretary, MBA / Postgraduate with banking background with job experience of 6-12 years.