Senior Associate

Job Description

Responsibilities for the job Support Lead in providing business advisory in order to ensure clear understanding. Disseminating regulations to business and support function and provide ongoing advisory services. Support in overseeing the critical Compliance policies and systems that impact the NBFC and ensure that the Groups exposure to Regulatory Compliance is managed in a commercially sensitive, practical and cost-effective manner. Good understanding of regulatory agency examining NBFCs, in the field of regulatory compliance providing advice and/or guidance on NBFC regulations. Act as advisory to training team wrt to compliance policies and processes to be followed. Act as advisor to all other departments including all other assurance function. Escalate appropriate concerns to Business compliance and management. Handling RBI reporting. Drafting and review of regulatory policies. Preparing and review of SOPs of various department Organising and conducting Compliance trainings. Analysing penalties imposed by RBI and corresponding lacunas in the system Supporting Lead in Inspections conducted by Regulators Supporting Lead in end to end implementation of RBI Circulars Assisting in preparing responses for various Inspection reports, taking corrective measures and monitoring the same. Other Key Responsibilities: Participate in departmental projects and initiatives, take initiatives for improving compliance culture Eligibility Criteria for the Job Education CS with specific experience of RBI related compliances. Should have ability to read, understand and explain financial statements and its disclosures Work Experience 8-10 years Technical Skills Good knowledge of the industrys standards and regulations. Good knowledge of working on excel and making presentations. Management Skills Problem-Solving, Seeing the big picture, Management Presentation. Soft Skills String Communication Skills and Inter personal Skills Compliance Skill Set: Compliance officers play a crucial role in ensuring that we follow regulations and laws, especially in the fight against money laundering and financial crimes. The compliance function is vital for any organization to maintain a good reputation and protect themselves from legal and financial consequences. With the constantly changing regulatory landscape, it's crucial that we have compliance officers who are up-to-date and have the necessary skills to navigate the challenges of the role. As more and more companies are impacted by financial crimes, it's becoming increasingly important for compliance officers to have the right combination of knowledge, experience, and skills. We need individuals who are able to keep up with the latest developments in the industry, assess risks, and make informed decisions. We also need individuals who can communicate effectively and work collaboratively with other departments to ensure that our compliance policies are properly implemented and followed. Furthermore, the role of compliance officers is becoming increasingly complex as technology continues to evolve. With the rise of digital currencies, mobile banking, and other financial technologies, we need individuals who can understand and utilize these technologies in the fight against financial crimes. Compliance officers must have a good understanding of IT systems and be able to implement and use AML software etc to monitor and detect suspicious activities, process gaps etc. Key Skills in Compliance: Integrity: Integrity is an essential characteristic of any profession. Trusting the employee is very important for companies, especially in sectors with risks such as financial technologies and severe losses. Compliance officers should be transparent with their colleagues, and there should be an atmosphere of trust within the team. It is necessary to make the tasks aware of each other to minimize the margin of error. Attention to Detail: Regulation technologies are updated and renewed frequently. Therefore, it requires people in this industry to keep themselves updated. As regulatory requirements change rapidly, compliance officers must pay attention to and understand them in Detail. Requirements may differ between regions. Compliance officers must follow these details using technology for a healthier compliance mechanism. Compliance officers also must have an eye for details in the various business processes of the Company so that he/she is confident that there is no violation of compliance anywhere. Industry Knowledge: Industry knowledge is essential for employees in all positions. Compliance officers should also follow and know the sector very well. Professionals should be aware of the latest financial crime and money laundering developments, except to follow relevant legal requirements. As it is known, with the development of technology, criminals find and apply new methods every day. Compliance officers should keep track of whether criminals are developing new tactics. Risk Assessment: Risk assessment is vital to compliance. As is known, dealing with financial crimes is quite risky. Employees in this sector strive to minimize this risk. Compliance officers need to consider all factors that contribute to risk scoring. Considering that these risk scores lead to broader business decisions, their implications are understandable. Problem-Solving: One of the routine works of compliance officers is to face problems. Problem-solving ability is essential for compliance officers as well as in many other business lines. The reason for this is the risky nature of the sector. Where there is a risk, decision-makers need to solve the problem with the right method. Practical problem solving is possible with creative and analytical Thinking. Compliance officers face issues such as uncertain regulatory policies and cost issues. For this reason, to create a specific policy, it should be able to identify the risk and solve the problem with a structured and straightforward method. Ability to Interpret: Compliance officers decide whether the person will be guilty as a result of the alarms generated. The only thing you have when making this decision is data. For this reason, the ability to interpret data is essential. The data are not entirely black and white, and there are greys. For this reason, compliance officers need to look at the data they have and understand whether the transaction is a crime. They must draw logical conclusions and decide from the greys in the operations. Seeing the Big Picture: Seeing the big picture may not be a talent, but compliance officers should have this feature. Seeing the big picture is vital for the following reasons. There is a continually changing and renewed system in the sector. Regulators and criminals are improving and scrambling to anticipate the other side's next move. Compliance officers should understand this system and be able to establish their system. Understand what the organizers are trying to achieve and how they can implement it in their approach. Communication: As in every position in business life, compliance officers should also have strong communication. Written and verbal communication skills are critical. This is because the compliance officer must collaborate with everyone within the company, from frontline personnel to the CEO and the board of directors. Compliance officers may need to share relevant and comprehensive information with all company staff at appropriate times. Critical Thinking: Critical Thinking is essential for a compliance officer to do their job right. Critical and Analytical Thinking is essential for analyzing data and making strategic actions. Critical Thinking is among the most crucial adaptation skills in the report prepared by KPMG. The report states the basic principles required for Critical Thinking as follows; open-mindedness, situation analysis, providing context, brainstorming, and conclusion. Being critical of problems to overcome them is a savior for compliance officers. Knowledge About Vulnerability: Administrators must have Knowledge of security policies. In this way, the security vulnerabilities that arise and detect in the system can be prevented without any problems. Compliance officers must have a clear understanding of ISO standards, response regulations, control and abuse policies, monitoring and evaluation techniques, and safety standards such as performance reporting.