Chief Compliance Officer
The incumbent is responsible for formulating and implementing Company’s compliance framework and policy as per the applicable regulatory guidelines and statues. The incumbent would be responsible for engaging and building long term relationships amongst stakeholders such as the RBI, SEBI, other domestic regulators, government authorities, and international regulators, as applicable
Primary Job Duties/Responsibilities
The key job duties/responsibilities are enumerated below:
Experience
The key job duties/responsibilities are enumerated below:
- Establish a Board-approved compliance policy, a strong compliance system, and a strong compliance risk management programme at Company in accordance with changing laws and regulations and directives from government agencies like the RBI, SEBI, IRDAI, and international regulators as necessary
- Build a strong risk and compliance-oriented culture in the organization by way of developing organizational processes and capabilities with the right governance, policy framework and technology enablement
- Oversee and manage the execution of compliance activities, including regulatory approvals to operationalize Company as a fully operational DFI
- To apprise the Board and senior management on regulations, rules and standards and any further developments
- To conduct assessment of the compliance risk (at least once a year) and to develop a risk-oriented activity plan for compliance assessment. The activity plan should be submitted to the Audit Committee for approval and be made available to the internal audit
- To report promptly to the Board / Audit Committee / MD about any major changes / observations relating to the compliance risk
- To periodically report on compliance failures/breaches to the Board/Audit Committee
- To monitor and periodically test compliance by performing sufficient and representative compliance testing. The results of the compliance testing should be placed to Board/Audit Committee/MD
- To examine sustenance of compliance as an integral part of compliance testing and annual compliance assessment exercise
- To coordinate the regulatory/supervisory inspections of RBI and other regulators and ensuring compliance with supervisory observations made by them in a time bound and sustainable manner
- Ensure the core banking activities such as lending and resource raising are compliant with the defined statues and regulations
- Manage closure of all aspects arising from regulatory inspections and internal compliance reviews
- Provide proactive resolution of potential escalations of compliance matters that could result in violations of laws/rules
- Engage in continuous assessment of the adequacy of compliance policies, procedures and guidelines and formulating proposals for any amendments
- Ensure up-to-date documentation of manuals and process notes governing business activities to comply with applicable laws, rules, and regulations
- Define a framework and working model for identifying and resolving incidences of violations of Company’s internal policies as per applicable laws and provisions
- Define, implement, and strengthen the bank’s Know Your Customer (KYC) and Anti Money Laundering (AML) framework in line with regulations and statues
- To work closely with the human resources function in conducting training programs in the domain of AML/ Combating the Financing of Terrorism (CFT) and regulatory developments affecting Company
- To design and implement the code of conduct and ethics at Company
- To ensure that the regulatory returns are filed on time and meet regulatory requirements
- Post-graduate with a degree from a leading institution in economics, commerce, finance or business administration or a professional certificate like CA/CS/CFA would be preferred
Experience
- Minimum 15 years of experience in the banking or financial services, out of which minimum 5 years shall be in the Audit / Finance / Compliance / Legal / Risk Management functions ( 3 out of 5 years should be immediate preceding )
- Good understanding of industry and risk management, knowledge of regulations, legal framework, and sensitivity to supervisors’ expectations
- Ability to independently exercise judgement
- No vigilance case or adverse observation from RBI, other regulators shall be pending against the candidate identified for appointment as the CCO
- Hands on experience in operationalizing/interpreting RBI regulations pertaining to credit will be preferred
- Knowledge of SEBI/RBI regulations relating to bond markets would be preferred.