Senior Compliance Manager
1 week ago
The PhonePe Ethics and Compliance team plays a critical role in the successful execution of the firm's ethical and compliance mission.
The Financial Services Compliance function at PhonePe, ensures the development and maintenance of a strong compliance culture within the company by developing and maintaining program infrastructure that identifies, measures and monitors compliance with applicable laws, regulations and rules that govern our business globally.
Compliance teams work closely with business, legal, risk, and audit functions to provide expertise on regulatory compliance matters, assess and measure compliance and related risks, and monitor and test the adequacy of the firm's compliance environment.
We are looking for an experienced Compliance Senior Manager who is well-versed in the current legal / regulatory frameworks applicable for Banks, Non Bank Financial Sectors, Insurance sector and corporate governance best practices in order to support all aspects of PhonePe's regulatory compliance practices including program management for various regulatory implementations, risk assessment, licensing, training and building and implementing policies and procedures across the entire PhonePe ecosystem.
The ideal candidate should be self-motivated and should be able to think creatively about leveraging technology to improve business processes and related compliance programs.
The role will report into the Director, Compliance at PhonePe and will interface with stakeholders from legal ,risk teams, product teams, business teams and mid-level management to build compliance policies and implement procedures.
As such, the role demands that you are a professional of high ethical standards with prior regulatory compliance experience and are able to work diligently to complete your duties either independently or otherwise, keeping in mind the objectives of PhonePe.
You must be comfortable communicating with various stakeholders to deliver compliance objectives and be result-oriented to ensure that your requirements are delivered on time.
The mission would be to ideate and implement industry defining compliance standards and practices at PhonePe.Roles & Responsibilities:
Regulatory
Implementations Charter:
Read through all relevant regulatory guidelines applicable for the product in review and based on that understanding formulate a project plan that would ensure compliance to all Non-IT regulations as stated in the regulatory guidelines.
Once the regulatory framework for the product is defined, work closely with various stakeholders from Legal, Business and Product to ensure these regulatory requirements are discussed in detail with them as and when they are released by the authorities.
ETAs and Timelines to implementation is to be discussed and finalized with all relevant stakeholders.Share regular and timely updates with all relevant stakeholders with regards to the progress on the ongoing regulatory implementations.
Collect and Store relevant evidence, received from stakeholders from the various implementations done, for future Audit requirements.
Responsible for formulating and providing compliance certifications on all regulatory implementations carried out on a periodic basis with various stakeholders.
Keep abreast of all regulatory developments within or outside of the company as well as evolving best practices in compliance controls and leverage the same to implement better and current compliance standards.
Policies and Procedure Governance:
Ensure review of all Non-IT related policies and procedures on a periodic basis or whenever there is change in process and place it for Management approvals to board on a timely fashion.
Work with Business Legal and Product stakeholders to build product (or) company specific Policies and Procedures whenever there is a new product being introduced to our platform.
ETAs and Timelines to implementation of policies and procedures are to be discussed and finalized with all relevant stakeholders.Share regular and timely updates with all relevant stakeholders with regards to the progress on the formulation of the policies and procedures.
Collect and Store relevant evidence such as approval on policies received from stakeholders, Board Approvals, etc., received from stakeholders from the various policies implemented, for future Audit requirements.
They would work closely with the Senior Manager to implement controls at regular intervals to ensure that compliance procedures are regularly followed.
They would regularly help evaluate the efficiency of compliance implemented processes and controls and work to improve them continuously.They would be responsible for documenting and operationalising compliance related processes to ensure adherence to regulatory guidelines or internal policy.
Regulatory and Compliance AuditsAct as Nodal Officer for the organization ,manage communications with Regulator as and when requiredEnsure that Non IT regulatory requirements are tracked and continuously monitored.
Plan audit calendars and schedule the same for all Non IT Audits such as Statutory Audits, Regulatory Audits, Nodal/Escrow Audits and other External Audits.
Plan and Oversee delivery of all Non IT audits, including managing discussions with auditors and regulators.Be an active participant in all the Non IT audits and act as POC for all escalations for any audit related activities.
Liaise with internal stakeholders to explain the audit requirements and observations in a timely fashion.Support management to compile, maintain and close-out audit finding responses, implementation of controls as per audit recommendations, etc. and ensure all Non IT audit observations.
Periodic Risk Assessments:
Spearhead the Risk Assessments charter for PhonePe.
Work closely with relevant stakeholders from PhonePe and Walmart to define the inherent risks pertaining to the products under the Risk Assessment purview.
Formulate questions and observations on the current state of controls implemented that mitigate the known inherent risks associated with the products under review.
Collect and review responses received from various stakeholders and understand the current level of risk exposure.Work with compliance analysts to procure current data on the operations of the product under review.
Formulate the report on the current state of risk exposure and mitigation available on the product and also outline your recommendations to strengthen the current controls, if any.
Circulate and obtain approval for the risk assessment report in a timely manner with all relevant stakeholders.Team Building and Management ReportingThey should also have relevant team building and managing experience. Preferably managed a team of 5+ members for a period of over 5+ years.
Should have previously helped in building and managing high performing team members and be able to build growth charters for each of their team members.
Prepare and maintain reports and KPIs for the Compliance team to ensure processes are healthy and functional.They would also be responsible for helping evaluate and hiring the right talent for the right roles.
Would work closely with the Senior Manager to build the team's inherent skills and capabilities by facilitating learning and skill up programmes for the team.
Basic and Advanced Qualifications:
Any Post Graduate in Finance and Risk Management / MBA / CA / CS with at least 6+ years of experience in the Financial Service Compliance space and a proven track record as a team lead or manager.
In-depth knowledge on the compliance environment of the banking / payment / insurance and fintechs industry along with Indian regulations and current market practices.
A subject matter expert with comprehensive knowledge on the Indian Financial Services Industry and its guiding regulations, fraud control environment, risk categorization methodologies and is able to create, monitor and evaluate policies and procedures.
Excellent knowledge of reporting procedures and record keeping guidelines.Ability to communicate clearly and precisely to the point.
Demonstrate the ability to plan and execute projects single handedly.
Has an analytical mind able to "see" the complexities of procedures and regulations.
Is a problem solver and always ready to take ownership of deliverables assigned.
Has high ethical standards and is able to work diligently to complete your duties.
Certified compliance professional is a plus.
Must have advanced excel skills and be able to demonstrate the same.
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