Head - Compliance

Head of Compliance

Location: Bangalore, India

Industry: Fintech / Non-Banking Financial Company (NBFC)

About NIRA

NIRA is an exciting fintech startup which, starting with credit, is building financial services for Indias mass market.

Today, if you were to think of the largest financial brands in India, youd think of the banks: HDFC, ICICI, Kotak etc.

They all serve the richest cohort of Indias society.

Over the last few years some newer brands have emerged that target upwardly mobile millennials; think Slice, Moneyview, Uni Cards etc.

The mass market, or Middle India, remains a white space.

This is the gap that NIRA is looking to fill.

Launched in 2018, NIRA has found a very strong product market fit, and has established itself as the category leader for the mass market segment.

Since the passing of Covid, the company grew quickly and achieved profitability in 2023.

Last year brought some challenging headwinds, but we weathered those well and are well placed for our next phase of growth.

This is a huge market, we need to go after it.

Beyond personal loans, well introduce both new credit and non-credit products.

NIRA will become the holistic provider of financial services for Middle India.

Role Overview:

As our Head of Compliance, you will be responsible for ensuring NIRAs compliance with all applicable regulatory requirements, including those set forth by the Reserve Bank of India (RBI).

You will play a crucial role in the ongoing development, implementation, and management of NIRAs compliance framework, helping the company navigate regulatory challenges in a rapidly evolving fintech landscape.

This role requires someone with a deep understanding of RBI regulations, experience in an NBFC, and a hands-on approach to solving compliance-related challenges in a startup environment.

Key Responsibilities:

- Lead the development and implementation of the compliance program across the organization, ensuring adherence to RBI regulations and other relevant laws.

- Monitor and analyze regulatory changes and provide strategic advice to senior leadership regarding the implications for NIRAs operations.

- Conduct regular compliance audits, risk assessments, and internal reviews to identify and mitigate potential regulatory risks.

- Act as the primary liaison with regulatory bodies, including the RBI, and manage external compliance audits.

- NBFC and partner coordination: act as our point of contact for our lendingpartner NBFCs; answering duediligence questionnaires, sharing MI reports and coordinating joint audits.

- Design and implement compliance training programs for staff, ensuring all team members are informed about relevant regulations and NIRAs compliance obligations.

- Work closely with other departments (legal, operations, finance) to ensure alignment on compliance and regulatory matters.

- Develop and maintain documentation related to compliance policies, procedures, and controls.

- Provide hands-on leadership and oversight of compliance-related activities, including developing reports and conducting investigations into potential compliance breaches.

Required Skills & Qualifications:

- Experience: Minimum of 8 years of experience in compliance, with at least 3 years in the financial services industry.

- RBI Expertise: In-depth knowledge and practical experience with RBI regulations, particularly in the context of digital lending and NBFC operations.

- NBFC Experience: Prior experience working in an NBFC is highly preferred.

- Leadership: ability to take ownership of and strengthen the compliance culture within the organization.

- Startup Experience: Experience working in a fast-paced startup environment is advantageous.

- Hands-On Approach: Must be willing and able to roll up sleeves and tackle compliance challenges at all levels of the organization.

- Skills: Strong communication, problem-solving, and organizational skills.

- Ability to navigate complex regulatory environments while balancing business needs