Compliance - Retail Banking

4 weeks ago

Navi Mumbai Mumbai City Mumbai, India Skillventory Full time
Job Description

We are seeking a Compliance - Retail Banking official to oversee compliance risk management for Retail Lending and Payments. You will be responsible for assessing and disseminating regulatory guidelines, driving timely implementation of changes, and advising business units on compliance matters. This role requires a professional with a banking background, preferably a Chartered Accountant, Company Secretary, or MBA, who can effectively monitor compliance, identify breaches, and report to senior governance forums.

Roles & Responsibilities:

- Regulatory Adherence & Monitoring: Assess applicable regulatory guidelines and identify actionable steps. Promptly disseminate changes in regulatory guidelines and drive their timely implementation across various business units.
- Advisory & Consultative Role: Drive an effective compliance management program through policy formulation, review of relevant MIS, and timely escalation of issues. Advise business units on processes and controls from a compliance standpoint. Engage with regulatory authorities for discussions and guidance. Review new products and changes in product features to ensure alignment with regulatory guidelines. Review policies and internal guidelines from a compliance perspective. Assist with regulatory inquiries and examinations.
- Monitoring & Assessment: Consistently monitor the effectiveness of processes and controls through Key Compliance Indicators (KCIs) and compliance testing. Identify non-compliance or breaches through various sources (e.g., RBI RAR, Internal Audit, Operational Risk Reports), advise on root cause analysis, and recommend remedial action plans. Conduct annual compliance risk assessments and identify critical units or focus areas for mitigation. Conduct regular meetings with business unit heads to discuss compliance matters and open issues.
- Training & Reporting: Assist in the development and administration of compliance training for business units. Report and update the Board / Audit Committee of the Board on important regulations, non-compliances, and breaches. Participate in governance forums to provide compliance advice.

Skills Required:

- Proven experience in compliance risk management, specifically in Retail Lending and Payments.
- Strong understanding of applicable regulatory guidelines and their implementation.
- Excellent advisory and consultative skills, with the ability to formulate policies and provide guidance.
- Expertise in monitoring compliance effectiveness, identifying non-compliance, and root cause analysis.
- Ability to conduct compliance risk assessments.
- Strong communication skills for reporting to the Board/ACB and engaging with regulatory authorities.

QUALIFICATION:

- Chartered Accountant, Company Secretary, or MBA / Postgraduate with a banking background.

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