Chief Compliance Officer - BFS

Role & Responsibilities:

- Assist the Board and the Senior Management in overseeing the implementation of Compliance Policy, including policies and procedures, prescriptions in Compliance Manuals, internal codes of conduct, etc.

- Play the central role in identifying the level of Compliance risk in the organisation. The Compliance risks in existing / new products and processes shall be analysed and appropriate risk mitigants put in place. The Chief Compliance Officer (CCO) shall be a member of the 'new product' committee/s. All new products shall be subjected to intensive monitoring for at least the first six months of introduction to ensure that the indicative parameters of Compliance risk are adequately monitored.

- To monitor and test Compliance by performing sufficient and representative Compliance testing, and the results of such Compliance testing shall be reported to the Senior Management. It shall periodically circulate the instances of compliance failures among staff, along with the required preventive instructions. Staff accountability shall be examined for major Compliance failures.

- Ensure compliance of regulatory/ supervisory directions given by RBI in both letter and spirit in a time-bound and sustainable manner. RBI will continue to expect an effective Compliance Program where all Risk Mitigation Plan (RMP) / Monitorable Action Plan (MAP) points are complied with within the timelines prescribed. Unsatisfactory compliance with RMP/MAP may invite penal action from RBI.

- Attend to compliance with directions from other regulators in cases where the activities of the entity are not limited to the regulation/supervision of RBI. Further, discomfort conveyed to the NBFC on any issue by other regulators, and action taken by any other authorities / law enforcement agencies, shall be brought to the notice of RBI.

- The Compliance Department may also serve as a reference point for the staff from operational departments for seeking clarifications / interpretation of various regulatory and statutory guidelines.

Drafting/ Reviewing:

- Corporate and legal documents and ensuring the same to be as per organization's standards and policies. Review legal documents and highlight reg flags to the business. Identify and suggest necessary mitigants; Seek consultation from lawyers for opinion, requirements for additional documents, mitigants, indemnities, etc. Take the big picture view across factors to provide decision on cases.

- Notices, replies, petitions, Writs, Written Statements, MOU, Settlement Terms, Application etc. also

Litigation :

- Ownership of the entire litigation portfolio of the organization. Determine and engage appropriate litigation counsel, provide inputs on case strategy & direction during all phases of litigation before Courts/ Forums/Tribunals and various other judicial/ quasi-judicial/ regulatory authorities.

- Handling high value fraud cases / delinquent clients and ensuring initiation of legal actions as per policy timelines eg. Complaints U/s 138 of NI Act, Section7/19, Arbitration Cases, Criminal cases, Execution proceedings and other innovative legal tools for recovery.

- Formulate and implement policies/ processes with the goal of early resolution of cases without expensive litigation.