Chief Compliance Officer - NBFC

Qualification:

Should be a qualified Chartered Accountant having membership in Institute of Chartered Accountants of India (ICAI) or Company Secretary having membership of the Institute of Company Secretaries of India (ICSI)

Experience and Exposure:

- Minimum experience of 10 years in Compliance management in NBFC / Banking sector

- Good understanding of the industry and risk management practices, knowledge of regulations, legal requirements, and have sensitivity to Supervisory expectations

- Should have the ability to exercise judgment independently

- Should have a clean track record and unquestionable integrity

Roles and Responsibilities:

1. Implementation of the compliance policy, identification and monitoring of the compliance risk through all the levels of the organization.

2. Ensuring the appropriate remedial action if breaches are identified. The disciplinary action on such breaches shall however remain within the scope of the management.

3. Ensure that compliance function of the organization identifies & compiles list of compliance failure and the concerned departments to take steps to mitigate reoccurrence of such failures.

4. Submit to the Board/Audit Committee, on quarterly basis, the status of compliance with the regulatory requirements of different departments and to assist board/committee members to make an informed judgment on whether the company is managing its compliance risk effectively

5. To act as a Nodal point of contact between the company and the Reserve Bank of India and to be a participant to the structured or other regular discussions with RBI.

6. Ensuring the timely response/interactions thereof to the RBI inspection reports through the Compliance Function

7. Ensure that the policies, as are applicable upon the company through various regulatory directions are framed and approved by the Board of Directors and the same are reviewed annually is framed and approved by the Board of Directors.

8. Ensuring submission of the prescribed quarterly Compliance Certificate by the relevant departmental heads and to make efforts that the departments rectify the irregularities pointed out in these Compliance Certificate.

9. Leading the compliance function within the organization and ensuring the fulfilment of the role of the compliance as per the responsibilities delegated to the compliance function.

10. Assist the Board and the Senior Management in supervising the implementation of Compliance Policy, including other policies of the company including the internal code of conduct.

11. Assess and identify potential compliance risk within the company, develop proposals for dealing with and avoiding compliance risks.

12. 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.

13. Monitoring and testing the effectiveness of the compliance being done by the respective departments within the organization and suggesting any updates. Circulation to the Senior Management/ Board of instances of Compliance failures, if any along with the preventive actions and fixation of the staff accountability for the breach of compliance.

14. Ensuring compliance of regulatory/ supervisory directions given by regulators including the Ministry of Corporate Affairs (MCA), Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI) and Self-Regulatory Organizations (SROs), in both letter and spirit in a time bound and sustainable manner. The compliance function shall put in place an effective Compliance Program where all Risk Mitigation Plan (RMP) / Monitorable Action Plan (MAP) points are complied with within the timelines prescribed.

15. Attend to compliance with directions from regulators and ensure that discomfort conveyed to the company on any issue by the regulators, and action taken by any other authorities/law enforcement agencies, shall be brought to the notice of RBI.

16. Serving as the reference point for the staff from the operational department for seeking clarifications/interpretation of various regulatory and statutory guidelines.