Head - Compliance - Financial Services

Job Profile: Head - Compliance

Key Responsibilities:

1. Regulatory Compliance:

- Ensure the organization's operations comply with all RBI regulations.

- Regularly review and update compliance policies and procedures in line with new RBI guidelines.

- Monitor changes in regulations and assess their impact on the organization.

2. Risk Management:

- Identify and mitigate compliance risks.

- Conduct regular risk assessments and compliance audits.

- Develop and implement risk management strategies.

3. Internal Controls:

- Establish and maintain effective internal controls and compliance monitoring systems.

- Ensure documentation and reporting systems meet regulatory requirements.

4. Training and Awareness:

- Conduct training programs for employees on compliance requirements and ethical standards.

- Promote a culture of compliance and ethical behavior within the organization.

5. Reporting:

- Prepare and submit compliance reports to senior management and regulatory bodies as required.

- Maintain records of compliance activities and investigations.

6. Liaison:

- Act as a liaison between the organization and regulatory bodies, including the RBI.

- Handle communications with regulators and manage regulatory inspections and audits.

7. Investigation and Resolution:

- Investigate any reported breaches of compliance and take appropriate action.

- Implement corrective measures to prevent future non-compliance.

Qualifications and Skills:

Education:

- A degree in law, finance, business administration, or a related field.

- Professional certifications such as Certified Regulatory Compliance Manager (CRCM) or Certified Anti-Money Laundering Specialist (CAMS) are preferred.

Experience:

- compliance role within the financial services industry.

- In-depth knowledge of RBI regulations and guidelines.

Skills:

- Strong analytical and problem-solving skills.

- Excellent communication and interpersonal skills.

- Ability to work independently and as part of a team.

- Proficiency in compliance management software and tools.

Key Areas of Focus under RBI Guidelines:

1. KYC/AML Compliance:

- Ensure adherence to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

- Implement robust KYC and AML policies and procedures.

2. Regulatory Reporting:

- Timely and accurate reporting to the RBI, including returns and filings as required by the regulatory framework.

- Maintain up-to-date knowledge of reporting requirements and ensure compliance.

3. Data Privacy and Security:

- Ensure compliance with RBI guidelines on data protection and cybersecurity.

- Implement measures to safeguard customer data and prevent data breaches.

4. Consumer Protection:

- Ensure compliance with RBI guidelines on consumer protection and fair practices.

- Handle customer complaints and grievances effectively.

5. Capital Adequacy and Risk Management:

- Ensure the organization meets the RBI's capital adequacy requirements.

- Implement risk management practices in line with RBI guidelines.

6. Corporate Governance:

- Ensure compliance with RBI's corporate governance standards.

- Maintain transparency and accountability in the organization's operations.

By focusing on these areas, a Compliance Officer ensures that the organization not only complies with RBI guidelines but also fosters a culture of ethical behavior and risk management, thereby protecting the organization from legal and regulatory risks.