Job Title: Compliance Officer
Department: Compliance
Job Overview: Compliance Officer will be responsible for ensuring that the organization adheres to all regulatory requirements set forth by the Reserve Bank of India (RBI). This role involves monitoring, evaluating, and implementing compliance policies and procedures to ensure the organization's operations align with RBI regulations and standards.
Key Responsibilities:
- Regulatory Compliance:
- Monitor and interpret RBI regulations and guidelines to ensure compliance across the organization.
- Develop and implement compliance policies and procedures to meet RBI requirements.
- Conduct regular audits and reviews to ensure adherence to RBI guidelines.
- Reporting and Documentation:
- Prepare and submit required regulatory reports and documentation to the RBI in a timely manner.
- Maintain accurate and up-to-date records of compliance activities, including audits, reviews, and corrective actions.
- Monitor Compliance management tool and ensure compliance across organisation.
- Risk Management:
- Identify and assess compliance risks associated with the organization’s operations.
- Develop and implement risk mitigation strategies to address potential compliance issues.
- Conduct risk assessments and audits to ensure compliance with RBI standards.
- Training and Awareness:
- Provide training and support to staff on RBI regulations, compliance policies, and procedures.
- Promote a culture of compliance within the organization through awareness programs and communication.
- Liaison and Communication:
- Act as the primary point of contact for RBI-related inquiries and communications.
- Liaise with external auditors, regulatory bodies, and legal advisors to ensure compliance.
- Continuous Improvement:
- Stay updated on changes in RBI regulations and industry best practices.
- Recommend and implement improvements to compliance processes and procedures.
Qualifications:
- Minimum 5-7 years of experience in regulatory compliance, preferably with a focus on RBI regulations.
Skills:
- Well versed with NBFC regulations
- Regulatory liasoning
- Drafting letters and replies to regulatory authorities
- Cross department liasoning
KRA:
- Monitoring, updation and impact analysis of various circulars/directions issued by regulators and its timely implementation
- Handling regulatory reports & filings, regulatory audits and inspections, internal audit with respect of areas of compliance
- Keep abreast of regulatory developments or other matters affecting the business activities, systems and controls and communicate changes to policies, procedures and regulatory requirements and oversee implementation thereof
- Preparation and collation of inspection questionnaire, query solving of stakeholders wrt providing data and submission to regulators
- Engagement/oversight on onsite regulatory inspections, review critical queries and provide compliance inputs
- Liaisoning and bridging gap between regulator and business stakeholders
- Vetting of draft responses to inspection reports, following up for ATR, implementation of corrective steps to be undertaken etc.
- Seeking clarification from regulators on any queries under regulations
- Undertaking, preparing, monitoring and review of compliance policies, liaisoning with business stakeholders for review of policies, identify gaps, etc.
- Monitoring of systems and applications used by the company for compliance related activities
- Providing regular training to teams on regulatory developments
- Identifying, investigating and resolving indications of violations to the Company’s internal policies, systems and controls or to applicable laws, rules or regulations
- Periodically report to senior management on the effectiveness of the Company’s compliance program and red flags, if any
- Quarterly compliance meetings with all stakeholders on updating major regulatory updates and areas of concerns, if any
- Preparation of board notes and regulatory updates to be presented to the Board/Committees
