CEO at Consult ShekharPandey
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Assistant Vice President - Legal/Compliance - BFSI (5-8 yrs)
Key Challenges for the role:
1) The regulatory requirement is changing rapidly. It is incumbent for the compliance program to continuously evolve to keep pace with a dynamic regulatory framework and expanding business needs. It is critical for the compliance function to refine its policies and program and galvanize itself to discharge the role of a reliable business partner.
2) The regulatory guidelines at times are ambiguous, making it a challenge to understand and implement to be in compliance
3) Lack of established scientific tools to measure and quantify regulatory risk parameters.
4) Delivering the ad-hoc requirements of regulator within a short span of time
5) Operating in a multiple stakeholder environment; meeting divergent stakeholder needs
6) Meeting international legal and policy obligations in a challenging business environment
1. Draft and refine policies and procedures for effective mitigation of compliance risks in tandem with changing legal and regulatory landscape
i) Review existing policies and develop new ones to cater to the regulatory and legal obligations
ii) Align global policy requirements with local operating environment
iii) Continuously review and revise policies to keep pace with the changing requirements
iv) Extrapolate policy requirements into functional processes for effective implementation
2. Assist LCPA in conceiving a compliance review plan, execute reviews and liaise with internal stakeholders for closure of gaps identified during such review.
i) Liaise with internal stakeholders for timely commencement of the review and closure of the gaps identified.
ii) Closure of queries raised by stakeholders
3. Monitor and report on the regulatory framework of the organization to ensure that business is conducted with strict adherence to the regulatory framework prescribed by IRDAI.
i) Analyze process review findings, highlight gaps to stakeholders and ensure closure of gaps identified.
ii) Verify procedures from a regulatory perspective and suggest controls required if any
iii) Use various tools to create a regulatory framework in form of a compliance manual, checklists and a system to identify regulatory exceptions if any and ensure timely closure of gaps identified within agreed timeframe.
4. Monitor and communicate new regulatory requirements
i) Conduct horizon scanning to identify new laws/regulations or changes to existing ones impacting our business.
ii) Ensure regulatory notifications are cascaded to all concerned along with its impact to our business.
iii) Analyze applicability of law/regulations and required actionable for all functions.
iv) Ensure the new circulars are incorporated and form a part of the ongoing compliance certification.
v) Track implementation and where required create/collect relevant shreds of evidence of the implementation.
5. Training & Communication
i) Identify training needs based on existing and new areas of regulations, policies, etc
ii) Map trainings to specific individual/groups and prepare a plan for dissemination of training to them
iii) Create and conduct trainings for colleagues on various critical regulatory areas
iv) Prepare annual plan for and implement such plan for communication of key legislative and regulatory obligations amongst colleagues, vendors, partners, customers, etc.
v) Measure success of trainings
6. Assisting in Regulatory Inspection related co-ordination/assistance/support
i) Liaise with functions/auditors for submission of requirement in a timely manner to ensure the audit is commenced and closed on time.
ii) Follow-up with functions/stakeholders for timely closure of queries raised by auditors
7. Governance and Reporting:
i) Prepare periodic reports to highlight compliance health of the organization to respective stakeholders viz. Board of Directors, Risk Committee, CEO, Senior Leadership Team, etc
ii) Create a framework for timely identification and escalation of breaches and issues to applicable stakeholders
iii) Regular reporting to IRDA, Region, etc.
Academic Background - CA/LLB preferable though not mandatory
Work Experience - 5-8 years in the insurance sector