Chief Compliance & Risk Officer - Bank

Chief Compliance & Risk Officer - BFSI

Job Responsibilities :

- Responsible for planning, leading and managing all activities of the compliance function across the bank; lead the design and implementation of an integrated compliance program for carrying out the business of the Bank in accordance with the regulatory framework and principles of good corporate governance.

- To formulate and implement an enterprise-wide, integrated risk management policy governing the adoption and management of risks at the bank and ensure its compliance with the view of maximizing risk adjusted returns at the bank in a sustainable manner.

Strategic :

- Lead the formulation of the Compliance and Risk Department's strategy and strategic objectives ensuring alignment to the corporate strategy; monitor the implementation of the strategy

- Develop and oversee the implementation of policies, procedures and controls covering all areas of Compliance and Risk division activity ensuring that all relevant procedural/regulatory requirements are fulfilled and also promoting leading practices

- Oversee the consolidation and recommend the Compliance and Risk division budget and monitor the budget to ensure adherence Compliance

- Assist the Board and Senior Management in monitoring and managing the compliance function

- Maintain a relationship with the regulators and act as nodal point of contact between the Bank and the regulators

- Report to the regulator on cash and suspicious transactions in the capacity of Principal Officer

- Promptly report instances of all material compliance failures and audit findings of the regulator which may attract a significant risk of legal or regulatory sanctions, financial loss or loss of reputation to the Senior Management and the Board / ACB

- Participate in the Product Approval Committee which approves all new products / processes or changes in the existing products/ processes and participate various inter-departmental committees of the Bank

- Update the regulator on the status of implementation of audit findings

- Develop, maintain and implement the compliance policy and compliance framework within the Bank

- Monitor activities of the Compliance Department, develop and implement risk mitigating measures including clear standards, procedures and guidelines to prevent, mitigate or minimize compliance risks

- Provide the staff with sufficient resources, management support and the access required to prevent / detect compliance issues / breaches

- React promptly with compliance issues/ breaches and involve the appropriate staff member whenever a compliance issue is detected/ suspected

- Gather industry-wide intelligence on best practices by participating in various regulatory forums and discussion panels and analyse the applicability as per the Bank's requirement

Risk :

- Develop a comprehensive risk management framework for assessing, identifying, monitoring and reducing pertinent business risks that could interfere with the bank's objectives and goals

- Implement the risk management (Credit, Operational, Market & Liquidity risks) frameworks and policies for the Bank

- Assess and quantify impact of risks across every vertical (business and functional units)

- Design and implement measures to minimize occurrence of identified risks and customize the same to adhere to regional requirements in each zone/ branch/ customer service point

- Supervise and report on liquidity risk, interest rate risk in the banking book and other Pillar II risks as defined by the BASEL guidelines; independently apprise the Board on capital adequacy and results of stress testing

- Oversee the processes and systems encompassing fraud control and information security

- Oversee development of the credit policy in conjunction with Credit and Business and oversee its implementation across the Bank

- Work with the business and recovery teams in co-designing the collections and recoveries strategy for the Bank, incorporating inputs from relevant heads of functions, and lay down the guidelines for the collections activities

- Ensure that the Bank is in substantial compliance with its internal operating policies and procedures and any external regulatory, legal or contractual requirements

- Regularly review appropriateness of the methodologies pertaining to Credit, Operational, Market and Liquidity risk and recommend suitable changes

- Support business heads in increasing awareness of risk requirements through preparation of risk assessment manuals and effective dissemination of statutory and bank guidelines

- Oversee periodic reviews of risk management guidelines to identify potential weaknesses and losses

- Issue guidance notes/ advisories/ credit alerts on various aspects of risk from time to time

- Interact with regulatory authorities and rating agencies to provide information as well as ensure adherence to guidelines

- Perform portfolio monitoring to identify concentrations, out-liers and stress testing to assess appropriate provisioning requirements

People :

- Ensure that the employees within the division maintain the highest standards of professional conduct, ethics, integrity, and control in execution of all their daily operations

- Drive a performance driven culture in the team by timely monitoring, review of performance parameters and feedback to the team members

- Take overall responsibility for identification of training needs and completion of mandatory training programs/certifications for self and reportees

- Mentor and coach subordinates to develop the team's capabilities and build a robust succession pipeline

- Ensure that the all the departments reporting to him/her are adequately staffed as per the manpower requirements

- Ensure high level of employee engagement and retention of key performers

Qualification : Graduation in Finance or equivalent & PGDM/ MBA & CA