IDFC First Bank - Product Approval Committee Coordinator/Secretary

Role Purpose:

1. Responsible for ensuring all new product launches and modifications, adhering to the internal policy and Reserve Bank of India regulations.

2. To ensure effective governance, coordination, and execution of the Product Approval Committee (PAC) for the Bank.

3. This role acts as the central point for managing committee operations, ensuring compliance with regulatory and internal guidelines, risk management and facilitating strategic decision-making, related to product approvals and lifecycle governance.

4. To act as the central, cross-functional governing body for all products.

1. Committee Governance & Administration

- Organize and convene regular PAC meetings to review, approve or reject new product launches / material modification to existing products in alignment with the scheduled timelines.

- Ensure approvals from all the relevant stakeholders are obtained for product offerings placed in the Committee, includes both new and existing modifications

- Prepare and circulate agendas, pre-reads, and supporting documentation to committee members.

- Maintain accurate records of discussions, decisions, and action items in compliance with RBI and internal governance standards.

- Prepare a draft update on the Products to the Board on a quarterly basis

2. Stakeholder Coordination

- Liaise with the relevant stakeholders as applicable, viz., product owners, risk, compliance, legal, finance, IT and operations teams to collate inputs for PAC deliberations.

- Ensure timely submission of proposals and product notes for review.

- Ensure approvals of all the relevant stakeholders are obtained in the system workflow well in advance, prior to placing the new product or modifications in the Committee

- Ensure periodic follow up and escalation mechanism to ensure approvals or rejections are obtained on time

3. Regulatory & Policy Compliance

- Ensure PAC decisions adhere to RBI guidelines, internal product governance frameworks, and risk management policies.

- Ensure coordination with Risk, Compliance / Legal for the potential Risk - Mitigant matrix for all the new products and modifications to the existing products

- Track and report compliance status for all approved products.

4. Documentation, Monitoring & Reporting

- Maintain a repository of all product approvals, modifications, and discontinuations.

- Maintain a summary of the Annual / Periodic Review as per the defined frequency

- Prepare and maintain Compliance Review summary dashboard post market launch of the product

- Ensure Minutes of the Meeting are recorded and circulated to all concerned and the same is maintained for future reference / audits.

5. Process Improvement

- Identify opportunities to streamline PAC processes and enhance governance efficiency.

- Implement best practices for documentation, decision-making, and follow-up.

- Strong understanding of banking products, banking practices and regulatory environment.

- Excellent organizational and project management skills.

- Excellent leadership, communication and cross functional collaboration skills

- Ability to manage multiple stakeholders and drive consensus.

- Proficiency in MS Office and governance tools.

- Strong communication and documentation skills.

- 8-12 years of experience in banking, preferably in product governance, risk, or compliance.

- Familiarity with RBI product approval guidelines and internal governance frameworks.

- Good understanding of the banking industry and practices, and market trends

- Ability to interpret and implement complex compliance requirements

- Proven experience in stakeholder management and cross functional collaboration.