Job Description: PAC - Product Approval Committee

Location: Mumbai BKC Office

Function: Retail Assets

Reporting To: Head Product & Partnership Governance

Role Purpose:

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

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

- 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.

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

Key Responsibilities:

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.

Key Skills & Competencies:

- 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.