Senior Vice President - Compliance - Wealth Management - Bank

Senior Vice President compliance - Wealth Management - MNC Bank

This position is responsible for providing compliance oversight to the Retail Bank.

The Liabilities and Wealth Management business under retail banking offers a wide array of financial products, including wealth management products

Businesses Covered -

- Domestic Liabilities

- Wealth Management Business

Role Outline/Job Summary :

Recent regulatory reforms have seen increased focus on products that are offered under the Retail Liabilities and Wealth Management business.

The regulatory framework, under which this business operates, can be characterized through the following elements:

- Multiplicity of regulators, owing to orientation towards product regulation (RBI, IRDA, SEBI etc.)

- Adoption of global standards and regulatory themes by the regulators, at times requiring project level implementation

- High focus and sensitivity on adherence to Exchange Control regulations.

- More intensive supervision of bank's procedures / policies through change in exam management process (Risk Based Supervision).

Key Responsibilities :

- Drive timely implementation on regulatory changes across various points viz product program, process notes, Regulatory Matrix, system development etc.

- Engage appropriately with the regulators during an inspection /review to clarify matters from a compliance perspective and to ensure timely submission of deliverables by the business.

- Drive an effective compliance management program through formulation of relevant policies, review of critical MIS, controls and regulatory customer complaints and timely escalation of issues.

- Independently interface with the Business Managers and Senior Management to regularly update the critical items in their respective businesses.

- Update Regional compliance on critical matters and in relation to development / implementation of any regional policy.

- Facilitate training sessions on key compliance and regulatory matters to business.

In addition to the above, the compliance officer needs to develop a fair understanding of other business areas supported by the Retail Bank compliance team.

- Institute and maintain an effective compliance program that promotes :

a) clear understanding of new and existing compliance policies

b) heightened awareness of the Code of Conduct

c) a - no surprises- culture that ensures transparent and timely escalation of issues

- Identify potential areas of compliance vulnerability and risk; develop/implement corrective action plans for resolution of issues, and provide general guidance on how to avoid or deal with similar situations in the future.

- Provide clear and timely advice to business on regulatory guidelines/policies and track implementation.

- Ensure regular and proactive engagement with the regulators and establish suitable working relationship with them.

- Develop good working relationships with regulators based on the underlying principles of clear disclosures and transparency.

- Disseminate and implement local regulatory guidelines and bank policies.

- Formulate compliance policies and procedures in adherence with the local regulatory/bank policy requirements and work closely with the businesses to implement compliance plans and framework, as designed.

- Implement and maintain a reporting model to provide timely and relevant management information through appropriate reporting mechanisms (scorecards, dashboards, monthly management meetings).

- Collaborate with other stakeholders to direct compliance issues to appropriate existing channels for reporting, review and resolution.

- Review and approve relevant product programs/propositions, marketing programs and other aspects requiring independent compliance approval.

- Develop a strong compliance and control culture in the business.

- Closely work with regional team and keep them apprised on significant matters.

- Update product compliance risk grids to report key compliance deliverable, risks and updates.

- Submission of various regulatory returns and responses to regulatory correspondences in a timely manner.

- Monitor Key MIS and trends (customer complaints, open regulatory issues, governance issues) to assess the health of business in terms of overall compliance and control framework.

- Conduct surveillance monitoring activities for wealth management products across businesses offering wealth management products to retail customers.

- Work closely with business in ensuring that the bank's policies and client facing communications are transparent and lucid.

- Independent risk assessment and decision making

- Implementation of corrective action plans to re mediate compliance/ regulatory matters

- Monitoring performance of the Compliance Program and related activities and taking appropriate steps to improve efficacy

- Ensuring a culture of timely escalation of issues.

- Proactive engagement with the regulators.

- Develop a strong compliance and control culture in the business