Principal Consultant at Executive Partners
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Vice President - Compliance - BFSI (14-20 yrs)
JOB SUMMARY :
Role credentials :
- Implementing a robust and dependable compliance framework taking care of end to end legislative requirements and compliance thereof and identifying and addressing gaps, if any.
- To ensure timely advise /guidance on Regulatory and Compliance aspects to business.
- Implementing new regulatory and legislative requirements, management of compliance processes and policies applicable to company, advising the employees on compliance and ethics issues, regulatory guidelines and statutory obligations.
- To support Head Compliance is overseeing the development and implementation of Compliance strategy for the company
- Work closely with Regulatory bodies and business partners to ensure that the highest level of Compliance standards are applied at all levels.
- Establish and continuously improve, inter alia through automation and deployment of innovative techniques, a consistent operating framework for the identification, management, monitoring and reporting of Compliance risks and issues across the length and breadth of the retail organization.
- Identify and incorporate learning's from company's ongoing experiences, scanning and monitoring of regulatory developments in the sector in India and internationally.
- Promote a healthy respect for the extent to which effective compliance program can influence the ability of the company to execute strategic initiatives, and actively participate in strategic planning to identify ways to leverage the company's compliance capabilities to pursue competitive advantage.
- Ensure timely advise /guidance on Regulatory and Compliance aspects, management of compliance processes and policies applicable to company, advising the employees on compliance and ethics issues, and ensuring full and fair enforcement of regulatory guidelines and statutory obligations.
- Support Head Compliance in implementing a robust and dependable compliance framework taking care of end to end requirements and compliance thereof and identifying and addressing gaps, if any.
- Set industry benchmarks in Compliance and set up the Company for credibility and recognition in the ecosystem, including the Regulator and competition.
Key responsibilities :
- Strengthen Compliance Framework taking care of IRDA requirements and all other applicable Central and State Laws.
- Maintain and revise policies and procedures for the operation of the Compliance program and its related activities to prevent unethical, improper or illegal conduct. Manage day to day operations of Regulatory Compliance vertical.
- Support Head of Compliance to develop and periodically review and update Compliance standards to ensure continuity and relevance in providing updates and guidance to management and employees.
- Ensure that Compliance policies, practices and procedures are well documented, clearly established and reasonably designed to reduce the risk of non-compliant conduct.
- Culture Building : Awareness, Education and Training - Institute and maintain an effective compliance communication program for the organization, including promoting :
a) use of escalation channel,
b) increased awareness on business code of standards,
c) understanding of existing and new regulatory changes,
d) understanding of existing and new compliance issues relating to policies and procedures.
- Lines of communication to ensure an effective method of communication are developed between the compliance function and all employees.
- Partnering with Head of Compliance to ensure that existing and emerging Compliance Risks are identified, deliberated and resolved on Regular basis in all committees/forums or as directed or requested,
- To keep all stake-holders and Management team members informed on operations and progress on compliance activities, violations and standards.
- Partner with Business partners & Corporate Agents to guide them and keep them abreast of Regulatory requirements, policies and procedures in line with Regulatory requirements.
- Provide timely and accurate reporting of all Regulatory returns - scheduled or ad-hoc.
- Monitor the performance of Compliance Program and related activities on a continuing basis, taking appropriate steps to improve its effectiveness.
Other responsibilities :
1. Focus on Regulatory Compliance :
a) Creating, updating and maintaining Regulatory and Statutory inventory to cover all regulatory requirements applicable to the company
b) Interaction with Regulatory bodies- Periodic interaction and meetings with Regulator and lead business/operation issues, show cause notice hearings etc.
c) Interfacing between Regulator and Business on various matters such as query resolution, representing business side to the Regulators.
2. Enabling Business to remain Compliant:
a) Partnering with all key functions viz; Operations, Distribution, Marketing and Finance etc. to implement sustainable and compliant practices.
b) Partnering with Facilities and HR to ensure compliance to Labour Laws, State Laws etc.
3. Focus on Partner Compliance with periodic interactions:
a) Institute periodic meetings with critical Banca relationships - Axis, YBL
b) Establish enhanced Governance process with Corporate Agents
4. Enhanced focus on Functional Compliance adherence :
a) Institute periodic meetings and interactions with all functions to ensure adherence and identification of any Red flags.
5. Support Head of Compliance in enhancing Culture Building :
a) Create a structured program on Prevention through Awareness and Education communication series.
b) Create a rhythm on Compliance events throughout the year.
6. Interact with EMC/SLT members on all Compliance and Regulatory matters and highlight all Compliance issues.
7. Guide the team members and enhance functions capabilities by :
a) Clearly segregating the responsibilities and creating synergies focused towards common goal of enhancing - Compliance Culture-,
b) Maximize employee satisfaction by defining clear roles and responsibilities.
c) Build capabilities in the team by on the job coaching and hands on exposure to critical Projects and situations and continuously improving execution.
d) Developing and helping people strengthen their capabilities comprising not only of technical skills and their knowledge levels, but also their attributes, attitudes and behaviors.
8. Business conduct standards - provide guiding directions to employees in adhering, demonstrating and implementing highest professional, ethical, and moral standards.
9. Code of ethics - implement guidelines and procedures that govern ethical standards of practice for business and personal investment activities.
10. Sales material review - ensures sales/marketing materials are reviewed in accordance with the laid down process and records are maintained for the term of the product.
11. Monitor and report/submit various Compliances under the Insurance Act and other laws as applicable with support of Automated tool like COMS. Eg.
a) File advertisements, maintain advertisement register, review website contents and submit annual certificate of compliance.
b) Obtain new office location approval from the regulator.
c) File annual statement of accounts with the regulator.
d) Comply with requests, inquiries and information sought by the regulator on a dayto-day basis.
e) Follow up, monitor and ensure compliance by actuarial, investment and finance functions under the Insurance Act.
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