Assistant Vice President, Compliance Assurance, Legal Compliance & Secretariat

Function of the Department

Compliance Department works closely with the business partners to manage the Bank’s regulatory / compliance risk by balancing its objective to maximise returns against an acceptable risk profile.

The compliance department, partners with stakeholders in developing controls and adequate governance framework and also develops a compliance assurance programme as part of independent second line function.

To manage risk effectively and run a successful business we invest in our people and infrastructure.

Job Purpose

To conduct assessment of the compliance risk and to develop a risk-oriented activity plan for compliance assessment. To monitor and periodically test compliance by performing sufficient and representative compliance testing.

Key Accountabilities / Requirements

- Driving Compliance Culture and standards

- Assess the Compliance Risk within the Bank and arrive at a Compliance Testing Plan.

- Conduct Thematic / Spot Reviews as per the ComplianceTesting Plan

- Conduct other periodic reviews such as RBS Tranche III Testing, Surveillance of the Treasury function etc.

- Support the department / Bank during regulatory inspections.

- Be updated of the latest regulatory developments in the Industry

- Drafting policies / procedures related to the Compliance department

- Take up related roles such as Compliance Advisory / Regulatory Engagement etc within the Compliance Department whenever required.

Job Duties & Responsibilities

- Evaluate various circulars / products / processes across the Bank to assess the compliance risk at the Bank level and at Business Unit /Support Unit level.

- Work out a Risk oriented Compliance Testing plan based on the key risk areas identified as part of the risk assessment activity

- As part of Thematic Reviews, prepare the scope of the review, conduct walkthroughs with the stakeholders to understand the controls in place to manage regulatory risk and conduct data driven testing.

- Arrive at design level issues and operational lapses and suggest measure to rectify / resolve the same and prevent its occurrence in future.

- Discuss the review findings with the stakeholders and arrive at management actions for resolution.

- Prepare reports of the Thematic Review findings and present it to the management as per requirement.

- Work closely with Business / Support units to ensure closure of management actions agreed upon, ensure overall compliance to all applicable regulatory and licensing requirements and improve overall control environment and promote sustainable growth.

- Track agreed actions through to conclusion and escalate wherever overdue.

- Conduct RBS Tranche III Testing by following up for control description and samples from the BU/SU. Ensure correct and timely completion of the activity.

- Monitor the Treasury Department by way of reviewing calls / emails / chats etc to identify anomalies in benchmark rate submission and in handling Material Non Public Information (MNPI)

- Maintain a broad knowledge of the business and regulatory framework in Banking/Financial services and stay aware of the latest regulatory developments within the industry through Networking with peers across banks.

- Engage with the regulators during inspections whenever required to do so.

- Proactively identify the regulatory requirements with respect to the Compliance Department and draft policies, procedures, and practices for the same. Conduct periodic reviews of the compliance department in line with the regulatory requirements.

- Explain the circulars / guidelines to the Business / Support Units wherever required to increase their understanding about the regulatory guidelines. Drive the compliance culture and agenda within the Bank.

Required Experience

- Compliance / Risk / Audit Role in Bank for 8-12 years (incl. exposure to compliance reviews / testing)

- Sound financial and technical knowledge of banking and financial services laws

- Knowledge of overall banking environment and regulatory circulars/guidelines.

Core Competencies

- Able to identify and forecast compliance risks in line with the proposed business growth & find solutions

- Analytical and comprehension skills to understand & interpret regulatory requirements

- Attention to detail and research-oriented approach

- Sound approach to problem solving

- Good communication and negotiation skills at all levels, especially drafting & writing skills

Education / Preferred Qualifications

Professional (CA / MBA-Finance from reputed institute), with experience in Bank Compliance / Risk / Audit Department for 6-12 years

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