Expectations from the role.
1. Evaluate enterprise level compliance to all regulatory requirements (RBI, IRDA, SEBI, S&E) and approve new products/services/processes (including marketing collateral) and modifications with the compliance framework
2. Support policies and procedures on compliance issues which are cost effective, constructive and protect and enhance our reputation and keep monitoring changes to business practices and products to ensure that compliance procedures are controls are adequate to control them. This is an area of improvement for us as of now.
3. Undertaking compliance operational risk assessments at an entity level and draw a risk based monitoring program and undertaking monitoring reviews. This is done by me through compliance confirmation document which has been created across all functions. But we need to take this to the next level now that we are growing and diversifying.
4. Report new / amendments to regulations and advising and assisting line managers in complying with the same and performing gap analyses
5. Maintain regulatory reporting -- like cash transaction reporting to Financial Intelligence Unit of the Government of India, FMR reporting to the RBI and financial reporting in form NBS-1 to NBS-6 coupled with key deliverables as per the submission calendar.
6. Assisting in RBI Inspections and other spot checks done by regulators.
7. Support review of responses to customer complaints that have been escalated to RBI
8. Develop compliance training material on primary regulations like fair practice code, KYC, AML and ensure that frontline is completely trained & certified on these important regulations.