Cluster Manager - Compliance/Senior Clus...

    

Job Purpose  
KYC & outsourcing Team- Test & Review KYC & Outsourcing compliance related requirements horizontally. Develop an evaluation plan, determine scope & testing methodology, discuss & obtain responses with action plan and present the results to Senior Management.    

Duties and Responsibilities  
Compliance testing and product reviews

Compliance Function plays a central role in identifying the level of Compliance risk in the organisation. The compliance function comprises of Regulatory correspondence team, Advisory team and Compliance Monitoring & Testing (CMT) team. The incumbent will principally be accountable to lead the CMT team.

The Horizontal Compliance Framework Specialist will play a key role in designing, implementing, and managing a comprehensive compliance framework across Know Your Customer (KYC), Anti-Money Laundering (AML), and Outsourcing Arrangements. The role focuses on ensuring that compliance protocols are standardized, scalable, and effectively integrated across the organization, mitigating risks and ensuring adherence to regulatory standards.

Key Responsibilities:
1. Know Your Customer (KYC) / Anti-Money Laundering (AML) Compliance
o Review documentations for new account customers, categorize high-risk accounts basis KYC guideline ensuring proper customer due diligence (CDD) and enhanced due diligence (EDD) processes.
o Regularly review and update KYC protocols based on evolving regulatory requirements.
o Review AML controls, including transaction monitoring, name screening, and risk categorisation.
o Stay updated with relevant laws and regulations (e.g., FATF, RBI regulatory requirements) and ensure that the framework complies with industry standards.
2. Outsourcing Arrangements Compliance
o Review of outsourcing agreements, Business continuity Plan/ DR
o Review risk categorization of outsourced services and monitor ongoing compliance through regular reviews.
o Ensure adherence to contractual obligations and regulatory requirements in outsourcing agreements.
3. Monitoring, Reviewing, and Reporting
o Develop and implement regular monitoring and testing mechanisms to ensure compliance across KYC, AML, and outsourcing practices.
o Prepare and present compliance reports to senior management.    

Key Decisions / Dimensions  

 Specific area prioritization during field work in terms of what areas to focus on and what testing approach to be used.

 Deciding the approach for review; what sample size to take and how to analyse the data.    

Major Challenges  

 BFL is a fast-paced growing organization with almost 90 + products. The business processes are changing at a very fast pace, so it is important to keep oneself updated and in fact, try to think ahead of the business.

 The compliance requirements are complex and ever evolving hence the need for constant learning and keeping updated of industry developments    

Required Qualifications and Experience  
Educational Qualifications

 CA /MBA Fin with 5-8 years of experience

 Understanding of operational processes and regulatory requirements

 Analytical skills to perform testing

 Ability to learn and implement at a fast pace
Work Experience

 Candidate is expected to have know-how of regulatory requirements specifically from RBI

 Candidate is expected to have a know-how of KYC, AML and Outsourcing Arrangements

 Work jointly with a dynamic team of professionals having diversified experience CAs/ MBAs

 With various BFL business initiatives candidate need to have agility to adopt to new changes