Chief Compliance Officer

Job Title: Chief Compliance Officer

Reports To: Managing Director and / or Board of Directors/ Board Committee

Location: Noida

Position Summary:

The Chief Compliance Officer (CCO) will be instrumental in fostering a strong compliance culture, ensuring regulatory alignment, and enhancing the banks reputation with authorities, especially the Reserve Bank of India (RBI).

The Chief Compliance Officer will lead the banks compliance function, focusing on interpreting and implementing regulatory requirements, ensuring effective liaison with the RBI, and fostering a culture of compliance throughout the organization. This role requires an experienced compliance leader who can translate regulatory directives into actionable guidance, support departmental compliance efforts, and proactively address compliance risks.

Key Responsibilities:

1. Strategic Compliance Leadership:

• Develop and implement a comprehensive compliance strategy that aligns with regulatory requirements and the banks strategic goals.
• Build and lead a high-performing compliance team, setting standards and fostering a culture of proactive risk management and accountability.
• Act as a key advisor to the MD and Board on compliance matters, providing insights into regulatory changes and their implications.

2. Regulatory Interpretation & Implementation:

• Maintain a thorough understanding of RBI and other regulatory requirements applicable to payment banks, including periodic circulars, guidelines, and directives.
• Translate regulatory requirements into actionable policies and procedures, ensuring effective communication and adherence across all functions.
• Lead the creation and implementation of compliance training programs to raise awareness and understanding within the organization.

3. Regulatory Liaison & Stakeholder Engagement:

• Establish and maintain strong relationships with the regulator, acting as the bank’s primary point of contact on compliance-related matters.
• Ensure timely and accurate submissions of regulatory reports, responses to queries, and proactive communication with regulators.
• Represent the bank in meetings with regulatory authorities, fostering open communication and transparency.

4. Compliance Monitoring & Support:

• Develop and implement robust monitoring frameworks to track and assess compliance across all departments.
• Regularly review compliance performance, identify areas of improvement, and work with department heads to address any gaps or risks.
• Lead internal reviews and inspections to ensure compliance with regulatory requirements and the bank’s internal policies.

5. Compliance Management & Policy Development:

• Oversee the development of compliance policies and standards that align with both regulatory expectations and the bank’s risk appetite.
• Collaborate with risk management, legal, and audit teams to identify, assess, and mitigate compliance risks.
• Ensure all compliance policies are up-to-date, aligned with current regulations, and effectively communicated across the organization.

6. Continuous Improvement & Reporting:

• Drive continuous improvement initiatives to enhance the bank’s compliance infrastructure, practices, and controls.
• Provide regular reports to the Board and senior management on compliance status, key risk areas, and corrective actions taken.
• Stay informed of industry trends, regulatory updates, and best practices, ensuring the bank’s compliance framework remains relevant and effective.

Please refer to the note below for clarity and understanding regarding the role and responsibilities as defined by RBI.

The duties and responsibilities of the compliance function - These shall include at least the following activities:

i. To apprise the Board and senior management on regulations, rules and standards and any further developments.

ii. To provide clarification on any compliance related issues.

iii. To conduct assessment of the compliance risk (at least once a year) and to develop a risk-oriented activity plan for compliance assessment. The activity plan should be submitted to the ACB for approval and be made available to the internal audit.

iv. To report promptly to the Board / ACB / MD & CEO about any major changes / observations relating to the compliance risk.

v. To periodically report on compliance failures/breaches to the Board/ACB and circulating to the concerned functional heads.

vi. To monitor and periodically test compliance by performing sufficient and representative compliance testing. The results of the compliance testing should be placed to Board/ACB/MD & CEO.

vii. To examine sustenance of compliance as an integral part of compliance testing and annual compliance assessment exercise.

viii. To ensure compliance of Supervisory observations made by RBI and/or any other directions in both letter and spirit in a time bound and sustainable manner.

Qualifications and Experience:

Educational Background:

Bachelor’s or Master’s degree in Law, Finance, Business Administration, CA or CAIIB

Professional Experience:

• Overall experience of at least 15 years in the banking or financial services out of which minimum 5 years shall be in the Audit / Finance / Compliance / Legal / Risk Management functions.
• Proven track record in handling regulatory relationships, particularly with the RBI, and managing compliance functions in a payment bank or similar regulatory environment.
• Strong expertise in interpreting, implementing, and managing regulatory requirements and compliance standards specific to Banks.

Core Competencies:

• Excellent analytical and interpretive skills, with the ability to translate complex regulations into practical, actionable steps.
• Strong leadership and people management abilities, with experience building and leading effective compliance teams.
• Exceptional communication and stakeholder management skills, with a proactive approach to relationship building.
• High ethical standards and a commitment to integrity, accountability, and transparency.

Personal Attributes:

• Incumbent should not be more than 55 years of age.
• Strong sense of ownership, adaptability, and resilience in managing regulatory challenges.
• Detail-oriented, with a proactive approach to identifying and mitigating compliance risks.
• A strategic thinker with a hands-on approach to ensure compliance standards are integrated across the organization.