Compliance Manager (Lending Business)

Compliance Manager (Lending Business)

Job Overview:

The Compliance Manager in a lending business in India is responsible for overseeing and ensuring that the companys lending activities comply with all applicable Indian laws, regulations, and internal policies. This role involves implementing and managing compliance programs, conducting risk assessments, ensuring adherence to financial regulations, and liaising with regulatory bodies such as the Reserve Bank of India (RBI), and other relevant authorities. The Compliance Manager ensures that the organization adheres to legal standards while mitigating regulatory risks in the lending business.

Key Responsibilities: Regulatory Compliance Monitoring:

• Regulatory Adherence: Ensure that the organization s lending practices comply with all applicable Indian regulations, including guidelines issued by the Reserve Bank of India (RBI), Fair Practices Code, Prevention of Money Laundering Act (PMLA), KFS and Consumer Protection Act.
• Regulatory Updates: Stay updated with changes in regulations affecting the lending business in India, including any updates from RBI, or other regulatory bodies, and ensure timely implementation of necessary adjustments in the company s processes.

Policy Development Implementation:

• Internal Policies: Develop, implement, and continuously update internal compliance policies and procedures in line with legal requirements and best practices. This includes ensuring the company adheres to the RBIs Fair Practices Code, internal lending policies, and other regulatory guidelines.
• Policy Training: Conduct training sessions for staff on internal policies, compliance obligations, and new regulatory developments to ensure proper understanding and adherence.

Risk Management:

• Risk Identification: Identify potential compliance risks within the lending operations, including loan origination, disbursement, recovery, and collections. Conduct risk assessments and propose strategies to mitigate these risks.
• Internal Audits: Oversee and conduct regular internal audits of lending activities, ensuring that compliance is maintained across all stages of the loan lifecycle, from application to recovery.

Regulatory Reporting Filing:

• Timely Reporting: Ensure compliance with mandatory regulatory reporting requirements. This includes filing periodic reports with RBI, SEBI, and other authorities, such as NPA (Non-Performing Assets) reporting, Annual Compliance Reports, KYC (Know Your Customer) guidelines, and AML (Anti-Money Laundering) obligations.
• Statutory Filings: Ensure timely submission of all statutory filings to RBI and other relevant regulators and maintain all required records in accordance with regulatory norms.

Compliance Investigations Issue Resolution:

• Compliance Monitoring: Conduct regular reviews to identify instances of non-compliance and provide guidance on corrective actions. Investigate any alleged violations of company policies or regulatory requirements, including fraud, money laundering, or violation of KYC norms.
• Remedial Actions: Implement corrective actions in response to compliance issues or breaches, collaborating with legal and management teams as necessary to resolve complex issues.

Third-Party Vendor Compliance:

• Vendor Oversight: Ensure third-party service providers, such as credit bureaus, loan servicing companies, and collection agencies, comply with all applicable regulations and internal compliance requirements. Conduct periodic assessments and reviews of third-party vendors.

Compliance Reporting Advisory:

• Management Reporting: Prepare regular reports for senior management, detailing the status of compliance, key risk areas, regulatory changes, and corrective actions taken. Provide advisory on compliance-related matters to senior leadership and stakeholders.
• Regulatory Liaison: Serve as the primary point of contact for regulatory authorities, addressing any inquiries or issues raised by regulators, such as RBI, or other government bodies.

Qualifications:

Education:

A Bachelor s degree in law, finance, business administration, or a related field is required. A Master s degree or professional certification in compliance (e.g., Certified Regulatory Compliance Manager (CRCM), Certified Compliance and Ethics Professional (CCEP)) is a plus.

Experience:

• Minimum of 5 years of experience in compliance or risk management, preferably in the financial services, banking, or lending industry in India.
• In-depth knowledge of Indian regulatory frameworks, including RBI regulations, PMLA, Fair Practices Code, and consumer protection laws.
• Familiarity with compliance and regulatory reporting systems used in the financial sector in India.

Skills Abilities:

• Strong knowledge of Indian financial regulations, especially in the lending space (personal loans, home loans, MSME loans, etc.).
• Ability to analyze complex regulations and translate them into actionable internal policies.
• Excellent verbal and written communication skills for interacting with regulatory authorities, senior management, and other stakeholders.
• Strong problem-solving skills and the ability to manage multiple compliance issues simultaneously.
• Proficiency in compliance software, regulatory reporting tools, and Microsoft Office.
• Ability to lead, train, and collaborate with various teams within the organization.

Certifications (Preferred):

• Certified Regulatory Compliance Manager (CRCM)
• Certified Compliance and Ethics Professional (CCEP)
• Other relevant certifications in Indian financial regulations or lending business practices.