Hr NewsStatutory Compliance

Why compliance jobs are hot in Indian lending sector

Source | The Economic Times

MUMBAI: The ever-tightening regulatory regimes worldwide have pushed up the demand for compliance professionals in the lending sector, according to experts. In most markets including India, the cost of non-compliance is huge, giving banks, non-banking financial companies (NBFCs) and employers in other sectors enough reason to want to ramp up their compliance departments with more professionals.

“There is a sudden need for awareness on internal compliance for companies,” said Zulfiqar Memon, founder of boutique white-collar crime and compliance advisory law firm MZM Legal.”We are now representing two large private sector banks, assisting them set up their internal compliance practice, which also extends to creating awareness among employees for email protocol and ethics.”

There is a shift globally in the way finance companies look at compliance, industry trackers said. British bank HSBC Holdings PLC last year hired 1,600 compliance professionals, while US-headquartered finance giant JP Morgan Chase has created a special compliance team, called ‘SWAT Team’, after it agreed to pay billions of dollar in settlement payments.

 

Why compliance jobs are hot in Indian lending sector
Currently, NBFCs like Bajaj FinanceBSE -0.14 %, IDFC, Avendus and Edelweiss, and subsidiaries of foreign lenders like Citibank, HSBC and Standard Chartered have either just hired or are in the process of ramping up their compliance departments. Also, financial-tech startups like Paytm, Mobikwik and InMobi and payments banks are also aggressively looking to fill up the posts.
“Global economic fluctuations have already increased the risk for banks, and along with increase in NPAs for the local banks, regulators are insisting on more stringent compliance framework and adherence to the same, driving this demand,” said Nicolas Dumoulin, regional director, Michael Page India. Demand has increased across both regulatory and legal compliance, especially for candidates at mid-senior level coming with 8 to 15 years’ experience, he said.
ET’s email queries to Bajaj Finance, IDFC and Edelweiss, HSBC and Standard Chartered had not elicited any response till press time. A spokesperson for Citi Bank said, “We are, however, a bank and compliance has always been an integral part of the banking system in India monitored under the RBI.”
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