Regulatory Compliance and Risk Management: Insights from Elets 8th BFSI CXO Masterclass

Regulatory Compliance and Risk Management

Navigating the complexities of compliance requires adherence to regulatory frameworks, proactive engagement with regulators, and a commitment to enhancing organizational resilience and efficiency. The trialogue chat at the Elets 8th BFSI CXO Masterclass shed light on the evolving landscape of regulatory compliance and risk management within the BFSI sector.

Elets 8th BFSI CXO Masterclass, organised from February 8-11th at O by Tamara, Thiruvananthapuram, Kerala, a significant dialogue unfolded among industry leaders on the topic of “Regulatory Compliance and Its Impact on Risk Management.” The discussion featured insights from Rajaram Manian B, Shaik J. Ahmed, and S V Sunder Krishnan, each bringing their unique perspective.

Rajaram Manian B, Chief Risk Officer at Adani Capital, highlighted the critical role of Regulatory Compliance in the banking and telecommunications sectors since the banking sector’s opening in 1991. With the emergence of new banking models, including small finance banks, payments banks, and scheduled banks, Regulatory Compliance has become increasingly vital in protecting the wealth of the general public and the overall economy. Initially, the regulatory framework focused on preventing money laundering and fraud but has since evolved substantially, empowering risk managers with the necessary authority and resources to navigate the complexities of risk management effectively.

Shaik J. Ahmed, Vice President-Head of Information Security Risk & Governance at Mashreq Bank, shared his approach to implementing initiatives aimed at enhancing the organization’s resilience and efficiency. Despite facing business complexities challenges and balancing operational ease and customer experience, Ahmed emphasized the importance of regulatory compliance as a supportive structure for effective risk management. Adherence to regulatory requirements ensures compliance and enhances the bank’s risk management capabilities, facilitating the delivery of comprehensive risk management solutions.

Also Read | Regulatory and Compliance Landscape: Navigating the way

S V Sunder Krishnan reflected on the significant shift in attitudes toward regulatory compliance and risk management over the past decade. He observed a move away from viewing issues in black-and-white terms towards a more nuanced understanding that includes consulting regulators to avoid setbacks. Sunder Krishnan also discussed the challenges of adhering to regulations across multiple countries, emphasizing the importance of engaging with regulators for compliance and gaining valuable insights into improving controls and operations.

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