There have been increased cries for overregulation imposed on Banks, Private NBFCs, and Private Equity Firms. Hence, Banks and Fintech Firms are looking for Top-Level Professionals to integrate firm-wide compliance.
Indian Banks and Private Financial players have doubled their hiring for CFOs, Directors Finance, and other senior management Risk and Compliance Officers so that their firms can navigate smoothly with risk limits.
There were above 200 middle-level and top-level movements in the last year. Banks, Private NBFCs, and Private Equity Firms hired above 30 CFOs to streamline their risk and compliance management.
These Banking and Fintech organizations are also undertaking suggestions and expertise from the Reserve Bank of India Officials for different regulatory roles.
What is the need for a strict measurement and analysis system?
In the Indian market, Banking and Financial Services have seen strict regulatory changes and therefore there has been a steep up rise in demand for senior professionals in Legal, Compliance, and Risk management.
Amid various Cyber Security issues and complaints, Banking Services, and Fintech Companies’ priorities stay intact on the rulebook of Compliance. An increase in the hiring of senior experienced professionals takes place. The recent scrutiny of companies across Banking, Financial Services has enabled firms to double their hiring.
Compliance management programs have been lagging behind in Banks, Private NBFCs, and Private Equity Firms. These organizations have been struggling for experienced compliance staff to curb cyber risk and operational risks. To build operational resilience, Banking, and Finance companies elevate hiring.
The current dynamic regulatory environment imposes the following risks:
- Cybercrime
- Business Model Risks for Banks, Fintech companies
- Data breaches
- Reporting loss of information risks
Banks, Private NBFCs, and Private Equity Firms have been struggling to measure, monitor, and manage the exposure of their client’s money and internal operations. It is required by Banking Services, and Fintech Companies to incorporate aggregated risk management and reporting system so that workflow, alerting, and monitoring all can be done.
An infrastructure of checks and balances, accountability for risks, refined common metrics, and protection against frauds can protect customers and the community against increasing violations in Financial systems.
Faced with a growing number of compliance issues, firms have become reactive and started extensive hiring of Top-Level-Professionals who can amalgamate the organization’s work.
