Compliance Officer - Credit Cooperative Society

Position Title: Compliance Officer

Organization: Credit Cooperative Societies (Kalmeshwar, Savner, Ramtek)

Reports To: Chief Executive Officer (CEO)

Location: Nagpur (HO) 3 days and Visiting Societies 3 days

The Compliance Officer ensures the organization adheres to legal, regulatory, and policy requirements, safeguarding its operations from compliance risks. The officer will oversee risk management, promote ethical governance, and ensure regulatory compliance across all activities of the credit cooperative societies in Kalmeshwar, Savner, and Ramtek.

1. Ensure compliance with cooperative laws, such as the Cooperative Societies Act, financial regulations, taxation, and related guidelines.
2. Monitor updates to laws and regulations, providing recommendations for operational adjustments to maintain compliance.
3. Ensure timely submission of all regulatory filings, forms, and reports.
4. Liaise with regulatory authorities, including the Registrar of Cooperative Societies (RCS), Reserve Bank of India (RBI), and others, as needed.

1. Monitor lending practices for adherence to credit policies, prudential norms, and regulatory guidelines.
2. Conduct regular reviews of overdue accounts, non-performing assets (NPAs), and take action to mitigate risks.
3. Ensure proper documentation and assessments for creditworthiness during the loan approval process.

1. Conduct internal compliance audits to verify adherence to laws, regulations, and internal policies.
2. Coordinate statutory, internal, and external audits; address compliance-related findings promptly.
3. Prepare and present detailed compliance reports to senior management and the Board of Directors.
4. 
   Ensure all MIS reporting passes through the compliance officer for proper oversight.

1. Oversee KYC (Know Your Customer) compliance, ensuring all customer documentation is complete and up to date.
2. Monitor transactions for anti-money laundering (AML) compliance and report suspicious transactions as required (e.g., STRs, CTRs).
3. Detect and investigate fraud or irregular activities and implement preventive measures.

1. Review and monitor the credit cooperatives investment decisions for alignment with approved policies and regulatory requirements.
2. Evaluate the investment portfolio regularly to ensure compliance and optimize performance.

1. Establish a robust mechanism for addressing customer grievances efficiently and within regulatory timelines.
2. Ensure transparent documentation of grievances and their resolutions.

1. Ensure customer data is handled securely and in compliance with data protection laws (e.g., IT Act, GDPR, or other applicable regulations).
2. Conduct periodic reviews of data security practices and address vulnerabilities.

1. Develop and implement compliance programs to promote ethical governance and regulatory adherence.
2. Conduct training sessions for staff and board members on compliance requirements, policies, and ethical decision-making.
3. Maintain a compliance handbook or manual tailored to the credit cooperative societies operations.

1. Promote ethical governance in lending, investment, and operational decisions.
2. Establish and oversee a whistleblower mechanism for reporting unethical practices.

1. Develop and review business continuity and disaster recovery plans from a compliance perspective.

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2. Ensure operational resilience during disruptions while maintaining regulatory adherence.

1. Benchmark compliance practices against industry standards and recommend improvements.
2. Provide guidance to management and the Board on compliance-related matters and ethical governance.
3. Assist in building a strong risk-aware culture across the organization.

• Bachelors degree in Law, Finance, Business Administration, or a related field.
• Professional compliance certification (e.g., Certified Compliance & Ethics Professional, Anti Money Laundering /AML Certification) is a plus.

• Minimum of 5 years in compliance, legal, or risk management roles, preferably in financial services, or credit cooperative societies.

• Strong knowledge of cooperative laws, financial regulations, taxation, and risk management practices.
• Proficiency in compliance management software and Microsoft Office Suite.
• Excellent analytical, problem-solving, and decision-making abilities.
• Effective communication and interpersonal skills.
• High level of integrity, confidentiality, and professionalism.

• Detail-oriented with a proactive approach to identifying and mitigating compliance risks.
• Strong organizational and multitasking skills.
• Ability to work independently and collaboratively.
• Commitment to ethical governance and regulatory excellence.

This comprehensive JD ensures the Compliance Officers responsibilities align with the unique needs of credit cooperative societies while maintaining regulatory and operational integrity. Let me know if you need further refinements!