Objective Recent developments including a spate of regulatory penalties on many Banks and Financial Institutions, both in India and abroad, due to serious compliance breaches and RBI's new regulatory framework on compliance function in banks have spurred intense debate on how best to organically redesign the compliance function. Do these developments, despite increasingly tighter regulations on and governance of compliance function over the years, prompt the need for a radical review and reform?

There seems to be a case for reimagining the very concepts of compliance and compliance function and entirely revamping the compliance function.

RBI’s new regulatory framework on compliance function in banks articulates this imperative. And arguably, this regulatory framework has set banks and financial institutions thinking about how to ensure that their compliance framework is consistent with regulatory and supervisory expectations.

This virtual workshop provides a platform to thought leaders in the financial sector to meet and discuss the need for a new paradigm of compliance against the backdrop of recurrent compliance failures. The workshop would seek to ideate an optimal compliance framework that could potentially evolve from within, in tune with new regulatory framework.

Workshop Highlights

The workshop will involve experiance sharing, panel discussion and brainstorming linked to following aspects/issues surrounding compliance: 

       •    Potential reforms to prevent or minimise failures within the context of effective good governance

       •    Diagnosis of compliance failures with reference to few recent cases

       •    RBI’s new regulatory framework and other regulatory as well as legal changes in the financial sector relating to compliance and governance

       •    Building blocks of an emerging framework - Road map & milestones for embedding them in a new framework