Head of Risk & Compliance (FinTech, EMI) - job 2 of 2

The Head of Risk & Compliance at PayDo is responsible for developing and implementing a comprehensive risk and compliance framework. This includes creating policies to mitigate risks associated with AML/CFT and fraud, conducting risk assessments, and ensuring that compliance policies meet evolving regulatory requirements. Additionally, this role involves managing regulatory reporting, communication with authorities, and overseeing a team focused on compliance excellence.

Candidates for the Head of Risk & Compliance role at PayDo should have a minimum of 5 years of experience in the compliance sector, particularly within financial institutions, and at least 3 years of managerial experience. In-house experience with Electronic Money Institutions is crucial, along with substantial knowledge of KYC, AML regulations, and experience managing compliance across multiple jurisdictions.

In the Head of Risk & Compliance role at PayDo, you will drive operational efficiency by streamlining compliance processes and refining Standard Operating Procedures (SOPs). This position involves monitoring KPIs to enhance performance and accountability and conducting regular audits to ensure adherence to internal policies, all of which play a vital part in reducing processing times and enhancing compliance operations.

At PayDo, career progression opportunities for the Head of Risk & Compliance are transparent and merit-based. Exceptional performers can achieve Lead roles within a year, Head roles in two years, and potentially reach C-level positions in four years. This growth is underpinned by regular performance reviews anchored in key performance indicators.

The work culture at PayDo is flexible and people-centric, promoting a collaborative environment where initiative and ownership are encouraged. Employees enjoy a healthy work-life balance with generous paid leave policies, opportunities for professional development, and an inclusive culture that values contributions towards reshaping processes and drives organizational success.

To develop an effective compliance framework for PayDo, I would start by assessing the current regulatory requirements, identifying key risks, and tailoring the framework to these factors. It’s essential to create clear policies and procedures that align with industry best practices, ensuring employee training and awareness are integral components to mitigate risks effectively.

Managing compliance across multiple jurisdictions requires a thorough understanding of the legal requirements in each area. I have implemented standardized policies while allowing for local adaptations, thus ensuring compliance with regional regulations. Keeping abreast of changes in laws and maintaining open communication with local regulatory bodies have been key to my success.

I would implement a continuous education program for the team, focusing on the latest regulatory changes and best practices in compliance. Regular training sessions and updates on compliance developments are essential to keep everyone informed. Additionally, I would establish a monitoring system for regulatory changes and encourage team feedback to ensure our compliance measures are always current and effective.

When non-compliance issues occur, I approach them with a constructive mindset. I investigate the matter thoroughly to understand the root cause, provide necessary training or resources, and establish corrective actions to prevent recurrence. Open communication is crucial, so I encourage team members to discuss compliance challenges they face.

In my previous roles, I have handled numerous regulatory reports by ensuring that all required information was accurate and submitted on time. I have also been responsible for preparing for audits, coordinating with auditors, and addressing any recommendations or findings. Maintaining comprehensive documentation and fostering a proactive relationship with auditors has been key to successful compliance.

Technology plays a vital role in enhancing compliance management. It streamlines processes by automating routine compliance checks, providing real-time data analytics to identify potential risks, and improving the accuracy of reporting. Leveraging technology can significantly boost efficiency and reduce human error, making compliance management both robust and effective.

I would prioritize compliance tasks by assessing the level of risk associated with each area and aligning with business objectives. High-risk tasks would be addressed first, and I would encourage team collaboration to manage workloads efficiently. Establishing clear deadlines and enabling team members to take ownership of specific responsibilities would also be instrumental in achieving our compliance goals.

To ensure that compliance programs are effective and current, I conduct regular audits and reviews, engage in benchmarking against industry standards, and solicit feedback from team members and stakeholders. Continuous improvement must be our focus, adapting to both internal and external changes while promoting a culture of compliance throughout the organization.

I have over five years of experience managing compliance teams, including conducting performance evaluations, identifying training needs, and promoting a culture of professional growth and collaboration. By fostering an environment where team members feel valued and empowered to share ideas, I’ve been able to build high-performing compliance teams.

Today, the biggest challenges in compliance include adapting to rapidly evolving regulations, the complexities of operating in multiple jurisdictions, and the need for comprehensive digital transformation. Staying informed about regulatory changes and leveraging technology will be crucial to overcome these challenges effectively in the realm of compliance.