Risk And Compliance Specialist (payments Domain)

Job Title: Risk and Compliance Specialist (Payments Domain)

Location: Mumbai

Experience: 2-3 years

Department: Risk & Compliance

Reports to: Risk and Compliance Manager / Head of Risk

Job Summary:

We are seeking a dedicated and detail-oriented Risk and Compliance Specialist to join our team in the payments domain. This role will focus on identifying, assessing, and mitigating risks while ensuring compliance with regulatory standards in the payment systems industry. The ideal candidate will have 2-3 years of experience in risk management, compliance, or internal controls within the payments, fintech, or banking sectors.

Key Responsibilities:

• Risk Management:
• Identify, assess, and monitor risks related to payment processing, including fraud, operational risk, and system vulnerabilities.
• Work with cross-functional teams to develop and implement strategies to mitigate risk in the payment ecosystem.
• Conduct regular risk assessments to identify potential weaknesses in payment systems, policies, and procedures.
• Compliance Monitoring:
• Ensure adherence to applicable regulations and standards such as PCI-DSS, AML, KYC.
• Maintain up-to-date knowledge of changes in relevant regulations and ensure the organization complies with all legal and regulatory requirements.
• Develop and implement policies and procedures to ensure the business remains compliant with industry standards and laws.
• Internal Controls:
• Assist in the development and maintenance of internal controls and processes to ensure the integrity and security of payment transactions.
• Review and monitor existing internal controls to ensure they effectively prevent, detect, and respond to risk events.
• Audits and Reporting:
• Assist in internal and external audits by providing necessary documentation and explanations on compliance and risk-related matters.
• Prepare regular compliance and risk management reports for senior leadership and regulatory authorities.
• Conduct audits of payment processing systems, vendors, and partners to ensure compliance with security standards and legal requirements.
• Fraud Prevention and Detection:
• Identify patterns or suspicious activity that may indicate fraud or financial crimes in payment transactions.
• Collaborate with relevant departments to develop and implement anti-fraud measures.
• Investigate and report any fraud incidents or security breaches, ensuring compliance with regulatory reporting requirements.
• Training & Awareness:
• Provide compliance training and awareness sessions for internal teams regarding regulatory requirements, fraud prevention, and risk management best practices.
• Ensure that the company’s employees are well-informed about the latest risk management procedures and compliance regulations.
• Vendor and Third-Party Risk Management:
• Assess and manage the risks associated with third-party service providers, partners, and vendors in the payments space.
• Conduct regular due diligence to ensure that third-party vendors comply with the necessary risk and compliance requirements.
• Process Improvement:
• Recommend improvements to enhance the efficiency of compliance and risk management processes.
• Assist in implementing new technologies or processes to strengthen the organization’s overall compliance framework and risk management practices.

Legal (Hands-on Exposure)

· Review, draft, and negotiate contracts, agreements, NDAs, SLAs, vendor agreements, and partner/bank agreements.

· Coordinate with external legal counsel for regulatory filings, notices, and legal opinions.

· Ensure compliance with applicable laws such as IT Act, PMLA, AML, KYC norms, data protection, and consumer protection laws.

· Assist in handling legal notices, disputes, and regulatory correspondence.

· Support policy documentation related to data privacy, information security, and customer grievance redressal.

Requirements:

• Experience:
• 2-3 years of experience in risk management, compliance, or internal audit within the payments, fintech, banking, or financial services industries.
• Knowledge & Skills:
• Strong understanding of payment systems, risk management frameworks, and regulatory requirements (e.g., PCI-DSS, AML, KYC).
• Familiarity with fraud detection techniques, risk assessment, and internal audit processes.
• Proficiency in risk management software and MS Office (Excel, PowerPoint, Word).
• Excellent analytical skills with the ability to identify, assess, and mitigate risks effectively.
• Strong attention to detail and ability to work under pressure.
• Education:

A degree in Finance, Law, Business Administration, Risk Management, or a related field is preferred.

Preferred Qualifications:

• Relevant certifications such as Certified Risk and Compliance Management Professional (CRCMP), Certified Anti-Money Laundering Specialist (CAMS), or Certified Information Systems Auditor (CISA) are a plus. (This is not mandatory)
• Knowledge of advanced fraud detection tools and methodologies.
• Experience with vendor risk management, specifically within the payments industry.

Why Join Us?

• Competitive salary and comprehensive benefits package.
• Work with a dynamic, fast-paced team in the rapidly evolving payments and fintech space.
• Opportunities for growth and development within a global company.
• Be part of an innovative, collaborative environment focused on solving complex challenges.

Job Type: Full-time

Pay: ₹400,000.00 - ₹500,000.00 per year

Work Location: In person