On 29th October 2017, Day 2 of Finomenal 2017, Mr. Mitual Desai delivered a guest lecture on “Compliance and Risk Management in Banking“ in our campus. He started off by giving a brief background of himself. He then gave an overview into the various business divisions in a Banking company such as Treasury, Retail Banking, Corporate Banking, Compliance and Risk Management, Trade Finance and so on.
A significant part of his lecture was on Risk Management in Banking and the various types of risk associated in Banking such as Credit risk, Market risk, Operational risk, Regulatory risk and Technology Risk. Risk Management teams are often referred to as “second line of defence” in a bank’s risk strategy – sitting between management(1st) and internal audit(3rd). He also spoke on the significance of compliance and risk management departments and how they have become an indispensable part of the banking sector. He used examples of top banks which are investing more to strengthen their compliance department.
Mr. Mitul Desai later dwelled on the different aspects of compliance departments and some key compliance regulations in India. He then offered career advice to students who are aspiring for a career in the compliance roles within banking. He elaborated on the different skill sets which are required for successful risk and compliance professionals. He also threw light on the various career paths in risk and compliance such as jobs in credit risk, market risk, operational risk, anti-money laundering (AML) etc.
Mr. Mitul Desai later did a SWOT Analysis of Foreign Banks in India and did a comparative analysis with their Indian counterparts bringing down the curtains on what has been a fascinating discourse on Compliance and Risk Management in Banking.