A seasoned professional in Risk & Compliance, Sheetal Bhardwaj reflects on her journey through the field, which spans over two decades. Her career began with a fascination for the intricate regulatory frameworks governing financial institutions and a particular interest in regulatory arbitrage.
This interest, coupled with the challenge of navigating complex regulations while ensuring that organizations operate within legal boundaries, set the foundation for a rewarding career. Over the years, the dynamic nature of Risk & Compliance has continued to fuel her passion, with evolving regulations and the increasing sophistication of financial crimes providing constant opportunities for learning and growth. This, in turn, has kept her engaged and motivated to protect the integrity of financial systems.
A Journey of Sheetal Bhardwaj
Staying up-to-date with the ever-evolving regulations across multiple jurisdictions has been a key challenge, especially with her experience working alongside regulators such as the UAE Central Bank and the Dubai Financial Services Authority (DFSA). Sheetal Bhardwaj’s approach to remaining informed is multi-faceted, involving subscriptions to regulatory updates and newsletters from key bodies, participation in industry conferences, and the maintenance of an extensive network of professional contacts.
She also utilizes cutting-edge regulatory technology (RegTech) solutions, which offer real-time updates and analytics on regulatory changes, ensuring timely responses to new developments. Ongoing training and development programs for her team are another crucial element in keeping everyone informed and prepared for new regulatory challenges.
Balancing thorough compliance with the operational demands of a financial institution, particularly in areas like Know Your Customer (KYC), Ongoing Due Diligence (ODD), Anti-Money Laundering (AML), and transaction monitoring, requires a seamless integration of compliance processes into the day-to-day business operations. By leveraging advanced technology solutions, Sheetal Bhardwaj ensures compliance checks in these areas are automated and streamlined, enhancing both efficiency and accuracy.
A risk-based approach allows resources to focus on high-risk areas, enabling effective monitoring without compromising business operations. Regular collaboration between compliance and business units helps align objectives, ensuring compliance measures not only meet regulatory requirements but also enhance operational efficiency and risk management.
Staying Ahead of Evolving Regulatory Landscapes
The complexities of managing compliance projects involving multiple stakeholders, including regulators, technology teams, and business units, demand a blend of project management skills and strong communication. Defining the scope, objectives, and roles of stakeholders from the outset is critical for success. Sheetal Bhardwaj facilitates regular updates and meetings to keep everyone aligned and aware of their responsibilities, while open communication ensures that any concerns or issues are addressed promptly.
Effective use of project management tools also plays a key role in tracking progress, managing timelines, and keeping projects on course. Building strong relationships and fostering a collaborative environment among all stakeholders is central to overcoming the complexities of such projects.
When it comes to onboarding Virtual Asset Service Provider (VASP) clients, Sheetal Bhardwaj ensures the Risk Appetite statement is aligned with regulatory requirements and business objectives through a thorough risk assessment process. This begins by identifying the specific regulatory guidelines for VASPs and analyzing the associated risks. The assessment is then shared with key stakeholders, such as legal, compliance, and business units, to ensure a comprehensive understanding.
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The Risk Appetite statement is crafted to reflect a balanced approach that meets regulatory expectations while supporting business growth. Regular reviews and updates ensure that it remains aligned with changing regulations and business environments.
Incorporating Virtual Asset risks into a Financial Crime Risk Assessment (FCRA) involves a detailed analysis of the virtual assets and related activities within the institution. Sheetal Bhardwaj identifies key risks, such as money laundering, fraud, and cyber threats, and addresses them through specific controls.
Enhanced due diligence, real-time transaction monitoring, and robust cybersecurity measures are prioritized to mitigate these risks. Tailored Know Your Customer (KYC) procedures for virtual assets and regular audits ensure the effectiveness of these controls, keeping the institution safeguarded against financial crime.
Assessing and enhancing governance frameworks, particularly in the context of emerging financial technologies like digital assets, requires a combination of risk assessments, regulatory reviews, and consultations with key stakeholders.
Sheetal Bhardwaj evaluates existing governance structures to identify gaps and areas for improvement. Incorporating best practices from regulatory bodies and engaging with industry experts ensures the governance frameworks are robust and adaptive to the rapid advancements in digital assets and other emerging technologies. Continuous monitoring and updates are essential to maintain resilience in the face of these rapid developments.
Balancing Work, Compliance, and Personal Well-being
Despite the demands of her senior compliance role, maintaining a healthy work-life balance is crucial for Sheetal Bhardwaj. By setting clear boundaries between work and personal time, she ensures adequate time is allocated for family, hobbies, and relaxation. Delegating tasks and empowering her team plays a key role in managing workload effectively, while regular exercise and mindfulness practices, such as yoga, help maintain overall well-being. Taking breaks and vacations allows her to recharge and sustain productivity, both professionally and personally.
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Outside of work, Sheetal Bhardwaj engages in several activities that help her stay focused and balanced. Outdoor activities like hiking and cycling provide a refreshing break from work, promoting physical health and mental clarity.
Traveling with her family is another passion, offering a chance to relax and bond. Reading and staying updated on current affairs keeps her intellectually engaged, while meditation and yoga help maintain mental clarity and reduce stress. Spending quality time with family and friends is essential for emotional well-being, providing a strong support system that helps her recharge and stay focused in her demanding role.
