Product Approval Committee Practitioner

Job Description

Job Title: Product Approval Committee Practitioner

Department/Function: Risk

Job Purpose:

The Product Approval Committee (PAC) Practitioner is responsible for ensuring that all new product launches and modifications across the Bank comply with internal governance standards and Reserve Bank of India (RBI) regulatory requirements. The role oversees end‑to‑end PAC operations, enabling effective governance, risk assessment, and strategic decision-making for product approvals and lifecycle management. This position ensures timely coordination among cross-functional stakeholders, maintains robust documentation and compliance monitoring, and drives continuous improvements in PAC processes to uphold the Bank’s product governance framework.

Roles & Responsibilities:

Responsible for ensuring all new product launches and modifications, adhering to the internal policy and Reserve Bank of India regulations.

To ensure effective governance, coordination, and execution of the Product Approval Committee (PAC) for the Bank.

This role acts as an executioner in managing committee operations, ensuring compliance with regulatory and internal guidelines, risk management and facilitating strategic decision-making, related to product approvals and lifecycle governance.

Assist to organize and convene regular PAC meetings to review, approve or reject new product launches / material modification to existing products in alignment with the scheduled timelines.

Ensure approvals from all the relevant stakeholders are obtained for product offerings placed in the Committee, includes both new and existing modifications

Maintain accurate records of discussions, decisions, and action items in compliance with RBI and internal governance standards.

Prepare a draft update on the Products to the Board on a quarterly basis

Liaise with the relevant stakeholders as applicable, viz., product owners, risk, compliance, legal, finance, IT and operations teams to collate inputs for PAC deliberations.

Ensure timely submission of proposals and product notes for review.

Ensure approvals of all the relevant stakeholders are obtained in the system workflow well in advance, prior to placing the new product or modifications in the Committee

Ensure periodic follow up and escalation mechanism to ensure approvals or rejections are obtained on time

Ensure PAC decisions adhere to RBI guidelines, internal product governance frameworks, and risk management policies.

Ensure coordination with Risk, Compliance / Legal for the potential Risk – Mitigant matrix for all the new products and modifications to the existing products

Track and report compliance status for all approved products.

Maintain a repository of all product approvals, modifications, and discontinuations.

Maintain a summary of the Annual / Periodic Review as per the defined frequency

Prepare and maintain Compliance Review summary dashboard post market launch of the product

Preparation of Minutes of the Meeting and circulation to all concerned and the same is maintained for future reference / audits.

Identify opportunities to streamline PAC processes and enhance governance efficiency.

Implement best practices for documentation, decision-making, and follow-up.

Strong understanding of banking products, banking practices and regulatory environment.

Excellent organizational and project management skills.

Excellent leadership, communication and cross functional collaboration skills

Ability to manage multiple stakeholders and drive consensus.

Proficiency in MS Office and governance tools.

Strong communication and documentation skills.

Educational Qualifications:        

Graduation: Bachelor of Commerce (B.com) / Bachelor of Science (B.Sc) / Bachelor of Arts (BA) / Bachelor of Business & Insurance (BBI) / Bachelor of Management Studies (BMS) 

Post-Graduation: Master of Business Administration (MBA) / Master of Commerce (M.com) / Master of Arts (MA) 

Experience: 5 - 10 years of relevant experience