Subhabrata Talukdar: A Visionary Who Aims To Be A Change-Bringer In The Indian CRO Space
Subhabrata Talukdar
Chief Risk Officer
"I had the opportunity and blessings of working with great legal legends of India, which gave me immense opportunity of rich learning"
In an exclusive interview with CEO Insights, Subhabrata talks more about his professional journey and how he has been able to grow from strength to strength in the industry.
Can you talk more aboutyour educational and professional background?
I am a commerce graduate, and after that, I have done my LLB and Company Secretary Course. My educational background has helped me to get a head start in my career, and the commerce and legal background helped me to perform well even in the early days of my professional career. I was also able to understand the various business objectives, set my personal goals and achieve that in the best way possible. All this has also helped me to stay ahead of my peers.
What are the various challenges that you encountered in your journey?
I have started my career from a very mediocre back ground and I was working even while I was studying my LLB and CS. All the challenges that I faced during my professional journey have helped me to learn how to stay focused on the goal. I also strived to learn on a consistent
basis and even from the mistakes I have tried to learn and improve myself.
Tell us about the different roles at your company?
I have the experience of working as a compliance officer, a company secretary, Head Compliance & Legal, and right now, I am the CRO of the organization. I strive to lead the company towards sustained success in the industry and deal with the business risks in an optimal manner. I identify the gaps in the Functional SOP(s), and this helps the company to reduce the overall risks. I also have to understand how the different facets of the company are working and identify the markets that the company performs in an optimal manner. I also have to analyze the function wise regulatory risks of the transactions that we do and ensure that we mitigate them. I formulate every year an annual Risk Register of the company through a process of risk variance analysis of preceding year considering the Business Plan of the company. So, I am wearing multiple hats at the same time for the organization. Apart from all this, I am also a part of the entire decision making process of Senior Management & the Board and it's committee meetings being the Company Secretary.
Can you mention some of the strategies that you have implemented in the organization?
From the compliance point of view, I have introduced an initiative where every department will have a checklist that they have to look at and mark during each transaction, and we have started this in 2012 itself. In this process, a periodical report was submitted to the Board by me in the capacity of Company Secretary and Compliance Officer that the company has complied all the applicable Laws. All the functions in the form of a checklist submit their periodical report to me confirming compliance of applicable laws. Thereafter, an evaluation was done by me and an exception report is submitted in every Board meeting confirming compliance of all applicable laws. Subsequently, the Companies Act 2013 made this process mandatory through operation of law. When I joined the company, we had 142 branches across India and there were branches that were not doing well, and this in turn was costing the company a lot. So, I gave a suggestion to have a resident manager, and this has helped us to close unwanted branches. As of now, we have 40 branches across India with shared renewal premium collection centers across India. This has helped us to streamline our business operations as well.
Tell us about the different roles at your company?
I have the experience of working as a compliance officer, a company secretary, Head Compliance & Legal, and right now, I am the CRO of the organization. I strive to lead the company towards sustained success in the industry and deal with the business risks in an optimal manner. I identify the gaps in the Functional SOP(s), and this helps the company to reduce the overall risks. I also have to understand how the different facets of the company are working and identify the markets that the company performs in an optimal manner. I also have to analyze the function wise regulatory risks of the transactions that we do and ensure that we mitigate them. I formulate every year an annual Risk Register of the company through a process of risk variance analysis of preceding year considering the Business Plan of the company. So, I am wearing multiple hats at the same time for the organization. Apart from all this, I am also a part of the entire decision making process of Senior Management & the Board and it's committee meetings being the Company Secretary.
I strive to lead the company towards sustained success in the industry and deal with the business risks in an optimal manner
Can you mention some of the strategies that you have implemented in the organization?
From the compliance point of view, I have introduced an initiative where every department will have a checklist that they have to look at and mark during each transaction, and we have started this in 2012 itself. In this process, a periodical report was submitted to the Board by me in the capacity of Company Secretary and Compliance Officer that the company has complied all the applicable Laws. All the functions in the form of a checklist submit their periodical report to me confirming compliance of applicable laws. Thereafter, an evaluation was done by me and an exception report is submitted in every Board meeting confirming compliance of all applicable laws. Subsequently, the Companies Act 2013 made this process mandatory through operation of law. When I joined the company, we had 142 branches across India and there were branches that were not doing well, and this in turn was costing the company a lot. So, I gave a suggestion to have a resident manager, and this has helped us to close unwanted branches. As of now, we have 40 branches across India with shared renewal premium collection centers across India. This has helped us to streamline our business operations as well.
As a CRO, how do you manage risks and uncertainties?
We have a risk register which I founded and every department has been told to identify one or two risks relating to that particular department that can affect the operations and budget/business plan of the entire organization. After preparing the entire list of risks, I talk with each department and see whether it is a risk or not, and if it is proven to be a risk, we have to identify what category it can be put under. After that, we create a mitigation plan on how to deal with the risks in the most efficient way. There after a risk register is prepared, which was also approved by the Risk Management Committee of the Board (RMC). I submit my periodical report in meeting of RMC with variance analysis and risk mitigation plan.
Which are the milestones that have bestowed you utmost satisfaction?
I have been working as a CRO for the company for the last five years, and this has given me great pride and joy. Prior to that also, I was working as a CS, Head Legal and I would say I am happy with the career that I had. I have also been lucky to have been part of some revolutionary corporate & legal projects, and that has given me detailed insights into the industry and its workings. I have always been able to work with some eminent personalities in both the corporate and legal fraternities. Also, in India, I have appeared in Supreme Court of India and almost all the different high courts as well as National Tribunals dealing corporate issues like Competition Commission, CESTAT, IPR Appellate Tribunal, NCLT, National Consumer Commission and others. I had the opportunity and blessings of working with great legal legends of India, which gave me immense opportunity of rich learning. My professional assignments gave me the opportunities to travel across India from J&K to Kerala as well as Gujrat to Assam it gave me the opportunity to know my own country, its people, culture, food, resources and other aspects, which is beyond the academic book of Geography. My profession has given me the opportunity and confidence to interact with the Regulators like Ministry of Corporate Affairs, Ministry of Finance, IRDAI, SEBI, and RBI. Being the CRO, I got the opportunity of involvement in every major decision and policy making process of the company, which in turn gave me lots of opportunity to observe the functions and movement of the company from the top. The position of CRO has to deliver lot of responsibilities but at the same time, it gives me lots of opportunities to improvise and use own intellect and experiences.
Subhabrata Talukdar, CRO,Peerless Financial Products Distribution
This eminent industry leader has a vision to take his company towards greater heights, and leveraging his expertise and experience, he is aiming to break new business frontiers with Peerless Financial Products Distribution.
We have a risk register which I founded and every department has been told to identify one or two risks relating to that particular department that can affect the operations and budget/business plan of the entire organization. After preparing the entire list of risks, I talk with each department and see whether it is a risk or not, and if it is proven to be a risk, we have to identify what category it can be put under. After that, we create a mitigation plan on how to deal with the risks in the most efficient way. There after a risk register is prepared, which was also approved by the Risk Management Committee of the Board (RMC). I submit my periodical report in meeting of RMC with variance analysis and risk mitigation plan.
Which are the milestones that have bestowed you utmost satisfaction?
I have been working as a CRO for the company for the last five years, and this has given me great pride and joy. Prior to that also, I was working as a CS, Head Legal and I would say I am happy with the career that I had. I have also been lucky to have been part of some revolutionary corporate & legal projects, and that has given me detailed insights into the industry and its workings. I have always been able to work with some eminent personalities in both the corporate and legal fraternities. Also, in India, I have appeared in Supreme Court of India and almost all the different high courts as well as National Tribunals dealing corporate issues like Competition Commission, CESTAT, IPR Appellate Tribunal, NCLT, National Consumer Commission and others. I had the opportunity and blessings of working with great legal legends of India, which gave me immense opportunity of rich learning. My professional assignments gave me the opportunities to travel across India from J&K to Kerala as well as Gujrat to Assam it gave me the opportunity to know my own country, its people, culture, food, resources and other aspects, which is beyond the academic book of Geography. My profession has given me the opportunity and confidence to interact with the Regulators like Ministry of Corporate Affairs, Ministry of Finance, IRDAI, SEBI, and RBI. Being the CRO, I got the opportunity of involvement in every major decision and policy making process of the company, which in turn gave me lots of opportunity to observe the functions and movement of the company from the top. The position of CRO has to deliver lot of responsibilities but at the same time, it gives me lots of opportunities to improvise and use own intellect and experiences.
Subhabrata Talukdar, CRO,Peerless Financial Products Distribution
This eminent industry leader has a vision to take his company towards greater heights, and leveraging his expertise and experience, he is aiming to break new business frontiers with Peerless Financial Products Distribution.