Compliance is No Longer Just About Checking Boxes: Yashwant Singh

Compliance Expert Yashwant Singh Discusses the Evolution of Ethics and Trust in Corporate Culture

Over the past 25 years, Yashwant Singh has built a reputation as one of the most trusted names in the compliance and financial services sector. Known for his calm leadership, deep regulatory insight, and unwavering commitment to ethics, he has played a pivotal role in reshaping compliance perceptions across industries. Compliance was once viewed as a reactive checkbox exercise. Now, it is seen as a strategic, forward-thinking function. His journey is marked by constant learning, mentorship, and a belief in doing the right thing, even when it’s challenging. In this candid conversation with Corporate World, he reflects on the lessons he has learned, the changes he has witnessed, and the legacy he hopes to leave behind.

Overview of Yashwant Singh's Journey

Q. Give us an overview of your professional journey and how your experiences have shaped your unique leadership approach?

I started my professional journey 25 years ago. I had the privilege to work in some prestigious organizations. These experiences helped improve me personally and professionally. They instilled patience in me, allowing me to handle tough situations and turn them into victories.

Time is life's greatest teacher. No matter how challenging a situation can be, we can overcome it with patience. No obstacle lasts forever. What truly matters is the difference we create in our own lives and the lives of others.

My leadership approach directly reflects these experiences. The journey is ongoing. I continuously seek opportunities to learn, grow, and refine my approach. I believe that effective leaders are lifelong learners committed to personal and professional development.

The Evolution of the Compliance Function

Q. With 25 years of experience in compliance and financial services, how would you describe the evolution of the compliance function during your career?

The compliance function in financial services has undergone significant transformation over the past 25 years. This change has been driven by regulatory shifts, technological advancements, and evolving business needs.

Initially, compliance focused largely on meeting basic regulatory requirements and managing risks after potential violations occurred. Now, it is about integrating compliance into business strategy. Organizations foster a culture of compliance and actively monitor and mitigate risks before they escalate.

Compliance is no longer about checking boxes. It involves identifying, assessing, and mitigating risks throughout the organization. This process includes everything from individual transactions to overarching business strategies.

Having a strong compliance culture is crucial for effective outcomes. Compliance departments now prioritize training employees, promoting ethical behavior, and ensuring accountability.

Previously, compliance functioned mainly as a reactive measure—ensuring rule adherence after the fact. Over time, financial institutions recognized the need for a risk-based approach. They began to integrate compliance into strategic decision-making. Today, compliance teams proactively identify risks, anticipate regulatory changes, and provide strategic guidance.

The Importance of Continuous Learning

Q. You’ve earned certifications like NISM-Series-III-A—how important is continuous learning in your profession?

Continuous learning is vital in the field of compliance. It helps professionals stay updated on evolving regulations, industry best practices, and emerging risks. Ongoing education also allows them to maintain expertise while improving decision-making and proactively mitigating compliance risks.

As regulations, risks, and industry standards continually shift, being informed is essential. Professionals must keep pace with new laws, policies, and global regulatory changes. This consistent learning ensures they can identify and address potential risks before they escalate into major challenges.

Academic Foundations Supporting Compliance Roles

Q. As an Economics graduate with an MBA in Financial Management, how have your academic foundations supported your role?

An academic background in economics and financial management provides a strong foundation for compliance. Economics offers insights into market behavior, financial systems, and macroeconomic trends. These elements are crucial for assessing regulatory impacts and compliance risks.

A financial management degree enhances one’s ability to analyze financial risks and implement compliance frameworks. It ensures regulatory adherence within financial institutions. Both disciplines emphasize quantitative analysis and financial modeling, enabling professionals to leverage data effectively for risk assessments, fraud detection, and compliance reporting.

Building a Strong Compliance Culture

Q. How do you foster a strong compliance culture within your organization, especially among non-compliance teams?

Fostering a robust compliance culture across an organization, especially among non-compliance teams, requires a strategic approach. It's important to integrate compliance into daily operations instead of treating it as a separate function.

Compliance must be accessible and understandable for all employees. Implementing a robust training program tailored to different roles and responsibilities is crucial. Regular training sessions, interactive workshops, and real-world case studies can help non-compliance teams grasp the importance of compliance in their roles.

Rather than viewing compliance as a mere checklist, I encourage teammates to integrate it into their workflows. This involves designing processes that naturally promote ethical decision-making and regulatory adherence. I ensure that all team members feel comfortable raising concerns without fear. Establishing anonymous reporting channels and fostering transparency strengthens compliance efforts.

Compliance is dynamic. It evolves with regulations and business needs. Regular audits, feedback loops, and adaptability ensure compliance remains effective and relevant. By focusing on these key areas, I create a culture where compliance is not just a requirement but a shared value embraced by all teammates.

Long-Term Goals as a Compliance Leader

Q. What are your long-term goals as a compliance leader, and what legacy would you like to leave behind?

As a compliance leader, my long-term vision focuses on transforming compliance into a strategic pillar that supports sustainable growth. I aim to strengthen regulatory frameworks and foster ethical corporate cultures. Additionally, I seek to leverage technology for proactive risk management. Building systems that adapt to evolving regulations while enhancing operational efficiency is paramount.

Compliance should extend beyond checking boxes. It must act as a forward-looking function that empowers organizations to operate with integrity and resilience. A vital aspect of this journey involves mentoring the next generation of compliance professionals. I aim to instill the values of ethics, accountability, and innovation in them.

Engaging with regulators and industry peers is equally important to me. This collaboration allows us to shape best practices, enhancing clarity and consistency in compliance standards across the board.

Ultimately, I aspire to leave behind a legacy rooted in integrity, transparency, and inspiration. This foundation can encourage others to achieve even greater success.

After all, fostering a culture of compliance is essential. In a world where ethical decision-making matters, empowering organizations to prioritize compliance not only protects them but also builds trust with their stakeholders. As professionals, we must remain committed to encouraging ethical practices and a culture of transparency at every level.

Learn more about fostering compliance cultures here.