As the AVP - Compliance, the incumbent will lead efforts in ensuring Compliance with various IRDAI and other Regulations- which may be applicable to the company. The work will involve drafting of compliance plan, monitoring of compliance on a regular basis, communicating the various requirements of compliances by working closely with various stakeholders and ensuring implementation of the same.

The work will also involve leading the compliance assurance function which will involve drawing a compliance audit plan, working closely with Internal Audit function to ensure period audit of various areas to provide assurance to the management for effective implementation of the compliance process. It also involves carrying out dipstick surveys on periodic basis on critical areas depending upon need.

The position also will assist the Director L&C in Regulatory advocacy which will involve developing papers articulating need for regulatory change and enabling system change. It will involve close working with various senior members of functional team to ensure timely identification of issues, effective articulation and implementation.

The reporting requirements will involve preparation of various monthly and quarterly reports to be presented to Management and to Shareholders on the progress of compliances, reporting of any deviation and corrective actions being planned. The position will also require periodic interaction with Regulators office.

Key Responsibilities :

Regulatory Requirements

- Preparation of Annual compliance plan and ensuring period monitoring and reporting

- Dissemination and communication of all new and revised regulatory requirements

- Guiding, advising the business on the interpretation of all IRDA regulations

- Tracking of regulatory submissions adhoc and regular within defined TAT

- Participate in the regulatory inspections - Leading the inspection

- Ensure compliance with AML Regulations. Handling AML Audits (Internal and external)

- Interface and connect with Regulator and Industry

- Ensure compliance with Advertisement Guidelines

- Supporting new business and transformation initiatives

- Corporate Agent Onboading / Renewal of licenses as per defined process.

- Enhanced compliance of Labour Laws.

- Reporting of various compliances as per Compliance Plan on periodic basis to Management and to Board.

- Handle Regulatory inspections/ notices and adhoc requests in a most proactive manner.

Compliance Assurance :

- Preparation of Annual Compliance Audit plan, identifying key areas where audit needs to be conducted.

- Work in close co-ordination with internal audit/ external audit firms for carrying out audits in timely and quality manner.

- Review the audit reports prepared by the external auditors/ internal audits, prepare an action plan in co-ordination with stakeholders and ensure timely corrective action.

- Reporting of Compliance audit outcomes to Audit committee/ Management along with corrective actions.

Team Leadership

- Create a world class Compliance team and imbue them with a proactive, client focussed, solutions driven approach with a pragmatic, attentive eye

- Overall management, supervision and professional development of the Compliance team

- Create succession and retention plan, identify and fulfil training needs

Ensure a judicious mix of outsourcing to create internal bandwidth and controls to ensure prompt compliance support for all offices

Minimum Qualification :

10-12 years of relevant experience working in the compliance and company secretary/ finance functions in a large organization. Knowledge of insurance regulations is desirable.

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