Purpose:

The role holder has the overall responsibility for developing and implementing the Internal Audit strategy to ensure proactive identification and effective mitigation of business risks impacting the business. The role holder will:

- Contribute significantly towards building strong and effective risk awareness and control consciousness within the Company.

- Provide reliable independent assurance to the Audit Committee and Management as to the adequacy and effectiveness of risk management and control processes within the business.

- Contribute to the continuous improvement of risk management and control processes, in their widest sense so that they operate at optimum effectiveness and cost efficiency and reflect leading practice.

Main Priorities:

- Defining and implementing audit plans, programs, techniques, procedures and frequency covering all aspects of business operations.

- Defining IC checklists.

- Defining and implementing internal controls covering transaction controls, custodian controls, authorization controls and compliance controls.

- Facilitate laying down operational manuals for the organization covering all policies, procedures, and compliance.

- Review and evaluation of business critical systems for adequacy of controls and identification of opportunities for their better utilization.

- Implementing concepts like sales compliance.

- He/ she shall direct an effective, motivated and results focused team to achieve pre-defined targets vis-a-vis cost, quality and turn around time parameters. Further he/ she will actively participate in creating a challenging, empowered and supportive environment for one's team providing adequate growth and development opportunities both professionally and personally.

Dimensions:

- Advisory role to the company's management team.

- Be designate team lead or team member in specific cross functional projects.

- Liaising with designate personnel to ensure critical planning and successful implementation of Internal Audit strategies and plans.

- Role's span of impact: Central function impacting national dimensions.

Key Outputs:

- Proposed Internal Audit plan using appropriate risk assessment techniques, which contribute strongly to the strategic direction of the overall business plan and is a key enabler for the business achieving its market share and profitability objectives.

- A customer centric Internal Audit team, which contributes strongly to the overall strategic direction of the business by providing significant risk aversion meeting planned market share and profitability objectives

- Key processes and control mechanisms that enhance brand as a strong, reliable and trustworthy name in the Life Insurance market which encourages customers to choose us as their preferred supplier

- On-going completion of both financial and operational audits.

- Effective manpower utilization plans within the Internal Audit team including creating successful back-ups for each position with healthy cross movement of personnel across functional projects / work areas.

- Implementation of best people management practices.

Key Performance Indicators:

- Compliance with IRDA regulations

- APE targets

- Adherence to planned budgets vis-a-vis planned activities/ initiatives

- EVA

- Timely completion of audits and reports to the audit committee

- Identification of potential efficiency improvements and opportunities for adding value across the business

- Recommendations on how risks identified in internal processes can be better managed and controlled

- Contribution to achievement of corporate objectives by engendering a culture of continuous improvement

- Recruitment of quality staff

- Quality of business related market intelligence shared with the leadership team and designate employees

- New ideas and initiatives introduced that strengthen the achievement of business objectives/plans and enhance overall performance.

Qualifications:

- Chartered Accountant with a membership of CIA / CISA being an advantage.

Skills/Knowledge:

- Leader with a strong track record of successfully executing strategic business plans. Should have an excellent intellect with the capability and vision to implement strategic company level initiatives.

- An excellent knowledge of the

Indian financial services market, Insurance sector and regulatory environment with in-depth knowledge of accounting concepts, techniques, and principles.

- Strong result orientation, good interpersonal skills and high level of team building capabilities.

- High energy levels and decision making capabilities that support robust execution of plans

- Knowledge of planning, implementing and managing large scale projects of strategic importance

- Skills in strategizing, planning and delivering alternate approaches aimed at enhancing business results in a demanding environment.

- Strong influencing and presentation skills and maturity to operate at a senior level.

Experience:

- An experience of around 8-12 years from the following sectors: Banking and Financial Sector and Consulting. Experience in Insurance Sector would be preferred

- Should have interacted and worked along with senior management in previous organisations exhibiting maturity, tact and diplomacy.

- Experience of writing reports for, and making presentations to, senior managers is desirable.

- Proven experience of operating at a strategic level within the business and demonstrating success in implementing major strategic initiatives

- Experience of a multi - cultural working environment is desirable.

- Experience of working in a fast moving environment and ability to work at pace

Proven experience of operating at a senior level within the business.

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