Deputy Manager - Compliance

Impact on the Business / Function

Disseminate new regulations / exposure drafts to the respective functions and have meetings with them and ensure timely implementation of the new regulations via Compliance Monitoring Tool

To do Compliance Risk Assessment with respect to Penalty / Warning Orders issued by the Authority to other insurers.

Handing representations to Life Council / IRDAI and such other forums

Provide inputs to business proposals to ensure compliance and regulatory risks are restricted

Conduct compliance reviews (adhoc and planned) as per the Compliance Monitoring Plan

To support in preparation of Regulatory Update and Compliance Dashboard for the Chief Compliance Officer of the Company

Product review and advertisement review

Supporting in Compliance Committee Meetings

Regulatory reporting

Target and Measures

Involvement in business projects / proposals to ensure compliance point of view is considered and advice adhered to before launching the same.

Cordial relationship with the regulator and involvement with regulator and industry for smooth implementation of regulations

Customers / Stakeholders

Provide compliant workarounds to business proposals wherever required

Ensure compliance risks are within organizational appetite at all times, and timely information is provided to shareholders and management so as to be aware of the risk level of the organization.

Target & Measures

Compliance team’s ability to provide compliant solutions and thereby act as a business enabler

Timely furnishing of comprehensive reports / dashboards to management and shareholders.

Teamwork

Promote collaborative approach to problem solving whereby the function appreciates business requirements and makes efforts to provide compliant and workable solutions within the risk appetite when faced with restrictions under the extant regulations.

Promote team work by involving team members in work related decision making

Identify learning and development opportunities for self to ensure competence of the team to handle and deliver functional responsibilities and facilitate succession planning

Target & Measures

Acceptability of the function within the business and operational management groups as a business enabler

Engagement levels of team members and their continued association within the organization and team

Operational Effectiveness & Control

Implementation of processes and systems and leveraging technology to streamline the function’s routine activities and also facilitate easy tracking

Review of Operational and other business processes and other areas which have a regulatory bearing, direct or indirect

Adopt a risk based framework for compliance, with focus of monitoring and initiatives on high risk areas and control weaknesses or issues identified during past compliance risk assessments

Target & Measures

Streamlined processes and systems for routine activities

Compliance role well defined and covering all areas of business and operations that have a regulatory impact

Risk based approach in compliance administration