Sr. Team Member - Insurance Compliance Auditor

Job description - The person will be responsible for conducting independent compliance-based process audits and reviews of the internal dept. processes, procedures, and practices to ensure adherence to all applicable IRDAI and other regulatory regulations, as well as internal policies and procedures related to insurance operations. This role involves assessing compliance risks, identifying potential gaps, and recommending corrective actions to maintain a robust and compliant operational environment.

Responsibilities :

• Plan, execute, and document compliance audits.
• Evaluate the effectiveness of internal controls designed to ensure compliance with insurance laws, regulations, and company policies.
• Review various aspects of insurance operations, including underwriting, claims handling, policy servicing, distribution compliances, marketing, and agent licensing.
• Identify and assess compliance risks and recommend strategies to mitigate those risks.
• Gather, analyze, and interpret data to identify trends, potential non-compliance issues, and areas for improvement.
• Prepare clear, concise, and objective audit reports summarizing findings, conclusions, and recommendations.
• Communicate audit findings and recommendations to management and follow up on the implementation of corrective actions.
• Stay up-to-date on changes in insurance laws, regulations, and industry best practices.
• Collaborate with other departments to promote a culture of compliance.
• Assist in the development and maintenance of compliance policies and procedures.
• Perform other related duties as assigned.

Experience : 3 to 5 years