Manager - Bancassurance Internal Control
Only person with relevant experience in Insurance Audit & Compliance should apply
Brief Objective of Position & Its Contribution to the Business
Responsible for 1st line of defence for Bancassurance Vertical :
- Established a sound regulatory compliance framework, regulatory engagement & policy advocacy program.
- Build strong regulatory engagement & direct liaison with all functions and insurance partners
- Draw a detailed and efficient process for implementing all applicable regulations by RBI, IRDAI, PFRDA & SEBI for Insurance and Investment Business
- Always ensure and be ready with all functions for regulatory compliance and audit.
- Represent the Bank in various industry bodies of digital, fintech other working groups on regulatory policies, advocacy programs.
- Create regulatory knowledge for new and renewals of licenses and related registrations.
Key Responsibilities :
Ensure Compliances pertaining to Insurance, NPS, PFRDA, PMJJBY, PMSBY, DEMATE.Ensure IRDA SP & POSP Certification as per regulatory normsImplement all regulatory framework & policies & internal governance policies along with all insurance partner in sales and service.Liaison with Regulators & Industry bodies for regular updatesEvaluate the impacts of any new regulation, decision, ability to anticipate issues and proactively create a solution for open gaps and risksNew product & Process approvals Ensure applicability of law like data protection, new license regulations and structure / reporting.Build process around regulatory compliance requirementsNew product & Process approvals Ensure applicability of law like data protection, new license regulations and structure / reporting.Design and implement Sales Process Reviews across all channels - DST, Telesales, Web Sales, Group Insurance, POS channels.Conduct Compliance Training Sessions in New Employee Orientation in BancassuranceSet up complete monitoring and tracking program, checklist rollout, Action trackers and reportsReview all marketing collaterals, literature, factsheets, communiques, and communicationsRegulatory reporting - Filings monthly / Quarterly report reports, Annual Audit Certification, and independent auditsMonitoring of AML / FATCA compliance and its reportingConducting and arranging Committee meetings - valuation committee, investment committeeLiaison with Internal auditors and statutory auditors and effectively handling SEBI, IRDA, PRFDA inspectionsWorking with Company Secretary to ensure Compliance with ROC proceduresPreparation of required material for board meetingsJob Specification (Competencies required to perform the role) :
Qualifications : Chartered Accountant / MBA Finance (addl. qualification of CS / LLM will be added advantage.
Minimum 3-5 years post-qualification in regulatory, legal and compliance function with direct engagement with financial sector regulators like RBI, SEBI, IRDAI, PFRDAI.In-house regulatory or compliance portfolio of financial services company handling inspection and audit by regulators, direct engagement with regulators.Functional Competencies :
Advance Excel with VB and Macros, Reporting skills and PresentationCommitted and ready to work under constraints / pressure.Liaison skills and ability to participate in industry associations, fintech committees and place the company's viewpoint on regulatory enablement and issues.Demonstrated ability to handle regulatory inspections and audits independently.High degree of professional ethics and integrity, Excellent judgement and analytical skills, good interpersonal skillsStrong & Effective communication and influencing skillsBehavioural Competencies :
Self-Driven & ProactiveResult Oriented with a positive outlookWell-presented and business-like - Good speaking & writing skillsStable career history, Exceptional work ethic & drive, Willing to travel(ref : iimjobs.com)