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AU Small Finance Bank - Manager - Internal Control - Bancassurance

AU Small Finance Bank - Manager - Internal Control - Bancassurance

AU SMALL FINANCE BANK LimitedMumbai, India
16 days ago
Job description

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 norms
  • Implement all regulatory framework & policies & internal governance policies along with all insurance partner in sales and service.
  • Liaison with Regulators & Industry bodies for regular updates
  • Evaluate the impacts of any new regulation, decision, ability to anticipate issues and proactively create a solution for open gaps and risks
  • New product & Process approvals Ensure applicability of law like data protection, new license regulations and structure / reporting.
  • Build process around regulatory compliance requirements
  • New 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 Bancassurance
  • Set up complete monitoring and tracking program, checklist rollout, Action trackers and reports
  • Review all marketing collaterals, literature, factsheets, communiques, and communications
  • Regulatory reporting - Filings monthly / Quarterly report reports, Annual Audit Certification, and independent audits
  • Monitoring of AML / FATCA compliance and its reporting
  • Conducting and arranging Committee meetings - valuation committee, investment committee
  • Liaison with Internal auditors and statutory auditors and effectively handling SEBI, IRDA, PRFDA inspections
  • Working with Company Secretary to ensure Compliance with ROC procedures
  • Preparation of required material for board meetings
  • Job 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 Presentation
  • Committed 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 skills
  • Strong & Effective communication and influencing skills
  • Behavioural Competencies :

  • Self-Driven & Proactive
  • Result Oriented with a positive outlook
  • Well-presented and business-like - Good speaking & writing skills
  • Stable career history, Exceptional work ethic & drive, Willing to travel
  • (ref : iimjobs.com)

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