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