Manager - Compliance

Role description

Position Overview:

Position Title

Manager - Compliance

Department

Compliance

Level/Band

401

Location

Mumbai

Reports to

Assistant Vice President – Compliance

Role Summary:

·        Provide extensive legal search and evaluating industry benchmark to opine on various business initiatives and legal provisions.

·        Review product and marketing communications to ensure regulatory compliance.

·        Support in compliance audits, inspections, and governance-related activities.

·        Maintain repository of all regulatory advisory to ensure its timely availability.

·        Provide legal advisory on regulatory matters applicable to the insurance sector.

·        Partner with business to comply laws, regulations, initiatives and distribution tie-ups smoothly.

·        Formulate SOPs, process or policies for internal stakeholders.

·        Ensure proper review of internal operational processes set forth by different functions with the objective to mitigate the risk of regulatory non-compliance and litigious situations by setting things first time right.

·        Ensure implementation and compliance with the Digital Personal Data Protection Act.

·        Spread legal and compliance awareness across the functions by imparting training on laws and regulations.

·        Responsible for driving compliance culture in the organization through right messaging and tone.

Key Result Areas:

Regulatory Advocacy

·        Provide well researched opinion on the business initiatives.

·        Maintain repository of all regulatory opinions to ensure its timely availability.

·        Support business teams in designing sales models in compliance with the regulations.

·        Advise and provide clarifications to operations personnel on the regulatory provisions to ensure that the processes are modeled and executed in line with the same.

·        Partnering with internal department in all matters requiring compliance support.

·        Coordinating with the internal stakeholders on various issues to enable business team to find quick solutions.

·        Keeping in view of the business requirements and industry view, provide recommendations to on regulatory exposure drafts.

·        Impart training to employees as well as to channel partners on legal and compliance policies, standards of the company, laws and regulations issued by the Authority.

·        Provide support on internal reporting.

Marketing Compliance

·        Facilitating business teams for timely advertisement approvals.

·        Ensuring timely regulatory filings.

·        Providing support in maintaining internal documentation for audit and       regulatory inspections.

·        Actively participate in product group meetings and provide legal inputs.

·        Handling and managing queries from regulator.

·        Implementation of new process for approval and leveraging technology to streamline the routine activities.

·       Handling the reviews as per the defined plan.

Data Privacy Compliance

·        Ensure organizational readiness and compliance with the Digital Personal Data Protection (DPDP) Act.

·        Support the implementation of data privacy frameworks, policies, and training.

·        Liaise with internal stakeholders on data processing activities, consent management, and breach protocols.

Drive Compliance Culture

·        Drive compliance culture in the organization through communication plan.

·        Drive zero tolerance policy and socializing its importance in the organization.

·        Sharing best compliance opinion through internal learning, research, ascertaining best practices in the insurance sector.

Skills Required:

·        Strong knowledge of IRDAI regulations and the insurance regulatory landscape.

·        Expertise in contract law, regulatory laws, and data privacy.

·        Excellent communication and stakeholder management skills.

·        Attention to detail with the ability to manage multiple compliance priorities.

·        Strong analytical, documentation, and reporting capabilities.

Qualifications & Experience:

• CS or LLB from a reputed institution.


• 5–8 years of experience in legal, compliance, or regulatory roles, preferably in insurance or BFSI sector.


• Prior experience in regulatory filings, liaisoning with Regulators, and data privacy compliance is desirable.