Job Description

Job Purpose

The purpose of this job is to facilitate smooth internal audit and implement control effectiveness frameworks within operation function so as to ensure that the key process, system and file & use risks of the organisation are identified mitigated and controls are established. Also to facilitate closure of the open audit observations for all verticals in Operations and for vendors so as to effectively participate process control environment of the organization.

Job Context & Major Challenges

Job Context: The purpose of this job is to facilitate smooth internal audit and implement control effectiveness frameworks within operation function so as to ensure that the key process, system and file & use risks of the organisation are identified mitigated and controls are established. Also to facilitate closure of the open audit observations for all verticals in Operations and for vendors so as to effectively participate process control environment of the organization.

Job Challenges:

In a recessionary period or otherwise it is utmost important to look at the operations internally and look at how processes work. Improve the existing processes that could lead to potential downfall and create financial risk for the organisation and to the regulatory agency which can affect the day to day operations.
Coordinating with different Functions – with a view to integrate a smooth functioning of the various operations department and provide a birds eye view of the whole gamut of processes applicable to Polad, New Business, Claims, UW, Group Ops, Customer Service, Zonal Operations and vendors
Implementation of any regulatory requirements across the business
Compliance with the data / reports requirements for the operations team as specified by regulator/ regulatory intermediaries
To integrate external vendors with respect to process requirements of the organisation and help them mitigate risk & comply with the procedures as specified or agreed upon
Provide training to all stake holders on key process
Conceptualising, designing processes and implementing the same to mitigate risk (operational as well as financial) and potential fraud that will be avoided. Strengthen the existing systems and process on the basis of experience with the operations domain
In the current scenario, where business is in its growth phase, controls are all the more
imperative and that in itself is a challenge
To ensure that controls are implemented across the board. To liaise with various units like Compliance, Finance, sales, actuary etc.

Key Result Areas

KRA (Accountabilities) (Max 1325 Characters)Supporting Actions (Max 1325 Characters)

KRA1 To ensure internal audit for Operations which includes Polad, New Business, Claims, UW, Group Ops, Customer Service, Zonal Operations and vendors is smoothly conducted 1. Facilitate in defining the scope of internal audit for Operations such as Polad, New Business, Claims, UW, Group Ops and Customer Service

Data Sharing for internal audit review which contains query designing and data extraction from data base
Facilitate in vendor audits
Submission of Management responses
Finalization of risk ranking and functional sign off of the audit report from COO
Ensuring monthly audit updates are provided and open points are closed with evidences within target date
Preparation and submission of Audit committee actionable

KRA2 To close open audit observations for Operations which includes Polad, New Business, Claims, UW, Group Ops, Customer Service, Zonal Operations and vendors is done with satisfactory evidences as decided by audit committee and internal audit team 1. To send out reminders at set frequencies

Facilitate closure in collaboration with teams
Facilitate vertical head and function head approval as desired
Conduct review of internal controls for the closed observations

KRA3 To ensure adherence w.r.to IRDA regulations, Insurance Act and AML-for Operations which includes Polad, New Business, Claims, UW, Group Ops, Customer Service, Zonal Operations and vendors 1. Quarterly data submission to IRDA

Quarterly data submission to accounts to ensure periodic disclosure; L-39, L-40 and L-41
New/Amendments circular implementation/role of regulatory champion
Facilitate regulatory audit for operations in nature of onsite inspection, data submission and audit observation-responses submission
KYC versions implementations
Ad hoc data submission to regulators/statutory bodies such as IRDA, Parliament, economic wings, CBI, Ministry of Finance

KRA4 To ensure regulation on file and use is met and deviation on product specification is minimised or nil so as to ensure strategies for such key enterprise risk mitigation is in place and ensure timely submission of Risk management committee actionable. 1. Preparation and submission of Risk Management committee actionable

Carry out the product specification deviation analysis of function / team and report the operational losses (if any) to Risk Team,
Facilitate for rectification process of errors
Liaising with Risk Management in design of any new processes, systems and key procedures so that risk issues are addressed proactively and not as an afterthought
Facilitate to avail Key risk updates of the function
Monitoring of outsourcing vendor performance report
Review of ICP/RR policy

KRA5 To ensure outsourcing policies is adhered and all SLA is met in with regards to said regulation for all vendor operation team is associated to. 1. Adherence to the Outsourcing policies