SalaryUpto 23 LPALocationMumbaiIndustryBanking & Financial ServicesJob Description
Position Holder *
Assistant Vice President - Compliance
Legal & Compliance
Job Scope / Position Summary
The purpose of role is to handle Product compliance from start to end
Key Result Area
a. To support & ensure the distribution channels arrangements are within regulatory requirements
b. To support & ensure the business sourced by distribution channels meets the regulatory requirements
c. To advise and suggest the internal functions on Products, issuance of Policies, Payments of Commission, Remunerations & Rewards and other regulatory related matters
d. To advise respective functions including internal audit and risk management on business deliverables, acceptance of risk, reviewing of controls etc, to comply the Corporate Governance guidelines by the Respective Functions.
a. To review and ensure over all internal systems controls which are required to achieve compliance with respect to IRDAI regulations and Generali Policies.
b. To review and ensure products and procedures (Offline and Online) that are meeting regulatory requirements
c. To take part in product design, construction, pricing with Product development team and discuss and highlight the same to the PURMC during its meetings.
d. To review and ensure overall compliance of product filing procedure and controls at time of issuance of policies
e. To support functions during internal audits and inspections with respect to product regulations.
a. To monitor and ensure compliance of overall AML guidelines.
b. To monitor and review on CTRs and STRs
c. To monitor and review on customer screening with sanctioned lists
d. To prepare and publish AML training material to L&D to comply on training requirements
e. To ensure the uploading on CKYC on CERSAI portal.
f. To ensure timely reporting of AML to IRDAI and FIU
a. To support legal team in compliance of outsourcing regulations while drafting outsourcing arrangement agreements.
b. To legal team in finalising outsourcing returns/ reports to be filed with IRDAI.
c. To support legal team in compliance requirements for distribution Agreements
5. To nurture talent within the team and train them to take higher responsibility
a. Overall review and monitoring before compliance certifying the certificate to the Authority.
b. To review on policy and procedures of functions.
c. To ensures proper reporting of violations to keep the Corporate Compliance Committee of the d. Board and senior management informed of the operation and progress of compliance efforts;
Regular monitoring on policy issuance of policies sourced through different intermediaries; Adhoc report monitoring as per regulations and circular issued by the authority from time to time
1. IRDA Compliance
2. Business & Distribution Compliance
3. Product Compliance
4. AML Compliance
5. Outsourcing Compliance and Distribution Agreements
6. People Management
7. Monitoring Potential Risk with Compliance Risk
Qualification and Experience Requirement
CS / CA / Law – Should be Law + CA / Law + CS.
Only law alone will not be suitable
10+ years of experience in similar field preferably from GI or a combination of GI and Life exp.
Excellent spoken and written communication.
Substantial knowledge of IRDA compliance, should be aware of regulatory changes