Vertical Head

Purpose of this role is to

- Develop and manage execution of the Audit Strategy and Plan for Product and Actuarial Audits across key areas including Life Insurance business and operations, products and services, actuarial activities, covering the management of various risks such as Compliance risk, Legal risk, Fraud risk, Operational risk, Third party risk/Outsourcing risk, Financial risk, Reputational risk etc.

- Provide independent and objective assurance on adequacy and effectiveness of risk management and controls, and adherence to internal policies and procedures as well as applicable laws and regulations, through use of advanced integrated auditing concepts, technology and data analysis for achievement of the audit objectives

- The primary function of the role will be to develop and manage the audit strategy and plan for proactive and qualitative product and actuarial audits across ABSLI business/customer segments, factoring in the nature and scale of the business and operations, complexity of products, level and direction of risk, level of digitalisation and use of technology, use and involvement of third party vendors/partners, applicable laws and regulations, the organization strategy, culture and maturity.

- Develop audit strategies for identification and assessment of various risks in life insurance products/services, operations and actuarial activities, including Compliance risk, Legal risk, Fraud risk, Operational risk, Third party risk/Outsourcing risk, Financial risk, People risk, Reputational risk etc., and current maturity level of controls in these functions.

- Develop audit plans based on risk assessment and regulatory framework; ensure use of advanced integrated auditing concepts and extensive use of technology and data analysis for achievement of the audit objectives

- Plan and conduct product and actuarial audits testing ~5000+ controls across life insurance business/products/customer segments in ABSLI in accordance with the Policies, Procedures, Legal and Regulatory requirements, Internal Audit Standards, and leading best practices

- Develop processes for adequate and effective audit coverage of various risks across products/services, operations, actuarial activities in ABSLI.

- Keep audit procedures and checklists current and updated keeping pace and aligned with changes in internal policies/guidelines as well as legal/regulatory changes and evolving industry best practices.

- Develop specialised audit team for timely and quality execution of complex and specialised audit reviews.

- Ensure timely completion of audit plan and projects along with quality of audits, and meet with all audit documentation and reporting requirements as per audit policy and procedures and leading best practices

- Implement a continuous monitoring process for ongoing assessment of various risks arising from life insurance products/services, operations, actuarial activities in ABSLI such as Compliance risk, Legal risk, Fraud risk, Operational risk, Third party risk/Outsourcing risk, Financial risk, People risk, Reputational risk etc. to ensure, timely identification and resolution of significant risk and control issues; Identify and develop ~3000+ automated tests for monitoring effectiveness of controls on an ongoing basis.

- Active and Proactive Engagement with the Business and Functional leaders on developing and enhancing the maturity level of the controls benchmarking with the leading best practices

Key of Audit Strategy and Plan

- Develop audit strategies for identification and assessment of various risks in life insurance products/services, operations and actuarial activities, including Compliance risk, Legal risk, Fraud risk, Operational risk, Third party risk/Outsourcing risk, Financial risk, People risk, Reputational risk etc., and current maturity level of controls in these functions.

- Develop audit plans based on risk assessment and regulatory framework; ensure use of advanced integrated auditing concepts and extensive use of technology and data analysis for achievement of the audit objectives

Execution of Audit Strategy and Plan

- Effective management and execution of the audit plan in accordance with the Policies, Procedures, Legal and Regulatory requirements, Internal Audit Standards, and leading best practices for proactive identification and remediation of various risks including Compliance risk, Legal risk, Fraud risk, Operational risk, Third party risk/Outsourcing risk, Financial risk, People risk, Reputational risk etc.

- Conduct product and actuarial audits testing ~5000+ controls across life insurance business/products/customer segments in ABSLI in accordance with the Policies, Procedures, Legal and Regulatory requirements, Internal Audit Standards, and leading best practices. These include controls related to distribution of products, actuarial valuations, claim settlements, operational activities related to customer onboarding and servicing etc.

- Conduct risk-based, thematic and specialised audit reviews to assess the adequacy and effectiveness of the risk management and controls covering various key activities and areas such as distribution of products, actuarial valuations, customer onboarding and servicing, legal and compliance risk management, fraud risk management, operational risk management, third party risk/outsourcing risk management, etc.

- Conduct review of application controls (automated business process controls) in the applications used for areas related to life insurance products/services and actuarial activities such as distribution of products, customer onboarding and servicing, claim settlements, actuarial valuations, etc. to assess adequacy and effectiveness of the controls

- Provide effective recommendations for improvements to the organization policies, processes and practices based on leading industry practices and emerging risks

- Develop processes for adequate and effective audit coverage of various risks across products/services, operations, actuarial activities in ABSLI.

- Keep audit procedures and checklists current and updated keeping pace and aligned with changes in internal policies/guidelines as well as legal/regulatory changes and evolving industry best practices

- Ensure timely completion of audit plan and projects along with quality of audits, and meet with all audit documentation and reporting requirements as per audit policy and procedures and leading best practices

- Active engagement with stakeholders for implementation of recommendations for effective risk mitigations and improvement in the control environment

- Proactive engagement with regulators on internal audit related matters to meet the regulatory expectations from internal audit

Continuous Monitoring

- Develop strategies for identification of triggers / risk hotspots and conduct unplanned reviews / investigations based on various triggers/ hot spots, directives received from regulators, board committees and senior management

- Keep abreast of the emerging audit trends and drive key audit initiatives for efficient and effective achievement of the audit objectives

- Implement an effective continuous monitoring framework for ongoing monitoring of risk relating to various business segments, products, channels, processes and units; Identify and develop ~3000+ automated test for ongoing monitoring of various inherent risks across the lines of business/segments/products/channels in ABSLI

Communication and Stakeholder Engagement

- Effective communication and reporting to various stakeholders including regulators, board committee and senior management

-Proactive engagement with regulators on internal audit related matters to meet the regulatory expectations from internal audit

People Management

- Develop specialised audit team for execution of complex and specialised audit reviews covering risk management and controls across various risks including Compliance risk, Legal risk, Fraud risk, Operational risk, Third party risk/Outsourcing risk, Financial risk, People risk, Reputational risk etc.

- Develop, nurture and grow talent through effective employee engagement and management

Continuous development of self and the team through regular learning and sharing of knowledge / best practices.