Risk Management Specialist

Job Title:

A Risk Management Specialist

Our organization is seeking an experienced Compliance Officer to join our team. The ideal candidate will have 4-8 years of experience in a similar domain.

• The Compliance Officer will be responsible for ensuring all regulatory submissions are periodically uploaded in the IRDA portal, post concurrence with relevant stakeholders.
• He/She will be aware of the process of submission of regulations, which include new business submissions, schedules submissions, SP submissions, complaints submissions, financial statements submissions, and compliance certificate as applicable.
• The officer will register maintenance, track, align, ensure, and coordinate with respective business units and BIU teams for regulatory registers maintained in an appropriate format and submitted to IRDAI.
• He/She will communicate with regulators as per regulations, including branch opened and closed data, directorship change, regulatory charges levied, etc.
• IIB Envoy Portal Update: All salespersons and SP details need to be uploaded, tracked, and reviewed periodically.
• IRDAI CA/ISNP/Envoy License Renewal: Ensure all applicable licenses are availed, procured, and renewed with the applicable timelines as per guidelines and coordinate with relevant stakeholders on licensing applicability, repository maintenance.
• NOC issuance & Detagging Pan in IRDAI portal: Issuing NOC for exited SP's and detagging PAN from IRDA & Envoy along with record keeping.
• Telemarketer License: Application of telemarketing license as per guidelines and submission of regulatory data to IRDAI as per stipulated guidelines.
• Renewal of IRDAI CA license, PO, ISNP, Envoy, any other licenses to be kept in track and to be renewed along with PO & relevant stakeholders.
• Regulatory Checklist maintenance: Tracking the regulatory checklist (IRDAI Data maintenance, Registers, timely submissions, grievances, etc.,) completely along with stakeholders.
• Reconciliations Tracking: Coordinate with finance, product teams, and insurers for reconciliation sign off every month, ensuring gaps identified in recon are followed up.
• Agreements maintenance: Maintain and track agreements of insurers, SLA's of insurers, Commission structure of insurers.
• Grievance tracking/Data maintenance: Track grievances from grievance team, insurers, and coordinating the resolution with insurers, business, product, and branch team. Maintain the grievance register as per regulatory requirement.
• Audit Initiation for Branch & Tracking: Provide the Audit Checklist and coordinate with functional audit team and track the audit resolution for branches.
• Compliance check on AML: Provide the checklist to compliance team of MFL and coordinate and track AML cases with internal & external stakeholders.
• Legal/Litigation Tracking: Bookkeeping litigation of insurance cases, open cases, updating the regulator as needed.
• Any other activity as delegated by the management & supervisor from time to time.

Requirements:

4-8 years of experience in a similar domain.

Responsibilities:

Ensure all regulatory submissions are periodically uploaded in the IRDA portal.

Communicate with regulators as per regulations.

Track and maintain regulatory registers.

Coordinate with respective business units and BIU teams.

Provide the Audit Checklist and coordinate with functional audit team.

Provide the checklist to compliance team of MFL and coordinate and track AML cases.

Bookkeeping litigation of insurance cases, open cases, updating the regulator as needed.

Benefits:

Opportunity to work with a reputable organization.

Competitive salary package.

Chance to develop skills and expertise in risk management.

Other Information:

Disclaimer: Please note that this job description is not intended to be exhaustive and the role holder may be required to perform other duties as reasonably requested by the line manager or senior leadership team.