Head - Internal Assurance and Fraud Control - Insurance

1 week ago

Mumbai, Maharashtra, India Michael Page Full time
Responsible for developing, implementing & overseeing fraud control programsLeadership role with a leading life insurer

About Our Client

Client is one of the leading life insurers.

Job Description

1. Fraud Prevention and Investigation:
* Develop and implement a robust fraud risk management framework,
encompassing prevention, detection, and investigation.
* Establish and maintain a system for reporting and investigating
suspected fraud incidents, including policy fraud, agent fraud, and
internal fraud.
* Conduct thorough investigations of fraud allegations, gathering
evidence and preparing detailed reports.
* Implement fraud detection and prevention technologies and tools.
* Collaborate with law enforcement agencies and regulatory bodies on
fraud investigations as needed.
* Analyse fraud trends and develop strategies to mitigate future risks.
* Establish and maintain a Whistle-blower program.
2. Internal Assurance:
* Develop and execute a risk-based internal assurance plan to evaluate
the effectiveness of internal controls, risk management processes, and
operational efficiency.
* Conduct independent reviews and audits of various departments and
processes, identifying areas for improvement and recommending
corrective actions.
* Assess the adequacy and effectiveness of internal control systems to
mitigate financial and operational risks.
* Evaluate the company's compliance with internal policies and
procedures.
* Prepare detailed audit reports and present findings to senior
management and the Audit Committee.
* Monitor the implementation of corrective actions and follow up on
audit recommendations.
* Provide advisory services to management on internal control and risk
management best practices.
* Assess operational efficiency and identify areas for cost optimization.
* Conduct reviews of claims processing, underwriting and other core life
insurance functions.
* Conduct system audits to ensure data integrity and security.
3. Leadership and Management:
* Lead and manage the internal assurance and fraud control team,
providing guidance, training, and development opportunities.
* Foster a culture of ethical conduct, integrity, and professionalism.
* Build and maintain strong relationships with key stakeholders, including
senior management, regulators, and external auditors

The Successful Applicant

* 15 years' experience in fraud investigation and internal audit/assurance
roles within the life insurance industry.
* Strong understanding of internal control frameworks (, COSO) and
risk management principles.
* Proven track record of conducting effective fraud investigations and
internal audits.
* In-depth knowledge of the Companies Act and other relevant corporate
governance regulations.
* Excellent analytical, problem-solving, and decision-making skills.
* Strong communication, interpersonal, and presentation skills.
* Ability to work independently and as part of a team.
* Strong leadership and management skills.
* Experience in dealing with regulatory authorities.
* Experience with data analytics and audit software.

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