Senior Manager

2 months ago


Mumbai, India Tata AIA Life Insurance Full time

A Position Overview

Position Title

Senior Manager - Compliance

Department

Compliance

Level/Band

501

Location

Mumbai

Role Summary:   

Partnering with business to comply laws, regulations, initiatives and distribution tie-ups smoothly. Drive Implementation of various notifications from Authorities by coordinating with various teams and ensure timely implementation. Providing legal advise on issues pertaining to implementations of laws/ exposure drafts from Regulator and other Authorities.  Maintaining repository of all regulatory advisory to ensure its timely availability.  Providing extensive legal search and evaluating industry benchmark to opine on various business initiatives and legal provisions including international laws. Compliance testing/review of the Implemented Regulations to ensure no implementation gaps.  Ensure timely submission of periodic regulatory reports.  Ensuring drafting, vetting and execution of contracts to be entered into by the Company with distributors (agents, corporate agents, brokers, web aggregators) and put in place measures for effective contract management with the objective of protecting the interests of the Company and mitigating legal and contractual risks.  Facilitating business teams for timely advertisement approvals and ensuring timely regulatory filings of the advertisement.  Formulating SOPs, process or policies for internal stakeholders. Spreading legal and compliance awareness across the functions by imparting training on laws and regulations.  Responsible for driving compliance culture in the organization through right messaging and tone at the top through increased engagement, platforms and initiatives. 

B Organizational Relationships

Reports To

AVP/VP – Compliance 

Supervises

Regulatory Compliance 

C Job Dimensions

Geographic Area Covered

Pan India 

Stakeholders Internal

All functions 

D Key Result Areas

Regulatory Implementation/ Reporting

Drive Implementation of various notifications from Authorities by coordinating with various teams and ensure timely implementation. Providing legal advise on issues pertaining to implementations of laws/ exposure drafts from Regulator and other Authorities.  Maintaining repository of all regulatory advisory to ensure its timely availability.  Providing extensive legal search and evaluating industry benchmark to opine on various business initiatives and legal provisions including international laws. Ensure timely submission of periodic regulatory reports. 

Compliance Acceptance testing

Compliance Acceptance testing to check that the Notifications are implemented as per Regulatory requirement. Detailed scoping of the requirement of the Regulation and performing detailed testing to evaluate the adequacy of Implementation. Proactive identification, and resolution of identified gaps on timely basis with the help of first line of defence.

Regulatory Advocacy

Provide well researched opinion on the business initiatives.  Maintain repository of all regulatory opinions to ensure its timely availability. Advise and provide clarifications to operations personnel on the regulatory provisions so as to ensure that the processes are modeled and executed in line with the same.  Partnering with internal department in all matters requiring compliance support.  Coordinating with the internal stakeholders on various issues to enable business team to find quick solutions.  Support business teams in designing sales models which are in compliance with the regulations.  Structuring and negotiation of various contracts entered into with distributors (agents, corporate agents, brokers, web aggregators, insurance marketing firm etc) and ensuring that the same are in line with regulatory requirements.  Keeping in view of the business requirements and industry view, provide recommendations to on regulatory exposure drafts.  Impart training to employees as well as to channel partners on legal and compliance policies, standards of the company, laws and regulations issued by the Authority.

Drive Compliance Culture

Drive compliance culture in the organization through communication plan.  Drive zero tolerance policy and socializing its importance in the organization. Sharing best compliance opinion through internal learning, research, ascertaining best practices in the insurance sector. 

E Skills Required

Technical

Good Knowledge of MS Office

Behavioral 

Essential

Desired

Interpersonal skills

Communication skills

Analytical Thinking 

Negotiation and Drafting

Teamwork Skills

Influencing skills

Relationship Building skills

Decision making skills

Incumbent Characteristics

Essential

Desired

Qualification

LLB/CA

CS

Experience

3+ years

Experience in compliance/ legal roles


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