Lead Internal Auditor

Universal Sompo General Insurance Co. Ltd.; Mumbai; On-site; INR 1,400,000 - 2,400,000; Full time

Job summary

Universal Sompo General Insurance Co. Ltd. seeks a Lead Internal Audit to plan, execute, and manage audits across business functions, branches, and corporate offices, evaluating internal controls, risk management, governance frameworks and regulatory compliance.

The role strengthens control mechanisms, drives continuous process improvement and reports findings to senior management and audit committees, coordinating with external auditors, regulators, and other assurance functions as required.

Qualifications

• Experience leading risk-based internal audits across multiple functions.
• Strong understanding of governance, risk management and regulatory requirements.

Responsibilities

• Lead and execute risk-based internal audits across operational, financial, regulatory, and business processes.
• Develop audit plans, scope documents, audit programs, and test procedures in line with approved audit methodologies.
• Assess the adequacy and effectiveness of internal controls, governance processes, and risk management frameworks.
• Conduct audits covering underwriting, claims, finance, investments, distribution, reinsurance, operations, IT and support functions.
• Identify control gaps, process inefficiencies, compliance issues, and potential risks; recommend practical corrective actions.
• Prepare detailed audit reports highlighting observations, root causes, risk implications, and management recommendations.
• Track audit observations and ensure timely closure of agreed action items.
• Monitor compliance with IRDAI regulations, corporate policies, SOPs, and industry best practices.
• Present audit findings and recommendations to senior management and audit committees as required.

Skills

Internal Audit

Risk Assessment

Governance

Regulatory Compliance

IRDAI Regulations

Education

Chartered Accountant

Job description

The Lead Internal Audit will be responsible for planning, executing, and managing internal audits across business functions, branches, and corporate offices to evaluate the effectiveness of internal controls, risk management practices, governance frameworks, and regulatory compliance. The role will support the organization's objective of strengthening control mechanisms and driving continuous process improvement.

Role & Responsibilities

• Lead and execute risk-based internal audits across operational, financial, regulatory, and business processes.
• Develop audit plans, scope documents, audit programs, and test procedures in line with approved audit methodologies.
• Assess the adequacy and effectiveness of internal controls, governance processes, and risk management frameworks.
• Conduct audits covering underwriting, claims, finance, investments, distribution, reinsurance, operations, IT and support functions.
• Identify control gaps, process inefficiencies, compliance issues, and potential risks; recommend practical corrective actions.
• Prepare detailed audit reports highlighting observations, root causes, risk implications, and management recommendations.
• Track audit observations and ensure timely closure of agreed action items.
• Support special reviews, investigations, forensic assignments, and management-requested audits where required.
• Coordinate with external auditors, statutory auditors, regulators, and other assurance functions.
• Monitor compliance with IRDAI regulations, corporate policies, SOPs, and industry best practices.
• Assist in enhancing audit methodologies, risk assessment frameworks, and audit analytics capabilities.
• Present audit findings and recommendations to senior management and audit committees as required.

Qualification:

Chartered Accountant

Industry Preference:

General Insurance / Insurance / Banking / NBFC / Financial Services