Manager – Compliance & Risk – Insurance Distribution Skillventory

The Corporate Institute; Mumbai; On-site; INR 1,500,000 - 2,500,000; Full time

Job summary

The Corporate Institute is seeking a Compliance and Risk Management professional to oversee IRDAI regulatory adherence across multiple distribution channels. The role focuses on governance, documentation, and systems controls to ensure compliant growth across POSP, Embedded Insurance, Extended Warranty, and Worksite models.

You will work with Compliance, Legal, Audit, Product, IT, and business teams, plus insurance partners, to identify, mitigate operational and data risks and implement

Qualifications

• Experience with IRDAI regulations and insurance distribution channels is preferred.
• Strong understanding of regulatory compliance, risk management, and governance.
• Ability to coordinate across Compliance, Legal, Audit, Product, IT and business teams.

Responsibilities

• Ensure end-to-end IRDAI regulatory compliance across POSP, Embedded Insurance, Extended Warranty and Worksite distribution models.
• Oversee risk controls in financial processes, data privacy, and third-party partnerships.
• Coordinate with internal teams and insurance partners to implement regulatory changes.

Job description

Role Overview:

This role will be responsible for handling Business Compliance, Legal Coordination, and Risk Management across multiple distribution channels and ensuring end-to-end compliance with IRDAI regulations, identifying and mitigating operational, financial, digital, and data-related risks, and enabling compliant growth across POSP, Embedded Insurance, Extended Warranty, and Worksite distribution models. The role requires cross-functional collaboration with internal Compliance, Legal, Audit, Product, IT, and Business teams, as well as insurance partners.

Key Responsibilities:

1. POSP Channel Compliance & Governance

• Ensure compliance with IRDAI guidelines for digital POSP onboarding, KYC, background verification, training, examination, certification, and appointment.
• Review and approve onboarding journeys, documentation flows, consent mechanisms, and disclosures from a compliance perspective.
• Ensure audit-ready documentation and evidence for POSP onboarding at all times.
• Ensure training content, assessment modules, and certifications adhere to IRDAI norms.
• Monitor POSP selling behaviour on the portal to ensure compliance with product disclosures, suitability, and solicitation norms.
• Implement checks to prevent mis-selling, unauthorized selling, or policy issuance deviations.
• Define and monitor compliance checks embedded within the POSP portal including product eligibility validations, sales journey disclosures, mandatory consent capture, and restricted product access.
• Work with tech teams to build preventive controls, validations, and system-based risk checks.

2. Insurance Partner Compliance & Distribution Risk Management

• Ensure all insurer partnerships, agreements, processes, and business flows comply with IRDAI regulations and legal team.
• Review and monitor insurer-specific compliance requirements and ensure alignment in POSP and digital journeys.
• Identify and mitigate risks arising from deviations in insurer processes or claims handling.
• Act as the SPOC for compliance discussions with insurer partners.

3. Financial Compliance & Risk Management

• Oversee compliance and risk controls around pay-in and pay-out processes, commission structures, and incentive payouts.
• Identify financial reconciliation risks, leakage risks, and payout anomalies across distribution channels.
• Work closely with Finance teams to ensure compliance with commission caps, disclosures, and IRDAI norms.
• Ensure audit trails and documentation for all financial transactions.

4. Data Privacy, Security & Regulatory Compliance

• Ensure compliance with data protection, data storage, data sharing, and consent frameworks across all channels.
• Review data flows between POSP portal, insurer systems, partners, and internal platforms.
• Identify data exposure, misuse, or breach risks and recommend mitigation measures.
• Ensure adherence to IRDAI data governance guidelines and internal information security policies.

5. Embedded Insurance, Extended Warranty & Worksite Channel Compliance

• Ensure IRDAI-compliant structuring of Embedded Insurance programs across partners and platforms.
• Oversee compliance and risk controls for Extended Warranty distribution model.
• Ensure Worksite Insurance distribution adheres to legal requirements.
• Review partner contracts, distribution models, and digital journeys for regulatory compliance.

6. Product, Policy Issuance & New Initiative Risk Assessment

• Conduct compliance and risk reviews for new products, pilots, and partnerships before go-live.
• Review policy issuance flows, endorsements, renewals, and cancellations for compliance adherence.
• Identify regulatory risks early and propose controls before launch.
• Support product and business teams in designing compliant distribution models.

7. Regulatory Monitoring & Continuous Compliance

• Track day-to-day changes in IRDAI regulations, circulars, guidelines, and advisories.
• Translate regulatory updates into actionable business and system changes.
• Ensure timely implementation and communication of regulatory changes across teams and maintain a central compliance tracker.

8. Coordination with Compliance, Legal & Audit Teams

• Act as a bridge between Business teams and central Compliance, Legal, and Internal Audit functions.
• Address audit observations, regulatory findings, and risk issues.
• Ensure timely closure of audit points and corrective actions.
• Support regulatory inspections and internal/external audits with accurate data and documentation.