Regulatory, Risk & Compliance - Manager (Insurance)

Michael Page; Mumbai; On-site; INR 1,000,000 - 1,500,000; Full time

Benefits offered by this job

Professional development

Collaborative work environment

Job summary

Michael Page is seeking a Compliance Manager in Mumbai, India. The role involves developing risk and compliance frameworks, ensuring adherence to regulatory requirements, and managing broker relationships.

The ideal candidate has 6 to 15 years of experience, preferably with international exposure, particularly in the UK or US. Opportunities for professional development and a supportive work environment are offered.

Qualifications

• 6 to 15 years of experience in compliance, risk, or regulatory roles.
• International exposure, ideally with UK or US regulations.
• Experience in the insurance industry.

Responsibilities

• Develop risk and compliance frameworks for International Underwriting.
• Lead regulatory reporting and compliance reviews.
• Prepare responses to regulatory inquiries and audits.

Skills

Analytical skills

Regulatory knowledge

Relationship management

Risk identification

Job description

• Global Firm
• Opportunity to work for multiple geographies

About Our Client

Founded in 2010, they are a service provider of specialty products and solutions for insurance brokers, agents, and carriers, provides distribution, underwriting, product development, administration, and risk management services by acting as a wholesale broker and a managing underwriter with delegated authority from insurance carriers

Job Description

• Under the direction of Assistant General Counsel, International, develop risk and compliance frameworks, policies and procedures, for the International Underwriting business.
• Lead the preparation and submission of regulatory reports as per prescribed formats and guidelines.
• Ensures compliance with regulatory requirements by conducting compliance reviews, identifying, and addressing compliance gaps and recommending corrective actions.
• Oversees the development and implementation of compliance monitoring and testing programs to ensure ongoing adherence to regulatory requirements.
• Partners with senior management to develop and implement regulatory reporting policies, processes, and procedures in alignment with regulatory standards.
• Leads opportunity identification for regulatory process enhancement, automation, and optimization to improve the efficiency and accuracy of regulatory reporting.
• Oversees internal and external audits and inquiries by providing required documentation, explanations, addressing audit findings and implementing corrective actions as necessary.
• Leads the preparation and submission of regulatory filings and reports to relevant authorities, maintains accurate records of all submissions.
• Assist in initial review of standard legal and regulatory documentation, including delegated authority arrangements, NDAs and TOBAs.
• Managing broker relationships and documentation for the international group entities.
• Prepares reports on upcoming legal, risk and compliance developments to assist in wider horizon scanning for international.
• Prepares responses to inquiries from regulatory agencies and facilitates inspections or audits as necessary.Contributes to the design and delivery of training programs to educate employees on regulatory requirements, promoting a culture of compliance within the organization.
• Monitors and assesses the impact of emerging regulatory trends on business operations, provides strategic recommendations to senior management.
• Stays abreast of changes in laws, regulations, and industry standards affecting the insurance sector and provides timely updates to internal stakeholders.

The Successful Applicant

A successful Compliance Manager should have:

• Must have 6 to 15 years of experience
• International exposure is mandatory, preferably UK or US.
• Knowledgeable of all applicable regulations and guidance which apply to the business group(s) supported.
• Keen analytical skills and ability to proactively identify regulatory risk.
• Ability to foster and maintain strong positive relationships with senior management and industry contacts to ensure up-to-date knowledge of product, regulatory, technological and other developments.
• Experience in a regulatory, risk, compliance or related role with relevant international experience.
• Experience of working in Insurance.
• Experience of managing a team of professionals

What's on Offer

• Opportunities for professional development and career progression.
• Supportive and collaborative work environment.