Sr Manager - Compliance

Tata AIA Life Insurance; Mumbai; On-site; INR 1,800,000 - 2,800,000; Full time

Job summary

Tata AIA Life Insurance seeks a senior compliance professional to provide extensive legal research, evaluate industry benchmarks, and opine on business initiatives under IRDAI regulations.

You will disseminate regulatory notifications, analyze impacts of new laws, maintain regulatory change repositories, and partner with business units to implement compliant sales models while driving training and automation initiatives.

Qualifications

• Essential: LLB/CA/CS or equivalent.
• Experience: IRDAI regulations.

Responsibilities

• Provide extensive legal search and benchmark analyses for business initiatives.
• Disseminate regulatory notifications and analyze impact of new laws.
• Maintain a repository of regulatory changes for timely access.
• Advise on implementations of laws and regulatory provisions.
• Draft responses to Show Cause Notices and coordinate with regulators.
• Train employees and channel partners on compliance policies.

Education

LLB/CA/CS or equivalent

Job description

A. Position Overview Role Summary

Providing extensive legal search and evaluating industry benchmark to opine on various business initiatives and legal/regulatory provisions; Responsible for dissemination of the regulatory notifications, carry out impact analyses on new laws and ongoing monitoring of implementation;

Maintaining repository of all regulatory changes to ensure its timely availability; Providing legal advise on issues pertaining to implementations of laws; Providing well researched inputs to shape new laws and regulations within prescribed timelines; Partnering with business to implement new laws, regulations, initiatives and distribution tie-ups smoothly; Ensuring proper drafting of response to Show Cause Notice issued by the IRDAI and other statutory authorities within prescribed timelines; Partnering with various functions to implement initiatives and negotiate new distribution tie-ups smoothly as per timeline; Ensuring proper review of internal operational processes set forth by different functions with the objective to mitigate the risk of regulatory noncompliance and litigious situations by setting things first time right; Spreading Compliance awareness across the functions by imparting training on new laws and regulations; Supporting business by proactively participating in different meetings and giving inputs from Compliance point of view.

B. Organizational Relationships

Reports To: Assistant Vice President - Compliance

Supervises: Managers, Assistant Managers, Executive Compliance

Geographic Area Covered: PAN India (process management - operational compliance Compliance)

Stakeholders Internal: All User Departments (Operational Compliance adherence and reviews)

Stakeholders External: IRDA (Reporting, policy clarifications) External Advisory (investigations) AIA (reporting)

C. Key Result Areas

Enabling Business with cutting edge legal and compliance support

Extensive legal search and evaluating industry benchmark to opine on various business initiatives. Disseminate regulatory notifications, carry out impact analyses on new laws and ongoing monitoring of implementation

Maintain repository of all regulatory changes to ensure its timely availability

Partnering with business in implementing new laws and regulations

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

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

Structure the derivative contracts as per the requirements of the investment department

Partnering with internal department in all matters requiring compliance support

Coordinating with the regulator on various issues to enable business team to find quick solutions

Keeping in view of the business requirements and industry view, provide recommendations to IRDAI on exposure drafts

Impart training to employees as well as to channel partners on Compliance policies, standards of the company, new laws and regulations issued by the Authority

Implementation of processes and systems and leveraging technology to streamline the function s routine activities and also facilitate easy tracking

Drive automation project for Compliance Areas

Conduct follow-up and review to ensure gaps identified are remediated within the agreed timelines

E. Incumbent Characteristics

Essential: LLB/CA/CS or equivalent

Experience: IRDAI regulations