Universal Sompo General Insurance – Lead – Internal Audit Universal Sompo General Insurance

The Corporate Institute; Mumbai; On-site; INR 2,000,000 - 4,000,000; Full time

Job summary

Universal Sompo General Insurance Company Limited seeks a Lead Internal Audit professional to oversee the risk-based audit function. You will guide the team, engage with senior stakeholders, and ensure robust internal controls and regulatory compliance across the organization.

Based in Mumbai, the role demands 8–15 years of relevant experience and on-site presence, with a strong background in finance, accounting and audit standards.

Qualifications

• Experience in internal auditing, risk assessment and control frameworks within financial services.

Responsibilities

• Design and execute a risk-based annual internal audit plan across all functions.
• Lead and mentor the internal audit team to deliver high-quality audits.
• Collaborate with department heads to identify operational risks and mitigate them.
• Present audit findings and recommendations to the Audit Committee and senior management.
• Monitor implementation of recommendations and sustain robust processes.
• Keep abreast of IRDAI guidelines and regulatory requirements to ensure compliance.

Skills

Internal auditing

Risk assessment

Control frameworks

Stakeholder management

Data analytics

IRDAI/regulatory knowledge

Education

CA/CIA/CISA

Tools

Audit software

Data analytics tools

Job description

Company Overview:

Universal Sompo General Insurance Company Limited is a prominent joint venture between Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corp, and Sompo Japan Insurance Inc. As a leading player in the Indian general insurance sector, the company provides a comprehensive suite of insurance solutions, including health, motor, property, and commercial insurance. With a strong pan-India presence, the organization leverages global expertise and local market insights to deliver robust financial protection to millions of retail and corporate customers.

Role Overview:

The Lead Internal Audit role is a strategic position responsible for overseeing the internal control environment and risk management framework of Universal Sompo. You will lead the audit function to ensure operational efficiency, regulatory compliance, and the integrity of financial reporting. Working closely with the senior leadership team and the Audit Committee, you will drive a risk-based audit approach that identifies vulnerabilities and provides actionable insights to strengthen the companys governance standards. This role is pivotal in maintaining the trust of stakeholders and ensuring the organization remains resilient in a dynamic insurance landscape.

Key Responsibilities:

• Design and execute a comprehensive, risk-based annual internal audit plan to evaluate the effectiveness of internal controls across all business functions.
• Lead and mentor the internal audit team to conduct high-quality audits, ensuring timely delivery and adherence to professional standards.
• Collaborate with department heads to identify operational risks and implement robust mitigation strategies that align with business objectives.
• Present detailed audit findings and strategic recommendations to the Audit Committee and senior management to facilitate informed decision-making.
• Monitor the implementation of audit recommendations to ensure that identified gaps are closed effectively and sustainable processes are established.
• Keep abreast of evolving regulatory requirements and industry best practices to ensure the company remains compliant with IRDAI guidelines and other statutory mandates.

Required Skillset:

• Demonstrated expertise in internal auditing, risk assessment, and control frameworks within the general insurance or financial services sector.
• Strong analytical capabilities to interpret complex financial data and operational processes, translating them into clear, actionable audit insights.
• Proven ability to engage with senior stakeholders and board-level committees, utilizing excellent communication and negotiation skills to drive organizational change.
• Professional qualification such as CA, CIA, or CISA, supported by a strong academic background in finance, accounting, or a related field.
• Ability to lead diverse teams in a high-pressure environment, fostering a culture of integrity, transparency, and continuous improvement.
• Proficiency in managing audit software and data analytics tools to enhance the efficiency and depth of audit procedures.
• Candidates must possess 8 – 15 years of relevant experience and be comfortable working on-site at our Mumbai office.