Principal Product Manager

Job Purpose

The purpose of this job is to facilitate smooth internal audit and implement control effectiveness frameworks within operation function so as to ensure that the key process, system and file & use risks of the organisation are identified mitigated and controls are established. Also to facilitate closure of the open audit observations for all verticals in Operations and for vendors so as to effectively participate process control environment of the organization.

Job Context & Major Challenges

Job Context: The purpose of this job is to facilitate smooth internal audit and implement control effectiveness frameworks within operation function so as to ensure that the key process, system and file & use risks of the organisation are identified mitigated and controls are established. Also to facilitate closure of the open audit observations for all verticals in Operations and for vendors so as to effectively participate process control environment of the organization.

Job Challenges:

• In a recessionary period or otherwise it is utmost important to look at the operations internally and look at how processes work. Improve the existing processes that could lead to potential downfall and create financial risk for the organisation and to the regulatory agency which can affect the day to day operations.
• Coordinating with different Functions – with a view to integrate a smooth functioning of the various operations department and provide a birds eye view of the whole gamut of processes applicable to Polad, New Business, Claims, UW, Group Ops, Customer Service, Zonal Operations and vendors
• Implementation of any regulatory requirements across the business
• Compliance with the data / reports requirements for the operations team as specified by regulator/ regulatory intermediaries
• To integrate external vendors with respect to process requirements of the organisation and help them mitigate risk & comply with the procedures as specified or agreed upon
• Provide training to all stake holders on key process
• Conceptualising, designing processes and implementing the same to mitigate risk (operational as well as financial) and potential fraud that will be avoided. Strengthen the existing systems and process on the basis of experience with the operations domain
• In the current scenario, where business is in its growth phase, controls are all the more
• imperative and that in itself is a challenge
• To ensure that controls are implemented across the board. To liaise with various units like Compliance, Finance, sales, actuary etc.
  
  

Key Result Areas

KRA (Accountabilities) (Max 1325 Characters)Supporting Actions (Max 1325 Characters)

KRA1 To ensure internal audit for Operations which includes Polad, New Business, Claims, UW, Group Ops, Customer Service, Zonal Operations and vendors is smoothly conducted 1. Facilitate in defining the scope of internal audit for Operations such as Polad, New Business, Claims, UW, Group Ops and Customer Service

• Data Sharing for internal audit review which contains query designing and data extraction from data base
• Facilitate in vendor audits
• Submission of Management responses
• Finalization of risk ranking and functional sign off of the audit report from COO
• Ensuring monthly audit updates are provided and open points are closed with evidences within target date
• Preparation and submission of Audit committee actionable
  
  

KRA2 To close open audit observations for Operations which includes Polad, New Business, Claims, UW, Group Ops, Customer Service, Zonal Operations and vendors is done with satisfactory evidences as decided by audit committee and internal audit team 1. To send out reminders at set frequencies

• Facilitate closure in collaboration with teams
• Facilitate vertical head and function head approval as desired
• Conduct review of internal controls for the closed observations
  
  

KRA3 To ensure adherence w.r.to IRDA regulations, Insurance Act and AML-for Operations which includes Polad, New Business, Claims, UW, Group Ops, Customer Service, Zonal Operations and vendors 1. Quarterly data submission to IRDA

• Quarterly data submission to accounts to ensure periodic disclosure; L-39, L-40 and L-41
• New/Amendments circular implementation/role of regulatory champion
• Facilitate regulatory audit for operations in nature of onsite inspection, data submission and audit observation-responses submission
• KYC versions implementations
• Ad hoc data submission to regulators/statutory bodies such as IRDA, Parliament, economic wings, CBI, Ministry of Finance
  
  

KRA4 To ensure regulation on file and use is met and deviation on product specification is minimised or nil so as to ensure strategies for such key enterprise risk mitigation is in place and ensure timely submission of Risk management committee actionable. 1. Preparation and submission of Risk Management committee actionable

• Carry out the product specification deviation analysis of function / team and report the operational losses (if any) to Risk Team,
• Facilitate for rectification process of errors
• Liaising with Risk Management in design of any new processes, systems and key procedures so that risk issues are addressed proactively and not as an afterthought
• Facilitate to avail Key risk updates of the function
• Monitoring of outsourcing vendor performance report
• Review of ICP/RR policy
  
  

KRA5 To ensure outsourcing policies is adhered and all SLA is met in with regards to said regulation for all vendor operation team is associated to. 1. Adherence to the Outsourcing policies

• Timely closure of Vendor Audit reports
• Quality checks/OFEs on outsourced process
• Feedback to VMG and assurance on implementation
  
  

KRA6 Imparting training to the teams so as to ensure standardized processes. 1. Ensuring adequate training to stakeholders on the areas of

• Audits
• Regulatory compliance
• Risk Management and Outsourcing
• Process adherence
• IRDA Circulars/press release

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