Manager - Compliance

Mumbai, Maharashtra
Permanent
Full-time

1 month ago

Job Description:Position Overview:Position TitleManager - ComplianceDepartmentComplianceLevel/Band401LocationMumbaiReports toAssistant Vice President – ComplianceRole Summary:· Provide extensive legal search and evaluating industry benchmark to opine on various business initiatives and legal provisions.· Review product and marketing communications to ensure regulatory compliance.· Support in compliance audits, inspections, and governance-related activities.· Maintain repository of all regulatory advisory to ensure its timely availability.· Provide legal advisory on regulatory matters applicable to the insurance sector.· Partner with business to comply laws, regulations, initiatives and distribution tie-ups smoothly.· Formulate SOPs, process or policies for internal stakeholders.· Ensure proper review of internal operational processes set forth by different functions with the objective to mitigate the risk of regulatory non-compliance and litigious situations by setting things first time right.· Ensure implementation and compliance with the Digital Personal Data Protection Act.· Spread legal and compliance awareness across the functions by imparting training on laws and regulations.· Responsible for driving compliance culture in the organization through right messaging and tone.Key Result Areas:Regulatory Advocacy· Provide well researched opinion on the business initiatives.· Maintain repository of all regulatory opinions to ensure its timely availability.· Support business teams in designing sales models in compliance with the regulations.· Advise and provide clarifications to operations personnel on the regulatory provisions to ensure that the processes are modeled and executed in line with the same.· Partnering with internal department in all matters requiring compliance support.· Coordinating with the internal stakeholders on various issues to enable business team to find quick solutions.· Keeping in view of the business requirements and industry view, provide recommendations to on regulatory exposure drafts.· Impart training to employees as well as to channel partners on legal and compliance policies, standards of the company, laws and regulations issued by the Authority.· Provide support on internal reporting.Marketing Compliance· Facilitating business teams for timely advertisement approvals.· Ensuring timely regulatory filings.· Providing support in maintaining internal documentation for audit and regulatory inspections.· Actively participate in product group meetings and provide legal inputs.· Handling and managing queries from regulator.· Implementation of new process for approval and leveraging technology to streamline the routine activities.· Handling the reviews as per the defined plan.Data Privacy Compliance· Ensure organizational readiness and compliance with the Digital Personal Data Protection (DPDP) Act.· Support the implementation of data privacy frameworks, policies, and training.· Liaise with internal stakeholders on data processing activities, consent management, and breach protocols.Drive Compliance Culture· Drive compliance culture in the organization through communication plan.· Drive zero tolerance policy and socializing its importance in the organization.· Sharing best compliance opinion through internal learning, research, ascertaining best practices in the insurance sector.Skills Required:· Strong knowledge of IRDAI regulations and the insurance regulatory landscape.· Expertise in contract law, regulatory laws, and data privacy.· Excellent communication and stakeholder management skills.· Attention to detail with the ability to manage multiple compliance priorities.· Strong analytical, documentation, and reporting capabilities.Qualifications & Experience:

CS or LLB from a reputed institution.
5–8 years of experience in legal, compliance, or regulatory roles, preferably in insurance or BFSI sector.
Prior experience in regulatory filings, liaisoning with Regulators, and data privacy compliance is desirable.

About Company:Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life combines Tata’s pre-eminent leadership position in India and AIA’s presence as the largest, independent listed pan-Asian life insurance group in the world spanning 18 markets in the Asia Pacific region. Tata AIA Life has written retail new business weighted premium of Rs. 2,692 crore for the financial year 2019-20. For the same period, the 13th month persistency of the company was at 89.10% and, the individual death claims settlement ratio was 99.06%. One of the fastest growing companies in the Life Insurance sector, Tata AIA Life is now ranked at no. 5, based on individual weighted new business premium.

Tata AIA Life Insurance

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