Compliance Lead

This role requires a Compliance professional with hands-on experience in IRDAI & other regulations as IRDAI Corporate Agent, leading compliance plans, risk assessments, audits, technology regulatory adherence, and staff training.   This leadership role is responsible for designing and overseeing the enterprise-wide compliance plan, test and technology with respect to insurance to enhance risk detection, regulatory adherence, and operational integrity. The position ensures that compliance programs are data-driven, scalable, and aligned with evolving regulatory landscapes.  

2. Duties & Responsibilities

Job Description:

·        Develop and implement an annual compliance plan aligned with IRDAI guidelines for corporate agents, including policy reviews, procedural updates, and monitoring mechanisms to prevent violations

·        Conduct risk assessments to identify vulnerabilities in sales, client servicing, and operations; devise mitigation strategies and report findings to senior management and the Principal Officer

·        Lead internal audits and coordinate external audits, documenting issues, recommending corrective actions, and ensuring timely resolution per IRDAI's code of conduct

·        Oversee technology compliance for regulations like data protection (IT Rules), digital sales platforms, and cybersecurity under IRDAI's tech-enabled distribution norms

·        Design and deliver training programs for staff on IRDAI updates, ethical selling, AML/KYC, and product-specific compliance; track completion and effectiveness

·        Design and enforce compliance policies and procedures that align with regulatory requirements and organizational goals.

• Oversee internal compliance checks to ensure adherence to policies.

• Implement systems for continuous monitoring of compliance activities. 

• Use technology to streamline regulatory compliance processes, including reporting, monitoring, and data analysis.

• Implement tools/systems such as automated compliance monitoring tools, regulatory reporting systems.

·        Identify, escalate, and track issues found during testing and ensure timely remediation  

• Collaborate with other departments (e.g., legal, operations, risk management) to integrate compliance into daily operations.

• Lead the compliance team and provide strategic direction for achieving compliance objectives.

• Provide timely reports to senior management and the board on compliance matters.

• Communicate with regulatory authorities and serve as the primary point of contact for compliance issues.

• Use of AI/ML for risk-based supervision and compliance analytics.

·        Drive the adoption of compliance technologies such as audit management systems, risk assessment tools, and data cataloging platforms.  

·        Oversee the integration of AI/ML tools for predictive compliance risk modeling.  

·        Ensure systems are scalable, secure, and aligned with regulatory requirements.  

• Support in overseeing the critical Compliance policies and systems that impact the NBFC and ensure that the Group’s exposure to Regulatory Compliance is managed in a commercially sensitive, practical and cost-effective manner.

• To exercise risk steward challenge, act as independent trusted advisory in governance forums, issue management, fostering a compliance culture and optimizing relations with risk owners and control owners.