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Scope
- Review of Compliances with IRDAI circulars/ guidelines
- Adequacy of Existing Compliance Checklist
- Review on Warning and Penalty
- Review of design of compliance controls & defining Compliance Self Certification Process
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Approach
- Determine adequacy of Existing Compliance Checklist & Compliance Monitoring Mechanism with all IRDA guidelines and regulations
- Review of Design & Operating Effectiveness of Compliance Controls – Testing to ensure adherence to IRDA guidelines and regulations
- Mapping of non compliances with IRDA Warning and Penalties
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Delivery
- Exhaustive Compliance Monitoring Checklist as per IRDA guidelines and regulations
- Report on Design and Operating Effectiveness of Compliance Monitoring Framework
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Value Added
- Comprehensive compliance checklist with actionable to ensure adherence to every IRDA requirement
- Robust compliance self certification process and template based on industry best practices
- Helped in preparing for regulatory audit
Project Details
- Sector: Life Insurance Company
- Region: Mumbai
- Year: 2019
- Solution: Conducted compliance review to determine the adequacy of controls in the process and evaluate effectiveness of IRDA regulatory compliance adherence
- Team Size: 8