Principal Product Manager

Overview

This position is focused on facilitating internal audits and implementing effective control frameworks within the operations function. The goal is to ensure that key operational risks related to processes, systems, and file & use are identified and mitigated through established controls. The role also ensures timely closure of open audit observations across all operations verticals and vendors, thereby supporting the organization's process control environment.

Context and Challenges

This role demands a keen focus on reviewing and improving internal processes, especially during challenging periods, to reduce financial risks and maintain compliance with regulatory standards. It requires coordination across multiple functions such as Polad, New Business, Claims, Underwriting, Group Operations, Customer Service, Zonal Operations, and vendors to ensure seamless integration and regulatory adherence. A vital part of this role is to lead implementation of regulatory requirements, enforce compliance for data submissions, and support vendors in aligning with organization protocols.

Additional challenges include designing, conceptualizing, and executing processes that reduce operational and financial risks and prevent fraud. The role necessitates collaboration with departments including Compliance, Finance, Sales, and Actuary to strengthen controls during the company's growth phase.

Key Responsibilities

• Lead and facilitate internal audits across various operations verticals, including scope definition, data query and extraction, vendor audits, and management response preparation.
• Oversee closure of audit observations ensuring submission of satisfactory evidence and approvals by vertical and function heads.
• Ensure compliance with regulatory requirements such as IRDA regulations, Insurance Act, AML guidelines, through timely data submissions, circular implementation, and support for regulatory audits.
• Monitor adherence to file and use regulations to minimize deviations in product specifications and execute risk mitigation strategies, including collaboration with Risk Management teams and reporting operational losses.
• Ensure vendor operations comply with outsourcing policies and service-level agreements by overseeing audit reports, quality checks, and feedback implementation.
• Provide training to various stakeholders on audits, regulatory compliance, risk management, outsourcing procedures, process adherence, and updated IRDA communications to promote standardized practices.

Additional Information

This role requires a proactive approach in managing operational risks and governance. Ensuring effective communication between functions and rigorous control enforcement is critical for business success and compliance adherence.