Internal Control Officer/Sr. Officer

Officer / Sr. Officer – Policies and Internal Control

1. Responsible for the development of a Control Environment which ensures the prevention of fraud, no financial or resource leakage/loss, and high productivity in the organization.
2. Create and update internal control library and integrate those controls in IT Applications.
3. Design Policies and Procedures of all Departments meeting regulatory requirements and their respective business needs in consultation with respective Department Heads.
4. Map policies and procedures to internal control library and regulations.
5. Manage development of systems for creation, updation, dissemination, periodic user review and sign-off of policies, procedures, internal controls.
6. Obtain the concurrence of respective Department Heads on the internal control register.
7. Review, identify, and document key risk areas across all operational facets, employ quantitative and qualitative assessment techniques and devise controls against those risks to strengthen the control environment.
8. Develop and manage a dashboard that monitors the real-time performance of critical controls, providing alerts on control failures or significant deviations from expected parameters.
9. Generate monthly and quarterly reports detailing the status and effectiveness of internal controls, highlighting areas of concern and achievements.
10. Manage the internal, external, and regulatory audit process; responsible for clean audit reports and use findings to strengthen future control measures.
11. Regularly meet with department heads to review control environments specific to their departments, ensuring alignment with overall corporate objectives.
12. Solicit feedback on control systems and incorporate suggestions into the continuous improvement cycles.
13. Use data-driven insights to propose and implement control improvements that directly impact business performance and risk exposure.
14. Evaluate existing manual control processes for automation opportunities, focusing on creating financial values for the Company.
15. Oversee the integration of automated controls into existing systems, ensuring they enhance data accuracy and process efficiency without disrupting workflows.

Experience:

The Candidate should have 3-5 years of experience in the insurance and reinsurance industry, or Information Technology/Analytics involved in the Insurance domain.

Candidate with Risk Management experience is preferred.

Qualification:

The candidate should have qualifications including a Chartered Accountant or an MBA from Tier-1 or Tier-2 B-Schools.