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
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
Delivery
Exhaustive Compliance Monitoring Checklist as per IRDA guidelines and regulations
Report on Design and Operating Effectiveness of Compliance Monitoring Framework
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
