JHS Associates

Case Study - Insurance

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Year

2019

Sector

Life Insurance

Region

Mumbai

Team Size

8

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

    • 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

    • Solution

    Conducted compliance review to determine the adequacy
    of controls in the process and evaluate effectiveness of
    IRDA regulatory compliance adherence
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