Compliance Manger-LCRS-Thane-10

Aditya Birla Group -
Maharashtra

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Job details

Qualifications

Regulatory reporting
RMF

Full job description

Designation:

Location: India Maharashtra ABHI One India Bulls

Organization: Financial Services

Job Description:

Basic Details: Fill the required information about business, unit, location, position, reports to position and date of updation of JD

Business

Health Insurance

Unit

Aditya Birla Health Insurance Company Ltd

Location

G Corp, Thane

Poornata Position Number of the job

Job Band 10

Reports to: Poornata Position Number

Job Band - 8

Poornata Position Title of the job

Reports to: Poornata Position Title

Function

Compliance

Reports to: Function

Legal, Risk & Compliance, Sec

Department

Legal, Risk & Compliance, Sec

Reports to: Department

Legal, Risk & Compliance, Sec

Designation of the Employee

Manager- Compliance

Designation of the Manager

AVP-Compliance

Date of writing/updation of JD

12-March-2026

1) Job Purpose: Write the purpose for which the job exists (in 2-3 lines)

This role is responsible for ensuring ensuring that ABHI operates in full compliance with IRDAI regulations & other applicable laws by implementing and overseeing a robust compliance management framework by proactively identifying, assessing and mitigating compliance.

2) Dimensions: Mention quantitative or qualitative parameters that are relevant for the job and provide a better understanding of the scope and scale of the job.

Business Workforce Number

Direct – 2

Indirect – 3 (2025-26) to increase to 4 by 2026-27

Span of Operation

Pan India – Board of Directors and Board Committees

ABC Committees

Budget

Rs 4 Cr[SR1]

Certification/ Legal/ Regulatory bodies

IRDA (Insurance Regulatory and Development Authority)

SEBI, RBI, FIU, General Council

Certification bodies like BSI

Information Technology act & privacy laws, PMLA

Impact and Criticality of Role Non-conformance (If any)

Highly critical and may lead to regulatory sanctions including cancellation of license for insurance business registered with the Authority. This can have an impact on the other businesses of the group.

3) Job Context & Major Challenges: Write the specific aspects of the job that provide a challenge (internal and external) to the jobholder in the context of the Business/Unit/Function/Department/Section

About the Health Insurance Industry –

While the current market sees more than 21 private non-life players in the private space and 8 exclusive private players in the health insurance space trying to capture a sizable market share, the nationalized service provider (6) remains a strong competitor. In addition to this the business dynamics are such that the overall market on an annual basis which is to the tune of roughly 10,000 Crs sees close to 85 % of the business renewing with the existing service provider itself. This narrows down the opportunity of the fresh business actually being seriously fought in the market to approximately 1500 odd Crs. With the SME and the start-ups being the driving force of Indian economy, the opportunity to cater to these segments is immense and is increasing manifold year on year. The challenge here therefore remains as to how we capture a larger share of the opportunity by developing specific solutions to cater each segment of the business. Also by creating an inexpensive and standardized solution to increase the reach into the pockets of channel partners across the country to harness on their captive business and explore new opportunities with them.

Market Opportunities – With the advent of medical advancements, lifestyle changes, change in Indian socio-economic scenario and Indian healthcare space, and the insurers are facing challenges to cater to the needs of this diverse clientele. Increasingly Indian customers have started considering health insurance partners as extensions of health advisers. In this scenario it becomes extremely important to understand their psyche and then provide tailored solutions with wellness benefits which would help them meet their end objectives and bring in profitable revenue source for the company.

About the Aditya Birla Health Insurance –

Aditya Birla Health Insurance Co. Limited (“ABHICL”), is a collaboration between Aditya Birla Capital Ltd. (ABCL), holding company for the financial services businesses of the Aditya Birla Group and Momentum Group Ltd of South Africa. ABCL holds a 45.89% stake while Momentum Group Ltd holds 44.08% in ABHICL.

ABHICL commenced its operations in October 2016 and is engaged in the business of health insurance. The company’s current product portfolio includes unique offerings including chronic care and incentivized wellness. Covering over 24 million lives, ABHICL has a nationwide distribution presence in over 5000 cities through branches and partner offices, 20 bancassurance partners and over 163,000 direct selling agents. ABHICL has scaled and diversified digitally enabled distribution, and bancassurance available through more than 224+ branches & over 67 digital partners, covering customers across the country through multiple contextual byte-sized and contextual products.

ABHICL has entered the competitive health insurance market with an aim to expand the category to wider customer segments, beyond the ones that health insurance companies traditionally have marketed to. As the 6th entrant in a category with well-established players, ABHICL is creating differentiation and equity for itself though the unique business proposition of “Health Insurance for All”, a one of a kind proposition in India at the moment. This is a philosophy that is being built through every single consumer touch point and into every single backend process of the company to ensure a customer’s experience of our proposition is continuous and seamless.

ABHI’s unique offering to market includes proposition includes -

A Comprehensive Incentivized Wellness Program that will attract the young and health conscious and will motivate, guide and reward them to stay healthy
A Chronic Care Management Program to cater to the unmet needs of a growing Indian population of those suffering from chronic lifestyle conditions like Diabetes, Asthma, High Cholesterol and Hypertension from Day 1
ABHICL serves as an enabler and influencer of health and healthcare choices that customers make, in addition to being a payer of healthcare expenses. Thus, ABHICL would act like a much needed catalyst to grow the prevalent health insurance landscape in India through product innovations and a wider choice of consumer relevant products.
ABHICL’s vision has always been digital. The company has been successful in adopting paper-less approach right from identifying to on-boarding to delivering seamless experience of its customers & employees.

Key Challenges for the role –

The business environment is becoming volatile. Defining and communicating acceptable risk at all level in complete and clear manner is difficult.
The interdependency of risk factor & external & internal events have increased which is making risk more volatile & less comprehensible.
In a competitive business environment ensuring that business is done in rightful & compliant manner is important to protect shareholders reputation but difficult.
The regulatory environment is changing at fast pace. With the dynamic market conditions & changing regulatory aspects carrying out correct & timely interpretation of the revised regulatory framework is crucial to proactively advise to amend business plans to achieve business objective.
Ensure regular and adhoc regulatory reporting is submitted without delay
Advertisement are approved in compliance with Policyholders’ Protection Regulations and master circulars.
Conduct compliance reviews to provide assurance to the managment
Carry of Anti Money Laundering reviews on monthly basis and reporting to the regulatory to comply with the regulations.
Providing advice to stakeholders on various regulatory aspects relating to regulations,
internal processes, and business models of the company.
Training and awareness: Engaging with stakeholders to create awareness of extant regulatorycompliance system workflow.
Updation of compliance checklist on regular basis

Major challenges faced -

Dynamic and changing regulatory landscape requiring continuos monitoring and intepretation across all functions.
Balancing Compliance & Business strategic decisions - enabling business innovation while ensuring full regulatory adherence without late entry in market and sustaining competitive edge.

4) Key Result Areas: Write the key results expected from the job and the supporting actions for each of these key result areas (For a majority of jobs typically there could be 4- 7 key result areas)

Key Result Areas

Supporting Actions

Regulatory Compliance & Governance Framework

Develop, implement, and update the Compliance Manual, policies, and procedures. - Track, interpret, and disseminate new IRDAI circulars and regulations and follow-up for closures.
Conduct compliance risk assessments and maintain a regulatory obligations register.
Oversee timely submission of all IRDAI and statutory returns.
Present compliance status reports to the Board / Audit / Risk Committee / ABG group quarterly.

Compliance Monitoring & Reporting

Carry out periodic reviews / monitoring.
Ensuring closure of audit / regulatory observations within agreed timelines and provide evidences.
Handling inspection related tasks, drafting responses, arranging data within timelines and liasion with stakeholders for timely submissions and seek clarifications on queries raised by IRDAI

Business Enablement & Advisory Support

Vet all new products, marketing materials, distribution models for compliance and customer communications (emails/letters/sms).
Participate in business meetings and provide opinions and provide timely guidance to business teams on regulatory interpretations.
Establish a fast-track compliance advisory mechanism for go-to-market speed by doing competitive benchmarking and appraise senior management.

Overseeing Outsourcing Guidelines

Ensure outsourced activities adhere to IRDAI’s Outsourcing Guidelines, maintain adequate documentation, conduct meetings and keep records of presentation and minutes of meetings

Compliance Risk Identification & Mitigation

Integrate compliance and risk function and inform them to conduct checks for regulatory risk assessments.
Conduct regular compliance testings
Monitor key risk indicators (KRIs) for emerging regulatory risks.

AML / CFT Framework Implementation

Develop and maintain AML Policy and SOP in line with PMLA, IRDAI AML Guidelines and FIU-IND requirements.
Ensure Board approval and periodic review of AML policy and AML SOP.
Integrate AML controls into underwriting, claims, and partner processes.
Develop mandatory AML/CFT training modules for employees, agents, sales force.
Maintain all AML RFI records and analysis carried.
AML Advisories, trainings to be carried out for new joiners and existing employees on annual basis.

5) Job Purpose of Direct Reports: Describe the job purpose of the direct report/s to the job (in 2-3 lines for each report)

The purpose of the role is to implement risk management framework for efficient and effective governance and management of significant risks, and related opportunities, to the business and its various segments with an objective to ensure that business is conducted in compliance with the regulatory and internal norms and within the accepted risk appetite.

6) Relationships: Describe the nature and purpose of most important contacts or relationship (except superior/team members) with individuals, departments, organizations inside and outside of the organization, that job is required to interact with in order to deliver the job objectives

Relationship Type

Frequency

Nature

Internal

CEO, Sales Heads, CFO, Actuary, COO, CMO, CTO, Head HR & Admin

CCRO / ABC Risk Head

Board & Board Committees

Leadership Team & other functions

Daily

Once in a month or more frequency on need base

Quarterly/ need based

Discuss Regulatory Developments, audit issues, risk & compliance issues. Develop strategies along with the LT to mitigate these Risks and improve governance standards.

Discuss, update and take inputs on Risk & Governance status and development, regulatory needs & guidelines

To Update & seek approval

External

Regulatory bodies (IRDA, ROC, FIU-IND, GI Council, GBIC)

Market participants like FIMMDA, stock Exchanges, Intermediaries, rating agencies, consultants

Industry peers (other companies), lawyers, insurance ombudsmen

Sales Intermediaries / Customers

Auditors / Internal Auditors / Secretarial Auditors

Custodians

Need based

Build relationship & advise / guidance on regulations

Build Relationship to drive industry initiatives, advise

Review and advise, discuss complaints / market conduct issues

Finalisation of Internal Audit Plan / Reports

Review and advise / guidance on market development

7) Organizational Relationships: Provide the structure for a level above and below the position for which this job description is written. Use position titles in the structured and indicate all the reports of the position.

SIGN-OFF: Provide the name of the Manager and the jobholder. Signature needed for the hard copy of the JD. Hard copy to be maintained in the organizational record.

Job Holder

Reports to – Manager

Name

Signature (needed for the hard copy)

[SR1]To be filled by AJ

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Job Description:

Basic Details: Fill the required information about business, unit, location, position, reports to position and date of updation of JD

1) Job Purpose: Write the purpose for which the job exists (in 2-3 lines)

3) Job Context & Major Challenges: Write the specific aspects of the job that provide a challenge (internal and external) to the jobholder in the context of the Business/Unit/Function/Department/Section

4) Key Result Areas: Write the key results expected from the job and the supporting actions for each of these key result areas (For a majority of jobs typically there could be 4- 7 key result areas)

5) Job Purpose of Direct Reports: Describe the job purpose of the direct report/s to the job (in 2-3 lines for each report)

6) Relationships: Describe the nature and purpose of most important contacts or relationship (except superior/team members) with individuals, departments, organizations inside and outside of the organization, that job is required to interact with in order to deliver the job objectives

Relationship Type

Frequency

Nature

7) Organizational Relationships: Provide the structure for a level above and below the position for which this job description is written. Use position titles in the structured and indicate all the reports of the position.

SIGN-OFF: Provide the name of the Manager and the jobholder. Signature needed for the hard copy of the JD. Hard copy to be maintained in the organizational record.

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