11-RAC.RM.1.

3 BSLI - Confidential

Job Description

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Job Title AVP – Risk Management

Function Risk Management & Internal Audit

Department Risk Management

Reporting To Chief Compliance and Risk Officer

(Title)
Superior’s Superior Sr. VP – Risk Management and Internal Audit
(Title)
Unit Life Insurance

Location G-Corp

Business Birla Sun Life Insurance

Date Open requirement

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Job Description

1) Job Purpose

To Establish and manage the regulatory compliance framework, defining, developing and
directing business policies and procedures ensuring regulatory compliance within the
organization.

To establish anti money laundering framework as per the PMLA guidelines issued by FIU. To
develop and manage policy, system, procedures, rules to identify & evaluate and report
transactions as per the PMLA requirements.

To develop, define, implement and monitor Enterprise & Operations Risk management policy &
process framework ensuring that the organisational objectives are achieved within the given risk
appetite defined by the shareholders

2) Dimensions

Dimensions Remarks
Strict adherence to Zero tolerance policy with regards to
Regulatory procedures, ensuring business is conducted
with high standards, under a code of ethics to avoid any
1. Regulatory conformance
regulatory sanctions, fines penalties along with process
discipline to ensure greater shareholder returns.

Highly critical and may lead to regulatory sanctions

Impact and Criticality of Role including cancellation of BSLI licence for insurance
2.
Non-conformance (If any) business registered with the Authority. This can have an
impact on the other businesses of the group.

1. All verticals of BSLI

2. Branch interactions (PAN India)
a. Branch Heads & FLS
3. Span of Operations b. BOE & support staff
c. Zonal Heads
d. Asst. / Regional Managers
3. Risk Management Committee / Audit Committee of
Board
Manpower Direct: 11
4.

3) Job Context & Major Challenges

(What are the specific aspects of the job that provide a challenge to the jobholder in the context
of the Unit/Zone?

Key Challenges for the role –

 The frequency of regulatory amendments has increased multi folds. 83 regulations,
circulars got released last year i.e. double of the previous year. Ensuring compliance to the
revised regulation is becoming difficult.
 The external environments is also changing compelling regulator to provide new regulation.
Ensuring timely & correct evaluation & building framework for compliance for these is
difficult.

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Job Description

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3) Job Context & Major Challenges

(What are the specific aspects of the job that provide a challenge to the jobholder in the context
of the Unit/Zone?
 The business compulsion can sometime tempt the function to cross the regulatory lines.
Ensuring such incidence does not happen is most crucial & difficult.
 The methods used for money laundering are complicated & identifying them on timely &
correct manner is challenging
 With the increase activities of terrorism the governments around the world wants higher
controls on money movements. On compliance or erroneous transaction may lead to
sanctions and penalties on the company.
 The external environment is changing at a fast pace impacting the risk framework for BSLI
which is making the risk frame work more fluid and making it difficult to keep a pace with
the same.
 Implement Risk Management initiatives across BSLI in an ever expanding and dynamic
environment
 Data collection for proactively identifying & monitoring operations risk is a challenge.
 Data collection for building risk models / quantification is a core activity for which the
function has to depend on the other function of the organisation. Getting correct and timely
data is a challenge.

4) Principal Accountabilities
Accountability Supporting Actions
Develop and manage the 1. Develop and manage compliance framework based on the
regulatory framework at position taken by BSLI on all regulatory norms.
BSLI 2. Interpret the regulatory guidelines & work with the function to
ensure total compliance with them.
3. Review and vet business models, internal policies &
procedures developed by all functions to ensure that they are
in strict adherence to Zero tolerance policy with regards to
Regulatory compliance.
4. Plan and develop procedures to ensuring the management is
appraised with the regulatory changes & their implication.
5. Advise, guide all function of BSLI on the relevant regulation of
their vertical
6. Prepare and appraise the Management including the Board /
Audit / Risk Committee to ensure that instances of regulatory
non-compliances are dealt with swiftly and firmly
Develop monitoring 1. Develop framework to review & check adherence with the
procedures to check regulatory norms
adherence with the 2. Review exception/ deviation, provide procedural exception to
regulatory norms functions relation to regulatory norms.

Establish and manage Anti 1. Develop and define a strong AML framework at BSLI to
Money Laundering (AML) discharge the statutory responsibility to detect possible
framework at BSLI attempts of money laundering or financing of terrorism to
ensure compliance with the norms.

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Job Description

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2. Define procedures to ensure alerts generated for suspicious
and terrorist name match are analyzed and closed judiciously
and reported to FIU-IND within prescribed timelines to avoid
any regulatory sanctions, fines penalties under the PMLA Act
2002.
3. Prepare monitoring mechanism to ensure business conducted
across the organization is closely monitored to ensure BSLI’s
systems are not exploited as a conduit for money laundering
activities.
4. Define and direct procedures to implement required controls
and procedures as per regulatory notification received wrt to
Anti Money Laundering procedures
5. Vetting and approving business models proposed by sales
from AML perspective to avoid regulatory sanctions in future.
6. Prepare scenarios to analyze our insurance business data to
identify any suspicious transaction as a preventive tool to
mitigate the regulatory AML risk in future
Manage IRDA audits 1. Establish the role of Risk champion for the function and
evaluating information submitted during Audits and
Inspections conducted by regulatory and statutory authorities.
2. Define and direct business to ensure all Audit and Inspection
related actionable internal, regulatory and statutory
requirements are closed within prescribed timelines.
3. Direct business to ensure complete and authentic information
is submitted during audits and inspection to ensure high rating
for the function and organization as a whole

1. Analyse Operational Loss data and basis findings create and

release Operational Loss report
2. Drive analysis, creation and release of Key Risk Indicators
Design and ensure reports
implementation of a 3. Conducting new product launch related risk assessments
comprehensive 4. Drive the collation & validation of Risk & Control Self
Operational Risk Assessment testing results of all functions to ensure
Management framework completeness and quality
5. Drive ORM trainings across functions
6. Driving and implementing record management policy and
processes across all functions
1. Drive and ensure implementation of the ERM framework.
2. Assist business functions in the risk identification process.
3. Drive quarterly review/updates of action plans for Key Risks.
Design and ensure 4. Carry the risk reporting element through Risk Scorecard.
implementation of a 5. Make decisions on risk management issues that impact
comprehensive Enterprise strategic direction of BSLI
Risk Management 6. Providing independent view regarding proposed business
framework plans and transactions
7. Roll out required risk management policies, collaboratively
with applicable and pertinent functional heads.
8. Carry policy certification on a quarterly basis
1. Develop , implement and manage framework for
outsourcing of activities for BSLI
Develop and manage
2. Evaluate the outsourcing arrangements from risk
framework related to
perspective
outsourcing regulations
3. Get board / RMC/KMP approval for such arrangements
4. Monitor the performance of the vendor & report to the

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board committee.
1. Keep the Risk Management Committee informed to present
an integrated view rather than segmented view on risk
Update the Board Level management of:
and Risk Management  Current Business risks;
Committee on key  Risk management strategies to mitigate those risks;
business risks of BSLI  An integrated response on potential risk issues and
through committee  New Risk Management initiatives
meetings and risk
reporting 2. Performance metric design and implementation in order to
ensure that Risk Management committee is updated on
overall business risks being managed within acceptable limit
1. To develop a risk culture through a risk awareness model
through the following means to ensure that benefits of risk
management are clearly recognised by the workforce and risk
management practices are accepted as a business practice
by intent
Drive awareness and  Web based training
culture creation  Personalised training
 Train the Trainer
 Content reinforcement (emails)

2. Develop tool, materials to build awareness & understanding

about regulatory norms for all function & employees
Team Management 1. Motivate the team, developing their technical risk skills as well
as soft skill competencies to improve effectiveness and
productivity year-over-year.
2. Build transparent and robust career progression plans for
team members to ensure that the team is geared up to deliver
on a consistent basis

5) Job Purpose of Direct Reports

Chief Manager/ Deputy Chief Manager/ Senior Manager/ Manager / Deputy Manager -
Regulatory Compliance:

To implement and maintain the Regulatory Compliance framework at Birla Sun Life Insurance
Company Limited. The position works towards ensuring that the management and employees
are in compliance with the regulatory and statutory notifications received, that company policies
and procedures are being followed. Further this role implements procedures to ensure that timely
decision is provided on Regulatory concerns raised with regards to insurance business sourced
by our agents and intermediaries while simultaneously also addressing concerns raised or
interpretations required by other functions.

Senior Manager / Manager Anti Money Laundering: To implement and maintain the Anti
Money Laundering framework (AML) at Birla Sun Life Insurance Company Limited. To develop
and manage decision rules, red flags system, procedures to comply with the provision of
prevention of PMLA act for the all transaction carried out by BSLI and report the non confirming
transaction to the authority.

Senior Manager – ERM: To implement the Enterprise risk management framework and
reviewing business initiatives (product, systems) from a risk perspective and thereby contribute
in risk management

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Job Description

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Deputy Chief Manager / Senior Manager/ Manager/ Deputy Manager – ORM: To implement
the Operational Risk Management framework across all functions to minimise the Operational
Risks & Losses and support process reviews for enhanced process performance and process
output

6) Relationships (If Applicable)

Internal
 Risk Management
Committee
 Leadership Team
 ALL Sales Channels
 ALL Non-Sales
 Branch interactions (PAN
India)
 Branch Heads & FLS
 BOE & support staff
 Zonal Heads
Frequency Nature
Ongoing on need Non-conformance to the regulatory and
basis as well as operational risk framework updated to
based on the Senior Management along with
activities planned recommendation for remedial action for
for risk the concerns raised.
management
during calendar Key policies and procedures placed
year before the Board / Audit / Risk
Management Committee for their
specific approval.
Business models proposed by sales
vetted from regulatory and operational
risk perspective to ensure business is
conducted within the regulatory
framework.

Branch interaction with sales is with

regards to operational procedures,
AML, and regulatory perspective

Other reporting and escalations, if any

External Frequency Nature
Regulatory Authorities Ongoing on need Collaborate with regulatory and
 IRDAI basis statutory bodies to share our
 Financial understanding on business impact
Intelligence Unit along with emerging industry best
(FIU – IND) practice in view of the regulatory
 Life Insurance notifications received on insurance
Council / business on an ongoing basis.
Governing Body of
Insurance Council
 Outsourced Understand business impact with
vendors regards to regulatory notifications
received

Industry Peers – Compliance Regulatory implications with regards to

Heads business models proposed.

7) Organizational Relationships (Separate Annexure to be

attached)

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Job Description

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