TM Market Conduct

Job Description

2) Dimensions:Business/SBU/UnitRevenue-BusinessWorkforce NumberUnitWorkforce NumberFunctionWorkforce NumberDepartmentWorkforce NumberOtherQuantitativeandImportantParametersfortheJob:Budgets/Volumes/No.ofProducts/Geography/Markets/Customersoranyotherparameter4) KeyResultAreas/Accountabilities:KeyResult Areas/AccountabilitiesSupporting ActionsEnsureManagementofFraudandMisselling control operations in orderto safeguardcompanys interest.1.EnsureeffectivemanagementoftheFraudandMissellingcontroloperationsforthecompanyinaccordancewiththeapplicablelaws,therightsandprivacyofallpartiesinvolvedtoberespectedtotheextent required but without regard to lengthof service,positionheldorrelationshiptoBSLI2.EnsurethatdetailedanalysisoftheFraudandMissellingcontroloperations is undertaken with prior consultation with, andapprovalbytheFraudOfficer/HeadComplianceandWhistleblower Committee3. Gaining mindshare of salesleadershipandotherrelevantfunctionsthroughcontinuousdialogue&coordinationandtoprovidecompliantsolutionsandtherebyact asabusinessenabler4. Ensure general insurance claims or other methods ofrecovery are effectively carried out5. Create review andenforcedetailedreportsprovidingforsoundbasisforappropriateconsequences,corrective/punitiveactionswhenjustified,uptoandincludingterminationofemployment or contract and also to provide sound basisfor legal action where appropriate. This would also be toestablishanddocumentthefactsandtoprotecttheinnocent.6. Create maintain and ensure a strong rapportwiththeLegalAuthoritiesincludingPoliceOfficialsforfilingcomplaintsandeffective resolutionof the issues;EnsureManagementofFraudandMisselling control operations in orderto safeguardcompanys interest.7. Analyze effective and detailed trends to mitigate futurerisks and ensure proper reports for the management8.Recommendation of process change to mitigate marketconduct and sales compliance issues;9. Ensure effectiveandefficientsynchronizationwiththeZonalComplianceonvariousissuespertainingtoFraudandMissellingissues.10. Ensure enforcement of good sales practicesby:Creating guidelines and policiesConducting onsitephysical visits to clients to verify the details given in theapplicationformaretrueandnotmisleading,particularlyin high value casesIf there is any trend build up asregardsthatthereisinsurancebusinesssourcedfromone particular area then conduct physical visits to analyzethe risk perception of that area11. Review and monitorriskrelatedtowrongsalespracticese.g.non-remittanceofpremium,replacementmonitoring,confidentialityofcustomerinformation,Rebating.Actasacustodianofrecordspertainingtofraud/marketconductcases1.Ensure theeffectiveand timely maintenance oftherecord of each and every case, including the MIS for theentireCompany.2.Maintainstrictconfidentialityofthesame.EnsurePolicyholdersGrievanceRedressalCommittee(PGRC),Channel Conflicts and Alert meetingsare conducted for timely and effectiveredressalofexceptionalcasesandotheractionables.1. Ensure periodical PGRC, Alert and Channel Conflictmeetings are effectively conducted2. Review & finalizeagenda (cases) for the meeting3. Review the minutes ofthe meeting in coordination with the Chairman and othermembers&circulatingthesame4.Ensurethatthedecisions are timely communicated to the customer5.EnsureactionsuggestedbytheCommitteeisimplemented by the concerned departments6. On thebasisofdecisionsbyCommittees,topluganysalesprocessgaptherebyreducingcomplaints/salescomplianceissuesEnsure effective and timely red flagqueries & analysis are carried out toidentify various findings and processgaps1. Ensure new red flag queries on various sales relatedissues like freelooks, high entry age of customers andotherqueriesincoordinationwithITteamincludingtesting&follow-upsarecarriedoutandreported2.Basedontheoutputfiles,ensuretimelyandeffectiveanalyseofthevariousredflagqueries&clarificationsfrom concerned functions are sought3. Based on theanalysis&revertsfromfunctionstoensureprocessimprovementsarecarriedout anddulyandtimelyclosedEnsure effective and timely red flagqueries & analysis are carried out toidentify various findings and processgapsEnsureMysteryShoppingexercise are conducted as and whenrequired on the sales processes anddetailed reports are made for variousstakeholders&closureofrecommendations1.EnsureeffectiveMysteryShoppingexerciseareconductedasandwhenrequired2.EnsuresuitableMysteryShoppingagencyisappointedtoconducttheexercise3. Ensure that the exercise is conducted as perthe agreed process and closed within timelines4. Thereport/presentationsaresharedtimelywithallthestakeholders5.TherecommendationsandotherdecisionsareclosedwithintimelinesEnsuretimelyandefficienttrainingcontent and tools,dashboards/employee1.Ensureeffectiveandtimelycontentdevelopmentpertainingtovarioustrainingsforemployeesspeciallysales,employeecommunication/dashboardsarecreated,communications are formulated andcirculatedtotherespectivesaleschannelsandto the employeesreviewed and circulated2. Effective review of the data &takingfunctionfeedbacks3.Providingdecisions&recommendationsto Managementbasedonthe findingsTeam DevelopmentLead the team providing the requisite subject matterand management expertise required to turn around thefunctionalresponsibilitieswithintheexpectedtimelines;Promotecollaborativeapproachtoproblemsolvingwhereby the function appreciates business requirementsandmakeeffortstoprovidecompliantandworkablesolutions;3.Promoteteamworkbyinvolvingteammembers in work related decision making and launchingemployeeengagementinitiativeswithintheteam;4.Identify learning and development opportunities for selfand team members to ensure competence of the team tohandle and deliver functional responsibilities and facilitatesuccessionplanning.5)Job Purpose of DirectReports:Position TitleJob PurposePosition No.6)Relationships:Relationship Type(InternalorExternal)Frequency & NatureInternal:1. Zonal Sales & Operation Heads2. Distribution channels / FLS/branches3.Clientservicing/ServiceAssurance/CallCentre/OtherOperationteams4.InformationTechnologyFrequency: On a need basisDailyDailyAs & when requiredNature: Interact with Zonal Sales & Operation Heads for theirviewsandopinionsandprepareclientreports.a)Takingreverts from agents/channel partners on Fraud and Missellingcomplaints received from customers as well as findings on thebasisofvariousanalysisreports/conductedb)Givingrecommendations /decisions on the actions to be taken againsttheconcernedagent/channelpartnerInteractonqueries,customer cases, out of free look requests, etc.IT intervention isrequiredfortheformulationofredflagqueriesasperrequirementsraisedby ComplianceExternal:1. Legal or governmental bodies, including Police Officials2.Customers3.PGRC(PolicyholdersGrievancesRedressalCommittee)/Alert Committee 4. Advocates 5.Investigators/MysteryShoppers6.Agents/channelpartnersFrequency:As&whenrequiredAs&whenrequiredMonthlyAs&whenrequiredAs&whenrequiredDaily Nature:Interactforanycriminalandotherlegalcases/complaintsEnquiry/Investigation ofcomplaints&subsequentresolutionPresentation of exceptional cases along with Compliance6)Relationships:recommendations through agenda to the Committee members fortheir decisionsTo file and defend Criminal Cases against thecomplaints/dataleakage/hoaxcallsToinvestigatecomplaints/other fraud/misspelling issues and mystery shoppingas and when required.a) Taking reverts from agents/channelpartnersonFraudandMissellingcomplaintsreceivedfromcustomers as well as findings on the basis of various analysisconducted/reportsb) Giving recommendations /decisions on theactionsto betakenagainstthe concernedagent/channelpartner

Keyskills :
AuditRiskRegulatory Compliance