Team Member - Financial Controls

Overview

This role is part of the Finance & Accounts function at Aditya Birla Health Insurance Company Ltd, operating under Aditya Birla Capital. Located in Mumbai, the Team Member - Financial Controls reports directly to the CFO and the Head of Controls within the Accounts & Taxation department. This key position is responsible for reviewing and strengthening financial processes and controls to minimize revenue loss and increase efficiency.

Job Purpose

The primary objective is to critically assess business processes and financial control mechanisms to detect any monetary leakages, revenue losses, unnecessary costs, and gaps in control. Based on these evaluations, the person will provide strategic recommendations that boost profitability, compliance, and operational effectiveness.

Business and Market Context

The health insurance landscape includes multiple private and national players competing in a market worth approximately 10,000 Crores annually. The majority of business renewals occur with existing providers, leaving a limited segment for fresh market capture. Aditya Birla Health Insurance focuses on catering to SMEs and startups, offering innovative, standardized, and cost-effective solutions that broaden market reach through channel partners. The company embraces a digital-first model, providing comprehensive wellness and chronic care programs that serve diverse customer needs.

Key Responsibilities

• Analyze and map end-to-end financial and operational processes such as claims, commission, and refunds to identify inefficiencies and control weaknesses.
• Detect and quantify financial leakages and exposure to risks within transactions.
• Use data analytics and tools like Excel, ERP, and SQL to spot anomalies and reconcile financial records.
• Assess internal financial controls for adequacy, compliance, and fraud risk mitigation.
• Perform sample audits of transactions to validate approvals, documentation, and adherence to policies and contracts.
• Develop and recommend process improvements, including automation and enhanced controls to plug financial gaps.
• Maintain regular interactions with internal teams (Accounts, other functions), auditors, shareholders, and regulatory bodies to ensure accurate financial reporting and compliance.

Organizational Structure and Relationships

The position reports to the CFO and the Head of Controls, working closely with multiple accounts units and other company functions. It also liaises periodically with statutory and internal auditors, shareholders, and regulatory authorities such as IRDAI for audit and financial submissions.

Additional Information

The job description is updated regularly to reflect evolving business needs and control mechanisms. Physical signatures for formal acknowledgment are maintained in company records.