Principal Product Manager

Role Purpose

This position is focused on strengthening internal audit execution and building control-effectiveness practices within the operations function. The role is intended to help identify and reduce key process, system, file-and-use, and other operational risks, while ensuring that controls are put in place and sustained. It also supports timely closure of pending audit observations across all operations verticals and vendor-managed activities, contributing to a stronger overall control environment.

Role Context and Key Challenges

The role operates in an environment where process discipline, regulatory readiness, and risk prevention are critical. The incumbent is expected to continuously review how operations function internally, identify areas that can create financial or regulatory exposure, and improve workflows before issues escalate. The position also requires close coordination across multiple teams and external partners to create a unified view of operations and ensure process alignment.

• Strengthen internal processes during periods of business pressure or slowdown so operational risks are reduced before they affect performance or compliance.
• Work across multiple functions to support smooth coordination among Polad, New Business, Claims, Underwriting, Group Ops, Customer Service, Zonal Operations, and vendors.
• Implement regulatory changes across the business as and when required.
• Meet data and reporting obligations for the operations team as required by regulators or regulatory intermediaries.
• Align external vendors to the organization’s process requirements and help them comply with agreed controls and standards.
• Train stakeholders on important process requirements and control practices.
• Design and roll out process improvements that reduce operational and financial risk, prevent fraud, and strengthen existing systems based on domain experience.
• Support control implementation across the organization while coordinating with Compliance, Finance, Sales, Actuarial, and other teams.

Key Responsibilities

• Plan and support internal audits for Operations, including Polad, New Business, Claims, Underwriting, Group Ops, Customer Service, Zonal Operations, and vendors.
• Help define audit scope, design data queries, and arrange extraction of information from databases for audit review.
• Coordinate vendor audits and support the submission of management responses.
• Assist in finalizing risk rankings and obtaining functional sign-off of audit reports from the COO.
• Track monthly audit updates and ensure open points are closed with evidence within the target timeline.
• Prepare and submit action points for the Audit Committee.
• Drive closure of open audit observations by coordinating with relevant teams and sending reminders at planned intervals.
• Support approvals from vertical heads and function heads where needed.
• Review internal controls for completed observations to confirm closure quality.
• Ensure compliance with IRDA regulations, the Insurance Act, and AML requirements across operations, including Polad, New Business, Claims, Underwriting, Group Ops, Customer Service, Zonal Operations, and vendors.
• Manage quarterly data submissions to IRDA and periodic disclosures to accounts, including L-39, L-40, and L-41.
• Support implementation of new or amended circulars and act as a regulatory champion for the function.
• Coordinate regulatory audits, including onsite inspections, data submissions, and responses to audit observations.
• Support KYC version implementation and handle ad hoc submissions to regulators or statutory bodies such as IRDA, Parliament, economic wings, CBI, and the Ministry of Finance.
• Ensure file-and-use compliance and minimize deviations from product specifications by preparing and submitting Risk Management Committee action items.
• Analyze product specification deviations, report any operational losses to the Risk team, and support corrective actions.
• Work with Risk Management on new processes, systems, and procedures so risks are addressed early in the design stage.
• Track key risk updates for the function and monitor outsourcing vendor performance reports.
• Review ICP/RR policy and ensure outsourcing policy compliance.
• Support timely closure of vendor audit reports, quality checks on outsourced processes, and feedback to vendor management with assurance on implementation.
• Provide training to stakeholders on audits, compliance, risk management, outsourcing, process adherence, and IRDA circulars or press releases.

Requirements

• Experience in operations, internal audit, risk controls, regulatory compliance, or vendor governance in a financial services or insurance environment.
• Ability to coordinate across multiple business units and handle complex stakeholder management.
• Working knowledge of audit processes, evidence collection, and control testing.
• Familiarity with IRDA regulations, Insurance Act requirements, AML expectations, KYC changes, and related reporting obligations.
• Capability to analyze process gaps, identify operational risk, and support remediation.
• Experience working with outsourced processes and vendor performance oversight.
• Ability to prepare committee materials, management responses, and regulatory submissions.
• Strong communication, facilitation, and training skills.

Additional Information

The role requires active collaboration with teams across operations and control functions. It is especially important in a growth phase, where building and maintaining strong controls is essential to prevent operational, financial, and regulatory risk. No specific compensation, openings, start date, duration, or application deadline were provided in the source information.