Work closely with respective operations teams to identify and strengthen controls to prevent errors/ claims.
Spearhead the ERG team and enable error reduction initiatives.
Engage in continuous monitoring and testing of controls.
Ensure the ORM team reviews the SOPs, DPMs and Flowcharts on a periodic basis. Report findings and work with Operations team to address gaps.
Frequent spot checks on the critical and sensitive activities and controls.
Design and develop testing strategies/ success criteria's and methodologies to assess the effectiveness of controls built into the systems.
Evaluate the effectiveness of checklists and controls and periodically review the activities mentioned in the checklist for accuracy and completeness.
Identify redundant / duplicate checks and measure the effectiveness of checks vis-a-vis errors & escalations. Create/ Review the Maker-checker program wherever possible.
Monitor the controls listing process ensuring risk prone processes and their controls are listed adequately. Engage with the business to assess the M&T review observations, discuss gaps and remediation status.
Review the current process for ALMs (Authority Level Matrix). Ensure the FLoD team conducts regular audits to ensure adherence to the process.
Conduct periodic checks on the Macros to ensure they are GMAS certified, approvals in place for their usage and the operations team is following the right process. Conduct periodic checks on logic testing of the Macros/ critical formulae files.
Monitor Claims remediation process. Conduct checks to review the implementation of the recommended controls mentioned in the incident report. Ensure identified gaps are addressed by Operations team.
Ensure process readiness for any Corporate/ Client audit. Create an Audit readiness handbook, conduct the pre-audit with business. Promote a culture of Self-Declaration and Disclosure and work with business to implement effective remediating actions to close the identified gaps.
Generate weekly and monthly management reporting on observations and recommendations.