Mid Office Compliance ICICI Prudential Life Insurance

1.Investment Compliance with Regulatory and internal limits. It includes SOD, intra day and EOD checks on limits to ensure proactive compliance with-

Investment Regulations prescribed by IRDA.

Insurance Act (Investment related)

Technical Guide to audit of investment function of insurers

Fund specific investment policy.

2.Risk Management framework to ensure proper controls are in place.

Market Risk –

Computing various portfolio returns

Regular limits monitoring and Exception Reporting. Also reporting on movement of prices.

Credit Risk-

Capture instrument ratings to enable generate statement of downgraded Investments.

Monitor various regulatory limits on exposure & Rating.

Track of movement of Securities between Approved and Other Investments Status

VaR, Performance attribution etc.

3.Fund Performance Tracking

Actual returns

Compounded annualized growth returns (CAGR returns)

Benchmark performance.

Time-weighted rate of return

4.Reporting

Financial reporting’s (ULIP Disclosures)

Regulatory Reporting’s (IRDA, RBI, SEBI)

Promoter & Management reporting’s (ICICI Bank & Prudential)

Website disclosures (Assets held, fund performance, historical performance charts and graphs)

5.Managing Statutory, Internal, Concurrent auditors

On account of the function being highly important and sensitive, audit takes place on a day-to-day basis.