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.