IRDA ISNP Audit or IRDA Insurance Self-Network Platform Audit is required to set up with a view of conducting insurance e-commerce activity. It is the guidelines for regulating insurance industry. It stands for Insurance Regulatory and Development Authority of India – issued guidelines relating to insurance e-commerce in 2017. Main objective of the guidelines is to set standardized rules to conduct insurance e-commerce activities. Anyone, who is willing to sell insurance online, requires to set-up digital platform known as Insurance Self-Network Platform or ISNP and follows all the regulations specified for it.
IRDA issued guidelines – IRDA/INT/GDU ECM/055/03/2017 to set standardize rules for conducting insurance e-com activities. IRDA ISNP Audit is done to keep your rights protected and to implement internal monitoring controls for data processing system.
IRDA ISNP audit is done for approval of annual security reviews of the controls, systems, procedures, and safeguards by a CERT-IN Empanelled Security Auditor. It is done to ensure compliance to ISO/IEC 27001 – Information Security Management System and to ensure reporting of any adverse findings that may impact policy holders with the IRDA.
- Regulatory Mandate.
- Consumer Protection.
- Data Security and Privacy.
- Improved Risk Management.
We initiate the compliance project by understanding your business objectives, current practices, and regulatory obligations. This helps us tailor our approach to your specific needs.
Technology And Business Understanding
We conduct a thorough assessment of your technology infrastructure, systems, and processes to gain a deep understanding of your operations. This enables us to identify potential compliance gaps and develop effective solutions.
We perform a detailed gap analysis to identify areas where your organization falls short of IRDAI compliance requirements. This assessment helps us determine the scope of work and prioritize remediation actions.
We assist in developing comprehensive policies and procedures aligned with IRDAI guidelines. Our experienced team ensures that your policies cover all relevant aspects of cybersecurity, data protection, incident response, and risk management.
Manage Risk And Mitigation
We help you establish a robust risk management framework that identifies, assesses, and mitigates risks associated with cybersecurity threats, data breaches, and regulatory non-compliance. This includes implementing security controls and monitoring mechanisms.
We provide guidance and support throughout the implementation phase to ensure that the necessary controls and measures are effectively deployed. This involves regular monitoring, testing, and validation of security controls.
We generate comprehensive reports that document your compliance efforts, including the identification and remediation of compliance gaps. Our reports provide evidence of your compliance with IRDAI regulations and can be used for internal and external audits.