Chief Manager - Operational Risk Management - Insurance

Chief Manager - Operational Risk Manager (Operations & IT):

We are looking for an experienced Operational Risk Manager to strengthen the operational risk management framework, assess business and IT-related risks, and ensure effective controls across processes. The role involves Risk and Control Self-Assessment (RCSA), root cause analysis, audit issue management, regulatory compliance and risk reporting to senior management.

Location: Mumbai (Head Office)

Responsibilities:

• Develop, implement and monitor the Operational Risk Management Framework in line with organizational policies and regulatory requirements.
• Maintain and periodically update the Risk and Control Self-Assessment (RCSA) library across Operations and IT.
• Conduct risk identification, risk assessments and control evaluations across operational and IT processes.
• Monitor operational risk events, loss data and near-miss incidents, ensuring appropriate documentation and follow-up.
• Perform root cause analysis for material operational risk events and recommend corrective and preventive actions.
• Track and ensure timely closure of risk issues, audit findings and policy dispensations.
• Support the implementation of new risk initiatives, frameworks and regulatory requirements.
• Provide risk advisory support to business and functional teams on process changes and new initiatives.
• Prepare risk dashboards, management reports and presentations for senior management and risk committees.
• Coordinate with Internal Audit, Compliance, Legal, Operations, IT and Information Security teams to strengthen the control environment.
• Conduct risk awareness sessions and training programs across departments.
• Escalate unresolved or high-risk issues to relevant stakeholders, risk committees and senior management.

Requirements:

• 8-12 years of experience in Risk Management, Operational Risk or IT Operations roles.
• Strong background in operational or process risk management, including IT Operations.
• Hands-on experience with Risk and Control Self-Assessment (RCSA), risk event management and control evaluations.
• Experience with risk frameworks, audit issue management and regulatory compliance.
• Strong understanding of IT governance frameworks, operational risk tools and risk governance practices.
• Good knowledge of insurance regulations and IRDAI regulatory guidelines.
• CA, FRM, MBA in Finance/Risk Management or an equivalent professional qualification.
• Proficiency in MS Excel, PowerPoint and risk management tools; experience with Life Asia is relevant.
• Strong analytical, problem-solving, stakeholder management and communication skills.
• Excellent reporting, documentation and presentation skills, with the ability to influence cross-functional teams.
• Prior experience in the life insurance sector is preferred.
• IT certifications will be an added advantage.
• Fluent English communication skills and working proficiency in Hindi.

What is in it for you:

• Opportunity to contribute to operational risk strategy and governance.
• Exposure to enterprise-wide risk assessments and regulatory compliance initiatives.
• Opportunity to work closely with senior management, audit and compliance stakeholders.
• Scope to strengthen expertise in RCSA, risk mitigation and control frameworks.
• Opportunity to drive process improvements and enhance risk awareness across functions.