Manager - Operational Risk - Digital Financial Product

Purpose of Job

• Assess and develop a deep understanding of digital financial product journeys such as Savings Accounts, Current Accounts, Wallets, UPI, AePS and DMT.
• Understand digital platforms including Mobile Applications and Websites in collaboration with Product Owners.
• Ensure compliance with Risk Management Policy and operational risk requirements while maintaining a seamless and secure customer experience.
• Support the bank in identifying and accurately capturing potential risks across the product lifecycle.
• Identify both financial and non-financial risks including regulatory, reputational and operational risks.
• Test and evaluate controls to ensure they are effectively designed and operating as intended.

• Conduct detailed evaluations of financial product journeys and processes (new or existing) to identify financial, regulatory, reputational and operational risks.
• Assess banking products to ensure adherence to applicable regulations and internal policies.
• Evaluate the design and operating effectiveness of controls to address identified risks across the product lifecycle.
• Collaborate with Product Owners to ensure risks are properly captured, documented and mitigated.
• Provide recommendations to reduce or mitigate risk exposures.
• Design and drive enterprise-wide Operational Risk Management Frameworks, policies and procedures.
• Implement the RCSA framework including identification, monitoring and testing across products, business units and support functions.
• Manage end-to-end operational risk loss data and events including root cause analysis of risk incidents.
• Prepare operational risk reports for senior management, Board Risk Committee and regulators such as RBI, NPCI and CSITE.
• Monitor operational Key Risk Indicators (KRIs) and escalate potential breaches or concerns.
• Perform thematic reviews on bank products and services as per the risk calendar plan.
• Report findings along with management action plans and recommendations to ORMC and RMCB.
• Work closely with cross-functional teams including Products, Technology, Compliance, Information Security and Finance to embed risk management practices into product development.
• Produce operational risk dashboards, trend analysis and reporting for management oversight.
• Promote and establish a strong risk culture through training and awareness programs.

Experience

• 5-10 years of experience in Risk Management within the Indian BFSI industry.
• Experience with core digital banking products such as Savings Accounts, Current Accounts, Wallets and NPCI-related payment products including AePS, UPI, DMT and FASTag.

Education

• Bachelor's degree in Risk Management, Business Administration, Finance or a related field.
• Professional certifications in Risk Management such as CRISC, FRM or CA are preferred.
• CISA certification will be an added advantage.
• Experience in a similar role within the banking or financial services industry is highly desirable.

Technical Knowledge

• Strong understanding of digital financial products such as Savings Accounts, Current Accounts, UPI, Wallets, AePS, DMT, CMS and FASTag.
• Understanding of digital platforms including retailer and merchant ecosystems, mobile banking and internet banking.
• Knowledge of Indian banking regulatory requirements including RBI, NPCI and CSITE guidelines applicable to financial institutions.
• Understanding of outsourcing regulations and risks associated with third-party vendor relationships in Payments Banks.
• Experience in conducting third-party vendor risk assessments including cyber security related risks.
• Understanding of Business Continuity Planning (BCP) requirements and support in development of BCP and crisis management plans.
• Ability to ensure product compliance with operational risk requirements.
• Understanding of risk management frameworks and methodologies.
• Proficiency in RCSA control design and testing methodologies.
• Ability to proactively identify and mitigate risks to safeguard the bank and its customers.
• Strong communication and collaboration skills to work with cross-functional teams to identify emerging risks and recommend mitigating controls.