Enterprise Risk Management (ERM)

Role & responsibilities

To support and drive the Enterprise Risk Management function, ensuring compliance with IRDAI, SEBI, RBI, and other applicable regulatory frameworks, while driving a strong risk culture and governance across the organization. The role also ensures alignment with ISO 31000:2018 standards for risk management.

• Develop, implement, and maintain the ERM framework in alignment with ISO 31000:2018 and IRDAIs Corporate Governance and Risk-Based Supervision guidelines
• Establish risk policies, risk appetite statements, and risk registers across business functions.
• Facilitate the implementation of the Three Lines of Defense model.
• Ensure compliance with IRDAIs risk management regulations, including solvency, stress testing, and risk-based capital (RBC) requirements.
• Coordinate with internal teams to ensure timely submission of risk-related reports to regulatory authorities.
• Support implementation of Ind-AS 117 and other regulatory accounting standards impacting risk.
• Conduct periodic risk assessments including strategic, operational, financial, insurance, cyber, climate, and reputational risks.

• Monitor key risk indicators (KRIs) and emerging risks, including ESG and climate related risks.
• Lead scenario analysis and stress testing exercises.
• Support the Risk Management Committee of the Board (RMC) and other governance forums.
• Support implementation of risk analytics tools and automation of risk reporting.
• Develop and maintain Risk Heatmaps to visually represent risk severity and likelihood across business functions.
• Implement and monitor RAG (Red-Amber-Green) risk rating methodology to classify and prioritize risks effectively.
• Define and align organizational Risk Appetite and Risk Tolerance levels with strategic objectives and regulatory expectations.
• Assess and document Inherent Risks across key processes and ensure appropriate mitigation strategies are in place.
• Integrate RAG ratings and Risk Heatmap insights into Board-level reporting and decision-making frameworks.
• Prepare and review Asset-Liability Management (ALM) reports and ensure alignment with IRDAI norms.
• Maintain and update the Risk Control Matrix; lead the Crisis Management Team during incidents.
• Conduct and support audits such as IRMS, IFC, Concurrent, ISO, and others as mandated.
• Promote risk awareness across departments and conduct periodic training sessions.
• Monitor and review the risk management framework and processes for continual improvement.

Key Skills & Attributes

• Excellent knowledge of finance and regulatory frameworks.

• Ability to track, update, and manage all risk-related compliances with zero deviations.

• High on integrity, discipline, organization, self-drive, and ownership.

• Strong analytical and communication skills.