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.