Operational Risk Manager

A Leading Life Insurance Company is seeking an analytical Operational Risk Manager to join its core risk management division at its corporate head office in Mumbai. In this key risk governance role, you will take responsibility for conducting end-to-end process risk assessments and evaluating control effectiveness across diverse business functions. Furthermore, you will facilitate the Risk and Control Self-Assessment (RCSA) process, monitoring control testing execution to ensure gaps are swiftly remediated. Consequently, this position is crucial for safeguarding operational workflows and minimizing financial loss exposures.

The Operational Risk Manager must combine disciplined audit testing mechanics with deep practical experience managing Functional Key Risk Indicators (FKRI). Working closely with process owners and department heads across Operations, HR, IT, and Compliance, you will analyze threshold breaches and formulate preventive action plans. Therefore, the group is looking for a detail-oriented professional who handles ISO standards implementation and risk training programs comfortably. If you want to drive a proactive risk culture inside a leading insurance firm, this position offers an ideal path.

Key Responsibilities

• Conduct process risk assessments and reviews across operational functions to provide assurance that controls operate as intended.
• Identify operational gaps, formulate actionable recommendations, and report observations with closure timelines to senior leadership.
• Maintain and update Risk and Control Self-Assessment (RCSA) documentation across all corporate departments to keep it current.
• Execute control testing, assist process owners during testing cycles, and track identified issues through to verified closure.
• Collate, analyze, and monitor Functional Key Risk Indicators (FKRIs) against approved organizational risk benchmarks.
• Investigate FKRI threshold breaches, obtain formal justifications and remediation action plans, and track resolution progress.
• Prepare analytical reports, risk trend presentations, and board notes for Risk Management Executive and Board Committees.
• Ensure organizational adherence to ISO 31000:2018 Risk Management guidelines, managing documentation and external audit reviews.
• Design and deliver risk awareness training modules for Risk Officers and functional teams across the enterprise.
• Collaborate with cross-functional departments (Operations, IT, HR, Compliance, Audit) to embed a strong operational risk culture.

Requirements and Qualifications

• Chartered Accountant (CA) with 1-3 years of experience, OR Graduate/Postgraduate with 5-7 years of relevant experience.
• Proven experience in risk reviews, process audits, or internal audit, with a strong preference for Life Insurance domain exposure.
• Functional understanding of Risk and Control Self-Assessment (RCSA) frameworks, control testing, and Key Risk Indicators.
• Hands-on familiarity with ISO risk management standards (ISO 31000:2018, ISO 9001, ISO 22301, ISO 27001).
• Beneficial certifications: CFE, ARM, Fellow/Associate from III, or ISO Lead Implementer/Internal Auditor qualifications.