Manager – Risk Management

A leading life insurance company is seeking a detail-oriented Manager – Risk Management to join its corporate team in Mumbai. In this pivotal role, you will conduct comprehensive risk assessments and process reviews to ensure all operations function as expected. Furthermore, you will lead the Risk and Control Self-Assessment (RCSA) process and perform rigorous control testing. Consequently, this position is vital for identifying operational gaps and strengthening the organization’s overall risk framework.

The Manager – Risk Management must monitor Functional Key Risk Indicators (FKRI) and report breaches to senior leadership. Additionally, you will be responsible for implementing and maintaining ISO 31000:2018 standards to ensure global best practices in risk management. Therefore, the company is looking for a Chartered Accountant or a seasoned professional with up to 7 years of experience. If you have a strong background in internal audits and process reviews, this Manager – Risk Management role offers a premier opportunity for impact.

Key Responsibilities for the Manager – Risk Management

• Conduct process risk assessments and reviews to provide assurance that operations are working effectively.
• Identify operational gaps and provide strategic recommendations to address risks to senior management.
• Ensure the timely closure of open action items in close coordination with concerned risk owners.
• Review and update RCSA documents regularly to keep the risk profiles current and accurate.
• Assist process owners in conducting control testing and document all identified issues for closure.
• Collate, analyze, and monitor Functional Key Risk Indicators (FKRI) against approved benchmarks.
• Obtain justifications and action plans for any threshold breaches and follow up until resolution.
• Prepare detailed analysis and presentations for the Risk Management Committee (RMC).
• Maintain adherence to ISO 31000:2018 standards and handle related audits with zero non-conformities.
• Create risk awareness through training sessions for Risk Officers and various organizational functions.

Requirements and Qualifications

• Chartered Accountant (CA) with 1 to 3 years of experience or Graduate/Postgraduate with 5 to 7 years.
• Mandatory experience in risk reviews, process audits, or internal audits within the financial sector.
• Direct experience in the Life Insurance domain is highly preferred for this position.
• Desirable certifications include CFE, ARM, or Fellow/Associate from the Insurance Institute of India.
• Added advantage for candidates who are Lead Implementers for ISO 9001, 31000, or 27001 standards.
• Exceptional analytical skills with a proven ability to highlight trends at both function and company levels.

Measures of Success

• High frequency and quality of conduct risk assessments and regular RCSA reviews.
• Timely collation and reporting of data for Functional Key Risk Indicators and benchmarks.
• Successful handling of ISO audit preparations resulting in no non-conformities.
• Implementation of preventive action plans that lead to cost savings or avoidance of financial loss.
• Effective collaboration with departments such as Operations, IT, HR, and Compliance.

If you are a risk professional ready to drive the Manager – Risk Management function for a premier insurer, we encourage you to apply today!