Associate Vice President

Position Title

Role

Risk Management

Reporting To

Associate Vice President – Risk Management

Key Responsibilities

1. Conduct Risk Assessments of various processes

1.1 Conduct Process Risk assessment/Process reviews to give an assurance that process is working as expected.

1.2 Identify gaps and provide recommendations for addressing the same

1.3 Reporting of observations along with actionable to senior management

1.4 Ensure timely closure of Open Actionables in coordination with concerned function / risk owner

2. Risk and Control Self-Assessment process

2.1 Review RCSA document and update the same to keep it current

2.2 Conduct control testing and assist the process owners in the same

2.3 Ensure that control testing is appropriately followed by process owners

2.4 Document issues identified during control testing and follow-up for closure

2.5 Ensure timely reporting of issues identified and action taken to address the same

2.6 Preparation of necessary reports to highlight trends at function and company level

3. Review & Monitoring of Annual Risk Assessment, Corporate Risk Appetite Statements (CRA), Risk Dashboard and Functional Key Risk Indicators (FKRI)

3.1  Conduct Annual Risk Assessment to identify the Key Risks

3.2  Review of Emerging Risks and its trends

3.3  Review of CRA, Risk Dashboard, Functional Key Risk Indicators

3.4  Collate the functional inputs, analyze, monitor and report functional KRIs vis-a-vis the approved benchmarks.

3.5  Review threshold breaches, obtain justification / action plans for threshold breaches and follow-up for closure of the same.

3.6  Preparation of analysis and presentation for RMC E and RMC B

4. Preparation of RMC-E and RMC-B Presentations

4.1 Hands on Experience in preparing RMC-E/RMC-B presentations

4.2 Collation of inputs from all verticals of Risk Management

4.3 Preparation of Minutes of RMC-E / RMC-B

4.4 Follow up of ATR

5. Implementation of ISO 31000:2018 Risk Management

5.1 Ensuring adherence as required by ISO 31000:2018

5.2 Timely review and monitoring of documentation as required by ISO 31000:2018s

5.3 Handling the audit of ISO 31000:2018 and ensuring end to end certification of ISO 31000

6. Other Risk Related Activities

6.1 Create Risk awareness and Training for Risk Officers and all functions.

6.2 Assist in creating documentation /presentations for award nominations

6.3 Assist in adhoc analysis as required by the management from time to time.

6.4 Communicate and Collaborate with all functions for effective risk management

Critical Competencies

·    Chartered Accountant with 8 to 10 years of experience.

·    Graduate / Postgraduate with 10 to 12 years of experience.

·    Experience of Team Handling and Performance appraisal of the team

·    Experience in risk reviews / process audits/Internal audit would be preferred, Life Insurance domain experience preferred

·    Certifications like CFE / ARM / Fellow / Licentiate / Associate from III or any other risk related certification would be desirable

·    Lead Implementer / Internal Auditor for ISO Standards like ISO 9001, 31000, 22301, 27001 would be added advantage

Key Interactions

·       All departments – including but not limited to Operations, Channel Admin, HR, Finance, Audit, Brand & Corp Communication, Compliance, IT and other supporting functions

·       Risk Officers

·       Head of Departments

·       Process Owners

Measures of success

·       Conduct Risk Assessments

·       Review and Monitoring of Annual Risk Assessment, Corporate Risk Appetite Statements (CRA), Risk Dashboard and Functional Key Risk Indicators (FKRI) – Timely Collation and review of Data for reporting

·       Count of RCSA reviews completed and quality of Control testing and timely closure and reporting

·       Count of process reviews conducted, and gaps addressed

·       Handling ISO audit preparation and Internal Audits to have no non-conformities during the audit

·       Preventive action plans resulting in cost savings/ avoidance of loss

Location

Corporate Office – Mumbai