14/05 Rahul Agrawal
Manager HR at Canara HSBC OBC Life Insurance

Views:1446 Applications:196 Rec. Actions:Recruiter Actions:15

Canara HSBC OBC Life Insurance - Assistant Vice President - Financial Risk Management (10-15 yrs) Premium

Gurgaon/Gurugram Job Code: 697605

I. General Information :

Role : AVP - Financial Risk Management

Designation : Assistant Vice President

Department/Function : Risk management

Career Level : 6

Direct Reporting : Chief Risk Officer

Highest Education : Master's degree or a specialization

course in the requisite filed Experience : 10+ years

Location : Gurugram

Hub/HO : HO

II. Job Objective :

- Part of the second line of defense Risk function that works closely with first line of defense teams within the business functions, more specifically in Finance, Investments and Actuarial, Products and Strategy functions

- Ensure that the risk management governance framework continues to remain updated and relevant as per the regulatory guidelines, requirements of the Board and local as well as international best practices

- To institutionalize risk appetite statement for the Company, monitoring and reporting compliance against the risk appetite statements covering all types of risks

- Assist Chief risk officer in oversight of enterprise wide risks including financial risk matters and contribute in internal committee forums setup to monitor these risks

- Able to drive risk control assessment at functional level and also able to coordinate testing of controls and providing assurance to the management over effective working of risk management framework

- Actively engage with business risk & control managers (BRCM) from Actuarial, Finance & Investments function and support process owners of these functional areas by providing advice, relevant support on risk matters including areas of financial risk like market, credit and liquidity risk

- Responsible for management, monitoring, reporting and oversight of financial risk at an entity level. This role shall support the Chief Risk Officer to achieve key financial risk management objectives around scoping and implementing interest rate risk measures, guidelines and limits, and formalizing risk tolerances that appropriately link to the company's risk appetite

III. Key Responsibility Areas :

1. Impact on the Business / Function :

- Responsible for compliance, oversight and monitoring of risk management framework for all financial risks in line with regulatory guidelines, Board guidance and international best practices

- Responsible for collation and assessment of key enterprise wide risk indicators from various functions, analysis of any adverse trending and preparation of risk profile and reports; oversight over credit, market, liquidity, insurance & business/ strategic risk

- Represent Risk function in the new products evaluation forum and provides guidance to Products and other functions to help assess risk in the proposed product ideas/ concepts and ensures that these remain within the risk appetite

- Support Risk function team members in risk reviews, RCA testing exercise from time to time

- Play an advisory role in strategic business and change projects where assigned to represent the Risk function to ensure that the processes are designed with due regard to associated risks and controls and the control environment is being built in accordance with the requisite control standards and the risk appetite of the Company

- Provides feedback and inputs from risk perspective on agendas of internal executive management forums like Treasury & investment group, Asset liability management group, Insurance risk group

- Risk assessment of new issuer or asset class or guided allocation and work closely with finance, investments and treasury function

- Ensure risk is being managed within the stated risk appetite and risk mandates approved by RMC or internal forum from time to time. Escalate matters where risk may be outside the risk appetite or where this is likely to go outside the risk appetite

- Conceptualization, improvement and roll out of model risk framework. Ensure adequate oversight being maintained over the model risk framework

- Performing risk assessments to analyze current exposures to interest rate risk and identify emerging risks and trends affecting the company.

- Coordinating with key stakeholders to facilitate and enhance risk reporting- s

2. Customers / Stakeholders :

- Ensure that the risk framework including policies, policy dispensations, Risk appetite, standards and controls to meet regulatory requirements to protect Company's reputation are embedded in the day-to-day operating environment

- Provide inputs to ensure that the Company's risk profile and top risks represent the key area of risk for management consideration, emerging areas of financial risk for the business are captured and mitigation strategies are on track

- Share a professional and open relationship with functional heads, other control functions like Actuarial, Finance, Investments, Legal & Compliance & Internal audit

- Working collaboratively with key stakeholders to assess impact of and need for mitigation strategies

- Supporting the various internal governance forums

- Be regarded as a business enabler

3. Leadership & Teamwork :

- Works effectively within the team and collaborates with other members of the Risk function on projects, reviews and initiatives

- Ensure that business decisions are taken by giving due considerations to risks

- Builds and leverage relationships to get work done, required to be an effective communicator

- Advice and guide business and functional heads with respect to management of risk

- Risk function is able to establish a strong identity in the organization

4. Operational Effectiveness & Control :

- Ensure overall risk governance is managed effectively across the Company, combine technical expertise/ financial risk/ enterprise risk expertise with a deep understanding of business and customers- needs to create and deliver value add for the business

- Effectiveness of overall risk framework and comprehensiveness of reviews and control assessments

- Simple processes, easy to understand risk reports that highlight the material issues for management attention and action

- Standardized processes and reports for the function

- Management & Board Risk Committee are well informed about key risks that could have potential impact on business

- The role would require validation of existing models or building models from scratch in financial risk area

- Leading special projects focusing on strategic risk and product risk

IV. Key Performance Indicators :

A. Financial :

- Timeliness, proactive and actionable risk reporting for consideration of Management and Board. Important to bake in the risk to reward aspect, business operating environment and practicality of controls

- Successful implementation and monitoring of risk appetite statements across all types of risks

- Ensure new products and initiatives do not enhance the level of risk that is not commensurate with the returns and benefits

- Compliance with Board approved Risk policy and other regulatory requirements

- No high risk audit observations, surprises for management

B. Customer :

- Risk management function is seen as an enabler for business growth

- Preservation of shareholder capital and maintain appropriate return on investment by ensuring all risks identified and mitigated and exposure is not unreasonable

C. Process :

- Ensure overall risk governance is managed effectively across the Company, combine technical expertise/ financial risk/ enterprise risk expertise with a deep understanding of business and customers- needs to create and deliver value add for the business

- Simple processes, easy to understand risk reports that highlight the material issues for management attention and action

- Standardized processes and reports for the function

- Leading special projects focusing on strategic risk and product risk

V. Major Challenges :

- Timely closure of assigned deliverables & responsibilities given cross functional and inter team dependencies

- Working in diversified setup/ environment and interacting with cross functional teams on various diversified domains like Finance, Investments, Actuarial, Products and Strategy.

- The constant change of regulatory rules and guidelines and its resultant impact on business and the Company's risk profile.

- The increased appetite from business to take on more risk to fuel growth, makes it important to ensure that the risk & reward equilibrium is maintained and business operates within the stated appetite

VI. Role Context :

- The role reports to the Chief Risk Officer

- The role would also involve interactions with partner banks and shareholders for risk reporting and select matters requiring their attention

- Located at the Company's head office in Gurgaon, the individual interfaces with all internal Risk & control function team members, cross functional BRCM functions and various process owners/ SPOCs for role delivery.

- Scope and scale of the role will vary as the business moves to greater maturity and it is expected that complexity and business significance will also grow over time

- Individual contributor role

VII. Management & Leadership of Regulatory, Compliance & Operational Risk :

- Ensure that there is awareness of risk across the Company to minimize the likelihood of it occurring including its identification, assessment, mitigation and control, loss identification and reporting

VIII. Observation of Internal Controls :

- Ensure controls are embedded into processes and periodically assessed and tested for effectiveness

- Maintain and observe Company internal control standards, implement and Company's risk management policy.


- Foster a risk management and compliance culture across the organization

Women-friendly workplace:

Maternity and Paternity Benefits

Add a note
Something suspicious? Report this job posting.