Purpose of Job

- Assess and develop a deep understanding of digital financial product journeys such as Savings Accounts, Current Accounts, Wallets, UPI, AePS and DMT.

- Understand digital platforms including Mobile Applications and Websites in collaboration with Product Owners.

- Ensure compliance with Risk Management Policy and operational risk requirements while maintaining a seamless and secure customer experience.

- Support the bank in identifying and accurately capturing potential risks across the product lifecycle.

- Identify both financial and non-financial risks including regulatory, reputational and operational risks.

- Test and evaluate controls to ensure they are effectively designed and operating as intended.

Job Description

- Conduct detailed evaluations of financial product journeys and processes (new or existing) to identify financial, regulatory, reputational and operational risks.

- Assess banking products to ensure adherence to applicable regulations and internal policies.

- Evaluate the design and operating effectiveness of controls to address identified risks across the product lifecycle.

- Collaborate with Product Owners to ensure risks are properly captured, documented and mitigated.

- Provide recommendations to reduce or mitigate risk exposures.

- Design and drive enterprise-wide Operational Risk Management Frameworks, policies and procedures.

- Implement the RCSA framework including identification, monitoring and testing across products, business units and support functions.

- Manage end-to-end operational risk loss data and events including root cause analysis of risk incidents.

- Prepare operational risk reports for senior management, Board Risk Committee and regulators such as RBI, NPCI and CSITE.

- Monitor operational Key Risk Indicators (KRIs) and escalate potential breaches or concerns.

- Perform thematic reviews on bank products and services as per the risk calendar plan.

- Report findings along with management action plans and recommendations to ORMC and RMCB.

- Work closely with cross-functional teams including Products, Technology, Compliance, Information Security and Finance to embed risk management practices into product development.

- Produce operational risk dashboards, trend analysis and reporting for management oversight.

- Promote and establish a strong risk culture through training and awareness programs.

Experience

- 5-10 years of experience in Risk Management within the Indian BFSI industry.

- Experience with core digital banking products such as Savings Accounts, Current Accounts, Wallets and NPCI-related payment products including AePS, UPI, DMT and FASTag.

Education

- Bachelor's degree in Risk Management, Business Administration, Finance or a related field.

- Professional certifications in Risk Management such as CRISC, FRM or CA are preferred.

- CISA certification will be an added advantage.

- Experience in a similar role within the banking or financial services industry is highly desirable.

Technical Knowledge

- Strong understanding of digital financial products such as Savings Accounts, Current Accounts, UPI, Wallets, AePS, DMT, CMS and FASTag.

- Understanding of digital platforms including retailer and merchant ecosystems, mobile banking and internet banking.

- Knowledge of Indian banking regulatory requirements including RBI, NPCI and CSITE guidelines applicable to financial institutions.

- Understanding of outsourcing regulations and risks associated with third-party vendor relationships in Payments Banks.

- Experience in conducting third-party vendor risk assessments including cyber security related risks.

- Understanding of Business Continuity Planning (BCP) requirements and support in development of BCP and crisis management plans.

- Ability to ensure product compliance with operational risk requirements.

- Understanding of risk management frameworks and methodologies.

- Proficiency in RCSA control design and testing methodologies.

- Ability to proactively identify and mitigate risks to safeguard the bank and its customers.

- Strong communication and collaboration skills to work with cross-functional teams to identify emerging risks and recommend mitigating controls.