Operational Risk Management Role - Life Insurance Firm

Operational Risk Management with a leading Life Insurance Company

Job Description:

Assist Head-ORM in implementing ORM framework across all/assigned Businesses and Support functions and monitoring their adherence to ORM policy and procedures for identification, measurement, monitoring and reporting of operational risks.

In particular, the role will be responsible for managing following -

- Incident analysis, reporting, remediation and loss data management;

- Risk and Control Self-Assessment;

- KRI identification;

- Support ORM governance and oversight.

- Maintaining governance and oversight over outsourcing of financial services activities.

- Working closely with BORMs for respective Business and Support functions to support Businesses/Support Functions in identification of risks (through risk reviews of new processes/ systems including changes thereto, thematic risk reviews, ad-hoc projects), assessment of control design gaps and operating effectiveness to strengthen controls, ORM reporting, risk culture building using online/offline channels for risk training and awareness, etc

Key Result Areas Supporting Actions:

- Manage operational risk incidents to minimize impact &/or losses from them.

- Implement Incident Reporting, Analysis and Loss Event Data Management Process by ensuring following:

- Detailed qualitative Root Cause Analysis and impact analysis by involved stakeholders for all reported incidents to minimize their impact and identify controls that help prevent re-occurrence or facilitate early detection of similar incidents in future.

- Timely and correct updation of incidents database for all reported incidents.

- Timely and correct booking of Operational Loss or Provision for Operational Loss.

- Tracking of Open actions for closure &/or escalation, settlement of insurance claims for insured risks and updation of relevant SOP &/or RCMs, wherever required.

- Timely and correct preparation of incident report for review by Head-ORM for onward reporting.

Facilitate comprehensive risk reviews to pro-actively identify and minimize operational risks:

- Risk review of SOPs and changes thereto as assigned from time to time.

- Risk review of new systems and changes thereto as assigned from time to time.

- Execution &/or facilitation of ad-hoc projects impacting entity level ORM like Process Deep Dives, Thematic risk reviews basis Management request or suo moto, identification of potential control automation opportunities, remediation of critical audit issues etc.

Assist in independent assessment of controls for both Design Efficiency and Operating Effectiveness for continuous control enhancement to minimize operational risks &/losses:

Strengthen RCSA process governance to ensure following:

- Timely revision of RCMs by respective Business and Support functions (basis updated SOPs) including ensuring that all processes are adequately documented.

- Review of revised RCMs prior to submission to Internal Audit.

- Timely completion of RCSA by BORMs/Process owners and sharing of test results with ORM.

- Quality of testing performed by Process owners by undertaking independent validation of samples and RCSA test results.

- Sharing final test results with stakeholders.

- Tracking of open actions for closure &/or escalation, as appropriate.

- Training process owners for using automated testing procedures, wherever feasible

- Assist Head-ORM in roll out of Continuous Control Enhancement Program followed by development of specific tests and help build requisite capabilities to facilitate independent evaluation of identified controls for 'Design Efficiency' and 'Operating Effectiveness' on a continuous basis using automation and data analytics. e.g. building predictive risk management capabilities though automated/manual exception reports, online continuous checks in LOS/ LMS systems, audit CCM reports universe, KRI monitoring, incident root cause analysis, independent sampling, etc.