Sales Governance & Operational Risk Role - Insurance

Position: Sales Governance and Operational Risk

Location: Goregaon, Mumbai

Reporting to: Lead - Operational Risk

Objective: Responsible and Accountable to provide assurance on key operating standards laid down by the organization and regulators. This role will design and own the Sales Governance standards and its associated Operational Risk Framework.

- Review the end to end operational risks across distribution and its operations, support functions and IT and ensure that all business processes and practices are compliant with internal and external standards.

- Monitor the events and losses, escalate, report and work with stakeholders to identify and implement solutions.

- Work with other internal and external stakeholders to periodically identify and build risk-based scenarios for continuous monitoring.

- Own the Operational Risk Dashboard (for Sales & Distribution) for timely reporting and escalation of critical risks.

- Publish the results of testing periodically to the relevant committee(s).

Responsibilities:

Policies and Frameworks:

- Implement the Sales Governance Framework and the Operational Risk Framework.

- Work closely with the Risk Framework team to know changes to the Policies and procedures and communicate them to appropriate stake holders.

- Conduct Periodical checks to ensure that policies and procedures are implemented effectively.

- Resolves gaps, if any.

Risk Evaluation and Assessment:

- Identify all key inherent risks across the distribution business and its associated support functions.

- Perform Timely risk assessment on all key risks using the Risk Control Matrix.

- Conduct Periodical Self-Assessment on Key controls and report design and operating effectiveness.

- Maintain the Risk Library (RCSA) for the designated business and functions.

- Perform Root Cause Analysis and Lesson Learnt for all financial and non-financial events.

- Ensure that all losses and events are recorded in the relevant systems and approved by the appropriate authority.

- Continuous review of Risk and Control Library for accuracy and relevance.

- Ensure there is minimal surprises on Audit Findings.

- Assess the risk of change across all new initiatives as per the defined change management policy.

Risk Reporting:

- Establish a clear hierarchy of monitoring to escalate unresolved risks and issues.

- Customize dashboards, if required, to have focused discussions with stakeholders.

- Work with LCCS to ensure that there are no delays in regulatory reporting.

- Work with FPU, Surveillance/Continuous monitoring to identify any themes and trends.

- Ensure accurate submission of data for all internal and board committees.

Risk Awareness:

- Work with Stakeholders to arrive at a Training Need Analysis and partner with HR (L&D) to deliver.

- Conduct Risk Awareness sessions for stake holders, periodically, to update them on key developments.

Stake Holder Management:

- Act as a single point of contact for any queries related to Risk Frameworks, Policies and Procedures.

- Conduct periodic meetings with Stakeholders to understand new developments in the business and functional areas.

- Represent Risk in business and functional level meetings, where required and contribute independently and effectively.

Measures of Success:

1. Positive outcome on Policy Implementation Review.

2. Dispensations, if any, to be tracked and resolved as per agreed timelines.

3. Accurate and Updated RCSA Library

4. Number of self-identified Vs Unidentified issues in internal and external Audits.

5. Accurate Root Cause Analysis for all material events along with accountable actions.

6. Timely implementation of all new initiatives with appropriate change risk assessments.

7. Timely escalation of unresolved issues to relevant stake holders and/or committees.

8. At least 1 Risk awareness session per quarter by self or an authorized representative.

9. Positive feedback from Stakeholders.

Stakeholders:

- Channel Heads, HODs and CDO

- Owner of risk framework and policies.

- Heads of Legal and Compliance

- Internal and External Auditors

- HR - Learning & Development.

Required Skill Sets:

- Thorough understanding of processes and regulations in Insurance domain.

- Excellent verbal and written communication skills.

- Excellent critical thinking skills.

- Excellent analytical and problem-solving skills.

- Excellent organizational skills and attention to detail.

- Strong supervisory and leadership skills.

- Proficient with Microsoft Office Suite or related software to prepare reports and policies