Tata AIG - AVP - Operational Risk (12-16 yrs)
To establish the Governance and related Operational Risk Policies, Procedures, required to Program Manage the operational risk activities for the organization
1. Governance, Policies, Procedures, Program Management, Training:
- Establish the minimum requirements of the governance, policies and procedures for the Operational Risk Management framework based on TATA AIG Enterprise Risk Management policies and industry best practices
- Establish the Training program for the risk coordinators on all policies and procedures related to operational risk
2. Assurance testing & Back testing, Defining the Key risk Indicators:
- Review of the risk register with the new risks identified
- Monitor the control effectiveness for the risks identified
- Quantification of Risks
- Maintaining the Internal controls in Financial Reporting is adequately implemented.
- Monitoring the progress of the corrective actions proposed to be taken for different risks
- Coordinating with the functions to analyze the progress of the corrective actions
- Publishing the Risk vs Control dashboard
3. Incident management and Loss Data Collection, Control Assessment:
- Managing Operational Risk and Controls for the Business processes.
- Monitor the corrective and preventive actions for the incidents
- Periodic discussion with the functions to understand the loss that has occurred.
- Vendor control assessment to be completed as part of Outsourcing Policy requirement
- Control assessment needs to be completed for the functions as per management's direction
- Any control failure needs to be reported and to be mapped to risk register
- Project Risk Assessment conducted so that identified risks are adequately addressed though effective control implementation