Lead - Operational Risk Management

Magma General Insurance Limited; Maharashtra; On-site; INR 1,800,000 - 3,200,000; Full time

Job summary

A prominent insurance company in Maharashtra is seeking a Mid-Senior level professional to lead risk management processes. The role involves coaching team members, developing operational risk frameworks, and conducting audits across PAN India. Ideal candidates should have over 12 years in the general insurance industry, strong analytical and leadership skills, and proficiency in Excel and PowerPoint.

Qualifications

• 12+ years in General Insurance Industry.
• Experience in risk management preferred.
• Strong leadership skills to coach team members.

Responsibilities

• Lead and coach team members in risk assessment.
• Develop Operational Risk processes.
• Perform regular Branch visits for process audits.
• Drive continuous improvement in the control environment.
• Publish KRI and OR Dashboards to Functional Heads.
• Engage with senior leadership on OR management.

Skills

Risk identification

Strong communication

Analytical thinking

Problem solving

Team management

Technical Knowledge in General Insurance

Excel proficiency

Interpersonal skills

Education

Chartered Accountant / MBA (Finance)

Tools

Excel

Power Point

Job description

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Total Work Experience: 12 + years in General Insurance Industry

Education: Chartered Accountant / MBA (Finance) – Preferred but not necessary

Duties and responsibilities:-

• Lead and coach team members in risk identification, risk assessment/evaluation and risk treatment approaches
• Initiate and develop Operational Risk processes according to defined operational risk framework, policies and standards for risk management.
• Execution of special reviews for areas which are core, technical and high risk for the organization.
• Demonstrate in-depth knowledge of business risks, processes, and internal controls of the organization.
• Manage and perform regular PAN INDIA defined Branch visits for process audit and report process inefficiencies
• Review of OR Framework and related policies related to business unit
• Implement plan to prevent, eliminate/minimize and mitigate operational risks.
• Support the business to design controls to enable risk management for new products/processes
• Drive continuous improvement in the business control environment
• Re-design processes including opportunities for automation
• Conducting periodic reviews with management team and respective stakeholders, documenting minutes and timely closure of ATRs.
• Review of revised SOPs and oversee effective design of controls for all revised/ changed processes
• Publishing KRI Dashboard and OR Event Dashboard to Functional Heads on a periodical basis.
• Team management- Goal setting and monitor team performance
• Performing theme based reviews, in order to identify process lapses and build strong control
• Leading business continuity related activities
• Ability to engage with senior leadership in all aspects of OR management
• Creative, out-of-the-box thinking, always keep an eye on the future
• Strategic and analytical thinking
• Strong communication, interpersonal & networking skills
• Excellent Problem solving and decision-making skills, take responsibility & establish success criteria
• Good Technical Knowledge in General Insurance
• Excellent working on Excel & Power Point

The roles need to interact with both internal/ external stakeholders to enable success in day-to-day work. This role also would require PAN India travel

Seniority level

Mid-Senior level

Employment type

Full-time

Job function

Other

Industries

Insurance

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