We are hiring - ERM (Enterprise Risk Management)

Reliance General Insurance (RGI); Mumbai; On-site; INR 1,500,000 - 2,100,000; Full time

Job summary

Reliance General Insurance (RGI) in Mumbai seeks an experienced risk professional to lead the enterprise risk management program. You will design and implement risk frameworks aligned with ISO 31000:2018 and regulatory guidelines, coordinating across functions to embed risk awareness.

You will monitor KRIs, prepare dashboards for the board, and support governance forums to ensure timely risk reporting and compliance with solvency and RBC requirements.

Responsibilities

• Develop, implement, and maintain the ERM framework in alignment with ISO 31000:2018 and IRDAIs Corporate Governance and Risk-Based Supervision guidelines
• Establish risk policies, risk appetite statements, and risk registers across business functions
• Facilitate the implementation of the Three Lines of Defense model
• Ensure compliance with IRDAIs risk management regulations, including solvency, stress testing, and RBC requirements
• Coordinate with internal teams to ensure timely submission of risk-related reports to regulatory authorities
• Support implementation of Ind-AS 117 and other regulatory accounting standards impacting risk
• Conduct periodic risk assessments including strategic, operational, financial, insurance, cyber, climate, and reputational risks
• Monitor KRIs and emerging risks, including ESG and climate related risks
• Support the Risk Management Committee of the Board (RMC) and other governance forums
• Prepare risk dashboards and presentations for senior management and board-level discussions
• Liaise with internal audit, compliance, actuarial, and finance teams for integrated risk oversight
• Collaborate with IT and InfoSec teams to assess and mitigate cyber and data privacy risks
• Support implementation of risk analytics tools and automation of risk reporting
• Develop and maintain Risk Heatmaps to visually represent risk severity and likelihood across business functions
• Implement and monitor RAG risk rating methodology to classify and prioritize risks effectively
• Define and align organizational Risk Appetite and Risk Tolerance levels with strategic objectives and regulatory expectations
• Assess and document Inherent Risks across key processes and ensure appropriate mitigation strategies are in place
• Integrate RAG ratings and Risk Heatmap insights into Board-level reporting and decision-making framework

Job description

Roles & Responsibility:

• Develop, implement, and maintain the ERMframework in alignment with ISO 31000:2018 and IRDAIs Corporate Governance and Risk-Based Supervision guidelines
• Establish risk policies, risk appetite statements, and risk registers across business functions.
• Facilitate the implementation of the Three Lines of Defense model.
• Ensure compliance with IRDAIs risk management regulations, including solvency, stress testing, and risk-based capital (RBC) requirements.
• Coordinate with internal teams to ensure timely submission of risk-related reports to regulatory authorities.
• Support implementation of Ind-AS 117 and other regulatory accounting standards impacting risk.
• Conduct periodic risk assessments including strategic, operational, financial, insurance, cyber, climate, and reputational risks
• Monitor key risk indicators (KRIs) and emerging risks, including ESG and climate related risks.
• Support the Risk Management Committee of the Board (RMC) and other governance forums.
• Prepare risk dashboards and presentations for senior management and board-level discussions.
• Liaise with internal audit, compliance, actuarial, and finance teams for integrated risk oversight.
• Collaborate with IT and InfoSec teams to assess and mitigate cyber and data privacy risks.
• Support implementation of risk analytics tools and automation of risk reporting.
• Develop and maintain Risk Heatmaps to visually represent risk severity and likelihood across business functions.
• Implement and monitor RAG (Red-Amber-Green) risk rating methodology to classify and prioritize risks effectively.
• Define and align organizational Risk Appetite and Risk Tolerance levels with strategic objectives and regulatory expectations
• Assess and document Inherent Risks across key processes and ensure appropriate mitigation strategies are in place.
• Integrate RAG ratings and Risk Heatmap insights into Board-level reporting and decision-making framework.