Manager Risk Management - Gurugram - Aviva India

    Aviva India
    Aviva India Gurugram

    2 days ago

    Insurance
    Description

    Job Summary

    The Manager – Risk Management (Life Insurance) leads and manages 2nd line thematic reviews / audit activities across life insurance operations to provide independent and objective assurance on the effectiveness of governance, risk management and internal control systems. The role ensures compliance with regulatory requirements, protects policyholder interests, and supports the achievement of organizational objectives.

    The ideal candidate brings a pre-emptive mindset combining the rigour of an Internal Auditor with collaborative approach of a Risk Manager and possesses strong data analytics capabilities to test full populations rather than just sample.

    Key Responsibilities

    Thematic Risk Reviews & Gap Analysis

    • Develop and execute annual risk-based thematic review plan focused on high impact processes including but not limited to Login to Issuance, Reinsurance Administration, Servicing, Complaints Management and Claims.
    • Conduct end to end process walkthroughs to identify design gaps and operating effectiveness failures in the process.
    • Ensure thematic risk based reviews are concluded a quarter prior to the Internal Audit for the function or process, providing the business time to fix identified gaps.

    Process Improvement & Remediation

    • Collaborate with Functional Heads (Ops, Underwriting, CS etc) to agree on "Risk Acceptance" or "Risk Mitigation" plans for identified gaps.
    • Validate the closure of action items before the Internal Audit team commences their fieldwork.
    • Review Standard Operating Procedures (SOPs) to ensure alignment with current IRDAI regulations and internal risk appetite.

    Data Driven Risk Monitoring

    • Utilize data analytics tools to perform independent testing on 100% of the data population where possible, moving beyond sample based testing.
    • Develop Key Risk Indicators (KRIs) for Operational areas and automate their tracking using available data sets.

    Reporting & GRC Management

    • Monitor documentation and monitoring of findings, risks and action plans by 1st line within the organization's GRC platform in line with the GRC minimum standards.
    • Prepare executive summaries and detailed reports of thematic reviews for the CRO to present to various governance forums both internal and Board level.
    • Coordinate and support regulatory inspections and external audits, including follow-up on findings.

    Branch and Vendor Oversight

    • Conduct occasional visits to branches to assess the on-ground implementation of operational controls.
    • Review controls regarding outsourced operational activities to ensure vendor compliance.

    Advisory & Strategic Support

    • Provide risk advisory inputs on new insurance products, system implementations, process changes, and outsourcing arrangements.
    • Identify emerging risks in life insurance and recommend proactive risk management.
    • Promote a strong control and risk-aware culture across the organization.

    Qualifications & Experience

    Education

    • Essential: Bachelor's degree in Accounting, Finance, Business Administration, or Risk Management.
    • Preferred: Master's degree (MBA, Finance, Commerce) or Professional certifications (CA, CIA, FRM, LOMA, or Licentiate/Associate of III).

    Professional Certifications

    • CIA (Certified Internal Auditor) preferred.
    • CPA/CA, ACCA, CISA, or equivalent professional qualifications are desirable.

    Experience

    • Candidates with a strong background in Internal Audit within a Life Insurance setup who wish to transition into a strategic Risk Management role.
    • Hands-on experience in auditing or managing risks in core operations: New Business, Underwriting, Policy Servicing, and Claims.

    Skills & Competencies

    Technical Proficiency:

    • Data Analytics: Proficiency in SQL and Python is highly desirable for independent data extraction and testing.
    • Visualization: Ability to create dashboards and reports using Power BI or Tableau.
    • Systems: Experience working with GRC platforms like Archer or IBM Open Pages.
    • Familiarity with Core Insurance Platforms (e.g., Life Asia, Ingenium) is an advantage.

    Functional Knowledge:

    • Deep understanding of the Indian Life Insurance value chain and associated risks.
    • Up-to-date knowledge of IRDAI regulations regarding Protection of Policyholders' Interests, Operations, AML, PMLA, Outsourcing etc.

    Behavioral Competencies:

    • Stakeholder Management: Ability to influence senior process owners without direct authority. You must be able to deliver "bad news" (findings) constructively.
    • Critical Thinking: Ability to distinguish between a one-off error and a systemic process failure.
    • Communication: Excellent business writing skills for drafting clear, concise, and actionable risk reports.
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