Risk Manager – Internal Control Framework

This role will have
NO WORK FROM HOME OPTION

Our client MNK GCS is seeking a highly skilled and technically competent Risk Manager to design, implement, and embed an Internal Control Framework (ICF) from the ground up across MNK Group, which spans Managing General Agents (MGA), underwriting entities, and regulated insurance companies across multiple jurisdictions.

Job Title: Risk Manager – Internal Control Framework & Operational Risk

Location:
Bengaluru, India

Department:
Group Risk Management / Enterprise Risk Management Framework (ERMF)

Reports to:
Group Executive Managing Director – Risk & Regulation / GCS CEO

Type:
Full-Time | Permanent

Responsibilities

Internal Control Framework (ICF) Design & Implementation

• Lead the design, rollout, and continuous improvement of the Group-wide ICF, ensuring coverage across MGA operations, underwriting companies, and regulated entities in multiple jurisdictions.
• Establish clear risk taxonomy, control standards, and governance processes tailored to the insurance and reinsurance industry.
• Define and embed risk and control ownership models across businesses and geographies.

Risk & Control Self-Assessment (RCSA)

• Build and institutionalise the RCSA methodology across the Group, ensuring consistent identification, assessment, and mitigation of risks.
• Conduct and facilitate risk and control workshops with business units to surface key operational and strategic risks.
• Ensure testing of control design and effectiveness, residual risk scoring, and action plan management.

Risk Metrics & Monitoring

• Develop and maintain Key Risk Indicators (KRIs), control metrics, and dashboards aligned to Group risk appetite.
• Embed regular monitoring and reporting mechanisms that provide early warning signals of emerging risks.
• Ensure data-driven insights support decision-making at management and Board levels.

Regulatory Compliance & Multi-Jurisdiction Oversight

• Interpret and apply regulatory requirements across diverse jurisdictions (e.g., Solvency II, ORSA, PRA/FCA standards, Basel, or local equivalents).
• Ensure Group-wide consistency in compliance while tailoring to local market expectations.
• Feed into the Group MD who will ultimately act as a liaison for regulators, auditors, and risk committees on matters related to the ICF and operational risk.

Governance & Reporting

• Design and deliver Board and Risk Committee MI, including risk heat maps, thematic reports, and control performance reviews.
• Contribute to the development and maintenance of risk policies, frameworks, and governance standards.
• Provide independent challenge and assurance to first-line functions.

Risk Culture & Capability Building

• Champion a culture of accountability and transparency in risk and control management across the Group.
• Support in delivering targeted training and guidance on ICF, RCSA, KRIs, and operational risk practices.
• Support leadership in driving risk awareness and embedding RMF practices across all business entities.

Qualifications

• Bachelor's or Master's degree in Risk Management, Business Administration, Finance, or related disciplines.
• Professional certifications such as CRMA, FRM, CISA, CIA, or equivalent strongly preferred.
• 8-10 years of experience in operational risk, internal controls, or enterprise risk management, with a strong preference for insurance/reinsurance or financial services.
• Demonstrated success in building or implementing internal control frameworks and RCSA processes across complex, multi-entity environments.
• Knowledge of multi-jurisdictional regulatory regimes and experience engaging with regulators and auditors.
• Familiarity with GRC systems and risk data analytics

Key Skills & Competencies

• Strong technical expertise in risk frameworks (RMF), operational risk, and internal control methodologies.
• Proven ability to design and embed ICF from scratch across diverse business entities.
• Strong understanding of risks, controls, KRIs, metrics, and RCSA in insurance/reinsurance contexts.
• Excellent governance, Board reporting, and MI development skills.
• Strong stakeholder management and influencing skills across executive leadership, control functions, and international jurisdictions.
• Analytical mindset with the ability to interpret complex data and deliver actionable insights.
• Highly proactive, detail-oriented, and resilient in a dynamic, evolving regulatory environment.