Enterprise Risk Management

5 days ago

Mumbai, Maharashtra, India Reliance General Insurance (RGI) Full time ₹ 12,00,000 - ₹ 36,00,000 per year

Role & responsibilities

To support and drive the Enterprise Risk Management function, ensuring compliance with IRDAI, SEBI, RBI, and other applicable regulatory frameworks, while driving a strong risk culture and governance across the organization. The role also ensures alignment with ISO 31000:2018 standards for risk management.

Key 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 IRDAI's 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.


• Lead scenario analysis and stress testing exercises.


• 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 frameworks.


• Prepare and review Asset-Liability Management (ALM) reports and ensure alignment with IRDAI norms.


• Maintain and update the Risk Control Matrix; lead the Crisis Management Team during incidents.


• Conduct and support audits such as IRMS, IFC, Concurrent, ISO, and others as mandated.


• Promote risk awareness across departments and conduct periodic training sessions.


• Monitor and review the risk management framework and processes for continual improvement.

Must-Have Experience


• Strong understanding of insurance operations, finance, and regulatory compliance.


• Hands-on experience in managing audits, ALM, BCP/DR, and risk reporting.

Key Skills & Attributes


• Excellent knowledge of finance and regulatory frameworks.


• Ability to track, update, and manage all risk-related compliances with zero deviations.


• High on integrity, discipline, organization, self-drive, and ownership.


• Strong analytical and communication skills.

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