Operational Risk Manager

Role : Operational Risk Manager

Exp : 3 – 7 Location : Bangalore

Position Summary:

The Operational Risk Manager will be responsible for identifying, assessing, monitoring, and mitigating operational risks within the health insurance business. This role involves ensuring compliance with internal policies and external regulatory requirements, overseeing risk events, and implementing risk management frameworks to protect organizational objectives.

Key Responsibilities:

1. Operational Risk Management: Identify, assess, and monitor key operational risks across health insurance business operations. o Develop and implement risk management strategies, frameworks, and policies. o Conduct risk assessments and ensure action plans are in place to address identified risks.

2. Compliance and Regulatory Oversight: o Ensure compliance with regulatory requirements, insurance guidelines, and organizational policies. o Participate in the implementation and managing the requirements of the Risk Based Supervisory Framework. o Participate in the implementation of AML / KYC Framework o Liaise with regulatory bodies, as required, to maintain adherence to local and international risk management standards.

3. Risk Event Reporting and Analysis: o Analyze operational risk events, identify root causes, and track mitigation measures. o Maintain proper documentation and ensure timely reporting of risk events to senior management and relevant stakeholders.

4. Risk Monitoring and Testing: o Develop and oversee regular monitoring of key risk indicators (KRIs) and operational risk metrics. o Implement risk testing methodologies to identify emerging risks and assess controls' effectiveness.

5. Process Improvement: o Identify opportunities to strengthen operational processes to reduce risk exposure. o Partner with business units to design and implement controls and solutions to mitigate risk. o Drive culture of updated process documentation across the organization

6. Training and Awareness: o Conduct operational risk awareness sessions and training programs for employees. o Promote a risk-conscious culture across departments.

7. Stakeholder Engagement: o Work collaboratively with business leaders, operations, finance, compliance, audit, and IT teams to strengthen risk mitigation strategies. o Provide operational risk insights to senior management for decision-making.

8. Audit and Review Support: o Facilitate internal and external audit processes related to operational risk. o Respond to audit findings and support follow-ups.

Required Skills and Qualifications:

Education:

Bachelor's or Master's degree in Finance, Risk Management, Insurance, Business Administration, or related fields.

Experience:

Minimum 3 years of experience in operational risk management within the health insurance or financial services industry. o Proven experience with regulatory compliance, risk assessment, and risk framework implementation.

Skills:

Strong analytical, problem-solving, and data interpretation skills. o Proficiency in risk management tools, metrics, and methodologies. o Knowledge of health insurance regulations and market practices. o Proficiency in risk reporting, risk control frameworks, and internal audits.

Leadership and Communication: o Excellent interpersonal and leadership abilities to engage with cross-functional teams. o Strong verbal and written communication skills.

Preferred Qualifications:

Certification in Risk Management (e.g., FRM, CRM, or other relevant qualifications).  Familiarity with digital transformation trends in health insurance and technological impacts on operational risk.  Experience managing risks related to claims processing, underwriting, IT infrastructure, or fraud prevention.

Company Attributes / Personality Fit:

Ability to thrive in a fast-paced, dynamic, and diverse environment.  Results-driven with a proactive, hands-on approach to problem-solving.  A strategic thinker with attention to detail and a focus on collaboration. This role offers an opportunity to lead operational risk initiatives in a rapidly growing health insurance market in India, ensuring that risks are effectively managed while aligning with business growth and compliance standards.