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Job details:
Role: Outsourcing & Third Party Risk Management Manager
Job Title: AVP / DVP
Department: Risk Management
Education: Post Graduate
Work Location: Goregaon (East), Mumbai
Role Purpose
To oversee and strengthen the Company's Outsourcing and Third Party Risk Management (TPRM) framework by ensuring effective governance, risk assessment, due diligence, Regulatory compliance and reporting in line with IRDAI requirements and internal risk management standards.
The role will also support Risk Management initiatives including RCSA and operational risk governance.
The position requires close collaboration with Business Functions, Procurement, Compliance, Legal, Information Security, and Internal Audit teams.
Key Responsibilities:
Outsourcing & TPRM Governance
- Manage and enhance the Outsourcing and Third Party Risk Management (TPRM) framework.
- Drive end-to-end governance of outsourced arrangements and third-party service providers.
- Conduct materiality assessments, risk evaluations, due diligence reviews, and ongoing monitoring of vendors.
- Review and assess outsourcing proposals from a risk perspective and recommend appropriate risk mitigation measures.
- Ensure periodic vendor risk assessments and monitoring of critical/high-risk third parties.
- Conduct outsourcing committee meetings and prepare governance reports for senior management and Board committees.
- Maintain and periodically update Outsourcing Policy, TPRM Framework, procedures, standards, and related governance documents.
Risk Framework Management
- Support implementation and enhancement of the Risk & Control Self-Assessment (RCSA) framework across business functions.
- Facilitate risk identification, assessment, control evaluation, and action planning with business stakeholders.
- Assist in operational risk management activities, risk reviews, and governance reporting.
- Engage with business functions to build risk awareness and strengthen risk culture.
Desired Candidate Profile
Experience
- 10 years + post-qualification experience.
- Experience in the Risk Management function of a Life Insurance Company is highly preferred.
Knowledge & Skills
- Strong experience in managing Outsourcing and Third Party Risk Management (TPRM) frameworks.
- Sound understanding of IRDAI Outsourcing Guidelines and regulatory expectations.
- Experience in vendor due diligence, risk assessments, and ongoing monitoring.
- Experience in driving and managing the RCSA framework.
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