Lead ORM

Assist Head-ORM in implementing ORM framework across all/ assigned Businesses and Support functions and monitoring their adherence to ORM policy and procedures for identification, measurement, monitoring and reporting of operational risks. In particular, the role will be responsible for managing following -

1. Key ORM processes -

a. Incident analysis, reporting, remediation and loss data management;

b. Risk and Control Self-Assessment;

c. KRI identification; and

d. Support ORM governance and oversight.

2. Maintaining governance and oversight over outsourcing of financial services activities.

3. Working closely with BORMs for respective Business and Support functions to support Businesses/ Support Functions in identification of risks (through risk reviews of new processes/ systems including changes thereto, thematic risk reviews, ad-hoc projects), assessment of control design gaps and operating effectiveness to strengthen controls, ORM reporting, risk culture building using online/offline channels for risk training and awareness, etc.

Role & responsibilities

Key Result Areas

Supporting Actions

Manage operational risk incidents to minimize impact &/or losses from them.

Implement Incident Reporting, Analysis and Loss Event Data Management Process by ensuring following:

• Detailed qualitative Root Cause Analysis and impact analysis by involved stakeholders for all reported incidents to minimize their impact and identify controls that help prevent re-occurrence or facilitate early detection of similar incidents in future.
• Timely and correct updation of incidents database for all reported incidents.
• Timely and correct booking of Operational Loss or Provision for Operational Loss.
• Tracking of Open actions for closure &/or escalation, settlement of insurance claims for insured risks and updation of relevant SOP &/or RCMs, wherever required.
• Timely and correct preparation of incident report for review by Head-ORM for onward reporting.

Facilitate comprehensive risk reviews to pro-actively identify and minimize operational risks.

1. Risk review of SOPs and changes thereto as assigned from time to time.

2. Risk review of new systems and changes thereto as assigned from time to time.

3. Execution &/or facilitation of ad-hoc projects impacting entity level ORM like Process Deep Dives, Thematic risk reviews basis Management request or suo moto, identification of potential control automation opportunities, remediation of critical audit issues etc.

Assist in independent assessment of controls for both Design Efficiency’ and ‘Operating Effectiveness’ for continuous control enhancement to minimize operational risks &/ losses.

1. Strengthen RCSA process governance to ensure following:

• Timely revision of RCMs by respective Business and Support functions (basis updated SOPs) including ensuring that all processes are adequately documented.
• Review of revised RCMs prior to submission to Internal Audit.
• Timely completion of RCSA by BORMs/Process owners and sharing of test results with ORM.
• Quality of testing performed by Process owners by undertaking independent validation of samples and RCSA test results.
• Sharing final test results with stakeholders.
• Tracking of open actions for closure &/or escalation, as appropriate.
• Training process owners for using automated testing procedures, wherever feasible

2. Assist Head-ORM in roll out of ‘Continuous Control Enhancement’ Program followed by development of specific tests and help build requisite capabilities to facilitate independent evaluation of identified controls for 'Design Efficiency' and 'Operating Effectiveness' on a continuous basis using automation and data analytics. e.g. building predictive risk management capabilities though automated/manual exception reports, online continuous checks in LOS/ LMS systems, audit CCM reports universe, KRI monitoring, incident root cause analysis, independent sampling, etc.

Identify Key Risk Indicators (KRIs) and support KRI monitoring process for monitoring risk levels and direction.

1. Facilitate identification of appropriate 'Key Risk Indicators' and ‘Thresholds’ in consultation with process owners and their continued refinement from time to time.

2. Support KRI data collection, analysis and reporting of KRI breaches.

Support ORM governance and oversight.

1. Assist conduct of periodic ORMC meetings including preparation of presentation material, finalization of meeting minutes and follow-up on actions, etc.

2. Timely follow-up and escalation of Critical Open Risks/ control issues emanating from various sources.

3. Collation and preparation of periodic/ adhoc ORM reports for Senior Management, ORMC, RMC and Board.

4. Annual Review of ORM Policy and procedures.

5. Aggregation of ORM inputs for Risk Based Internal Audit planning on an ongoing basis (going forward).

Support risk culture building for effective ORM.

1. Provide inputs for developing ORM training material and co-ordinate with Marketing team for its development for finalization.

2. Co-ordinate with Learning & Development team and Business/Support functions for execution of training strategies through online/ offline channels.

Support automation of ORM processes and record management to ensure timely availability of ORM data for reporting to all stakeholders

1. Define ORM process workflows in consultation with Head-ORM and other stakeholders, perform UAT and coordinate resolution of UAT issues.

2. Training various user groups and preparation of System User manual.

3. On-going updation and review of masters and ORM data (RCM updation, RCSA results, risk incidents, KRI, issues and actions, reporting module, etc.)

4. On-going system change management w.r.t. workflows, functionality, report generation, escalations, etc.