Operational Risk

Purpose of Job

The purpose of this role is to thoroughly assess and gain a deep understanding of the digital financial product journey (e.g., Savings Accounts, Current Accounts, Wallets, UPI, AePS, DMT etc.) and platforms (e.g., Mobile Applications, Websites) with the Product Owner by ensuring compliance with Risk Management Policy & Operational risk aspects while maintaining seamless and secure customer experience

The objective is assist to help the bank to identifying and accurately capturing the potential risks—both financial and non-financial, including regulatory, reputational, and operational risks—that may arise during the product lifecycle. The role also include testing the controls if they are accurately addressed to operate effectively

1. Conduct detailed evaluations of the financial product journeys and processes (new or existing) to identify potential risks including financial, regulatory, reputational, and operational.

2. Assessment of the banking Products to ensure adherence with applicable regulations and internal policies by evaluating the Design & Operating Controls effectiveness to address the identified risks during the product lifecycle

3. Collaborate with Product Owners to ensure all identified risks are accurately captured and documented and providing recommendation for mitigating risk exposures

4. Design and drive Enterprise wide Operational Risk Management Frameworks (ORMF), Policies and procedures.

5. Implement RCSA framework including identification, monitoring and RCSA testing across all Products, Business and support functions.

6. Ability to manage end to end Operational Risk Loss data/events including RCA of risk events.

7. Prepare Operational Risk Reports for Senior Management, Board Risk Committee and regulators (RBI, NPCI, CSITE etc.)

8. Monitor operational Key risk indicators (KRI’s) and escalate any potential breaches or concerns

9. Perform Thematic Reviews on Bank’s Products & services in accordance with Risk calendar plan and report the findings along with management action plan and recommendations to the ORMC/RMCB

10. Work closely with cross-functional teams, including Products, Technology, Compliance, InfoSec, Finance, etc. for risk management strategies into product finalization

11. Produce high quality Operational Risk dashboards, trend analysis

12. Establish a strong risk culture through training and awareness programs

Experience:

5-10 years of experience in Risk Management within the Indian BFSI industry, with a specific focus on core digital banking products such as Savings Accounts, Current Accounts, Wallets and other NPCI related Payment Products (AePS, UPI, DMT, Fastag).

Education:

1. Bachelor’s degree in Risk Management, Business Administration, Finance, or a related field.

2. Professional certifications in Risk Management (e.g., CRISC, FRM, CA, etc. ) are preferred.

3. CISA will be added advantage

4. Experience in a similar role within the banking or financial services industry is highly desirable.

Technical Knowledge:

1. Strong understanding of digital financial products (Savings Accounts, Current Accounts, UPI, Wallet, AePS, DMT, CMS, fastag etc.) and platforms (Retailers and Merchants, Mobile and Internet Banking)

2. Knowledge and detailed understanding of Indian Banking regulators including RBI, NPCI, CSITE and their requirements applicable to the financial institutions.

3. Thorough understanding of Outsourcing related regulatory requirements and risks associated with outsourcing of services by Payments Bank to third party vendor and possessing experience in conducting Third party Vendor risk assessments including cyber security related risk

4. Understanding of BCP requirements and support the development of BCP and crisis management plan

5. Ability to ensure product compliance with operational risk requirements

6. Understanding with risk management frameworks.

7. Proficient in RCSA control design and testing methodologies.

8. Proactive identification and mitigation of risks to safeguard the bank and its customers.

9. Excellent communication and collaboration skills to work effectively with cross-functional teams to understand emerging Risk areas and suggest mitigating controls in respective product/process.