Operational Risk Manager

Job Summary

We are seeking a seasoned risk management professional to lead the Operational Risk and Outsourcing Risk function within our enterprise risk framework. The ideal candidate will bring deep expertise in identifying, assessing, and mitigating operational and third-party risks in a financial services environment. This role is critical in ensuring the organization's resilience and regulatory compliance, especially under RBI guidelines and other applicable frameworks.

Key Responsibilities

Operational Risk Management

• Develop, implement, and maintain the Operational Risk Management Framework (ORMF) in line with regulatory expectations (e.g., RBI guidelines, Basel II/III).
  
• Drive periodic risk and control self-assessments (RCSAs) across functions.
  
• Establish and monitor key risk indicators (KRIs) to proactively manage emerging risks.
  
• Perform root cause analysis on operational risk incidents and ensure effective control enhancements.
  
• Lead Operational Risk Events (ORE) reporting, loss data collection, and trend analysis.
  

Outsourcing Risk Management

• Establish and manage the Outsourcing Risk Management Framework per RBI Master Directions and other regulatory requirements.
  
• Perform risk assessments and due diligence on critical and material outsourcing partners.
  
• Oversee Service Level Agreement (SLA) design, ongoing vendor risk monitoring, and performance evaluation.
  
• Coordinate with business units, procurement, legal, and compliance teams to ensure robust third-party risk governance.
  
• Drive periodic outsourcing risk reviews, including concentration risk, location risk, and cybersecurity aspects.
  

Regulatory & Governance

• Ensure compliance with RBI regulations, internal policies, and audit recommendations related to operational and outsourcing risks.
  
• Support Internal Audit and Regulatory Audit functions by providing data, documentation, and timely remediation of findings.
  
• Present risk dashboards and insights to senior management and Board-level committees.
  

Team Management & Stakeholder Engagement

• Lead and mentor a small team of operational risk professionals.
  
• Act as a trusted advisor to business units in embedding a strong risk culture.
  
• Conduct training and awareness sessions across the organization.
  

Required Skills & Competencies

• Strong understanding of operational risk frameworks (RCSA, KRI, Loss Event Management).
  
• In-depth knowledge of RBI guidelines on outsourcing of financial services and third-party risk.
  
• Experience in developing risk policies, procedures, and reporting mechanisms.
  
• Familiarity with business continuity, information security, and IT risk interfaces.
  
• Excellent communication and stakeholder management skills.
  
• Strong analytical mindset with attention to detail and critical thinking.
  

Qualifications

• Graduate/Postgraduate in Finance, Risk, or related fields (CA, MBA, CFA preferred).
  
• Professional certifications like FRM, ORM, or CRISC would be an advantage.
  

Preferred Background

• Minimum 1314 years of relevant experience in Operational Risk and/or Outsourcing Risk.
  
• Prior experience in a Bank, NBFC, or financial services organization is essential.
  
• Exposure to risk toolkits such as Archer GRC, MetricStream, or other ORM platforms is desirable.
  

Role & responsibilities

Preferred candidate profile