Job Description
The responsibilities cover the following areas:
• Operational risk
Ensures that the Bank’s Operational Risk is controlled and mitigated through comprehensive, ongoing risk management practices which include formal internal control procedures, training, segregation of duties, delegated authorities and contingency planning.
• Fraud Risk
Ensures that the Bank maintains up-to-date Fraud Risk Management policies and procedures and that there is an awareness throughout the Bank of internal and Central Bank regulatory policies and procedures.
• Reporting, Coordination & Compliance
Ensures that India Office adheres to the statutory and regulatory requirements
Detailed Roles and Responsibilities:
A. Operational Risks:
• Develops, maintains and strengthens an effective Operational Risk Programme.
• Review of policies, procedures, product notes, committee Terms of Reference from operational risk perspective
• Consults with and advises operating units and managers on all Operational Risk related issues.
• Develops and implements RCSA plan including annual risk & control assessment plan development and approval, risk and control assessment of processes/ functions as per approved plan, coordinating with various departments in conducting RCSA, tracking and timely closure of open issues/ actions, coordination for risk acceptances of functions/ processes wherever required.
• Identification and monitoring of Key Risk Indicators (KRIs) for India operations, review of thresholds and KRIs
• Tracking and monitoring of Incidents reported, preparing root cause analysis reports, corrective/ preventive actions taken in timely manners by assigned units
• Assures the development and maintenance of Operational Risk policies and procedures of India Operations
• Evaluates the adequacy and effectiveness of the training program related to all Operational Risk issues.
• Ensures that India office branches have a Business Continuity and Disaster Recovery Plan
• Coordinates Business Continuity mock drills, prepares reports for submission to top management
• Prepares and maintains outsourced activities list, conducts vendor risk assessment
• Keep monitoring the development of the regulations for the purpose of reflecting them in the policies and procedures.
B. Fraud Risk:
• Develops, maintains and strengthens an effective fraud risk management framework.
• Development and maintenance of Fraud Risk policies and procedures of India Operations
• Submits fraud risk related regulatory reports timely and accurately
• Reviews fraud risk incidents reported, conducts root cause analysis and submits reports to management.
• Keep monitoring the development of the regulations for the purpose of reflecting them in the policies and procedures.
• Performs quarterly/annual review of frauds
C. Reporting, Coordination & Compliance:
• Ensures that all regulatory reports pertaining to Operational Risk/ Fraud Risk are submitted to regulator accurately and timely
• Ensures that regulatory inspection reports and correspondence, pertaining to Operational Risk/ Fraud Risk, are properly & timely actioned.
• Ensures submission of reports/ queries/ MIS to Head Office/ Audit
• Establishes and maintains a working relationship with the various departments
• Prepares agenda/ minutes of Operational Risk/ Fraud Risk for various internal committees
• Any other functions that may be assigned.
Essential Qualifications/Experience Required:
• Degree in Banking / Finance / Economics. Additional qualifications of CA/FRM/PRM desirable.
• 4 to 10 years’ experience in Risk Management / Operations / Auditing preferably in bank/financial institution
• Proficient knowledge of operational risk & fraud risk guidelines and other relevant laws and regulations for financial institutions.
• Good knowledge of banking operations, banking services, policies and procedures.
• Excellent presentation, computer, communications, and interpersonal skills.
• Operational risk
Ensures that the Bank’s Operational Risk is controlled and mitigated through comprehensive, ongoing risk management practices which include formal internal control procedures, training, segregation of duties, delegated authorities and contingency planning.
• Fraud Risk
Ensures that the Bank maintains up-to-date Fraud Risk Management policies and procedures and that there is an awareness throughout the Bank of internal and Central Bank regulatory policies and procedures.
• Reporting, Coordination & Compliance
Ensures that India Office adheres to the statutory and regulatory requirements
Detailed Roles and Responsibilities:
A. Operational Risks:
• Develops, maintains and strengthens an effective Operational Risk Programme.
• Review of policies, procedures, product notes, committee Terms of Reference from operational risk perspective
• Consults with and advises operating units and managers on all Operational Risk related issues.
• Develops and implements RCSA plan including annual risk & control assessment plan development and approval, risk and control assessment of processes/ functions as per approved plan, coordinating with various departments in conducting RCSA, tracking and timely closure of open issues/ actions, coordination for risk acceptances of functions/ processes wherever required.
• Identification and monitoring of Key Risk Indicators (KRIs) for India operations, review of thresholds and KRIs
• Tracking and monitoring of Incidents reported, preparing root cause analysis reports, corrective/ preventive actions taken in timely manners by assigned units
• Assures the development and maintenance of Operational Risk policies and procedures of India Operations
• Evaluates the adequacy and effectiveness of the training program related to all Operational Risk issues.
• Ensures that India office branches have a Business Continuity and Disaster Recovery Plan
• Coordinates Business Continuity mock drills, prepares reports for submission to top management
• Prepares and maintains outsourced activities list, conducts vendor risk assessment
• Keep monitoring the development of the regulations for the purpose of reflecting them in the policies and procedures.
B. Fraud Risk:
• Develops, maintains and strengthens an effective fraud risk management framework.
• Development and maintenance of Fraud Risk policies and procedures of India Operations
• Submits fraud risk related regulatory reports timely and accurately
• Reviews fraud risk incidents reported, conducts root cause analysis and submits reports to management.
• Keep monitoring the development of the regulations for the purpose of reflecting them in the policies and procedures.
• Performs quarterly/annual review of frauds
C. Reporting, Coordination & Compliance:
• Ensures that all regulatory reports pertaining to Operational Risk/ Fraud Risk are submitted to regulator accurately and timely
• Ensures that regulatory inspection reports and correspondence, pertaining to Operational Risk/ Fraud Risk, are properly & timely actioned.
• Ensures submission of reports/ queries/ MIS to Head Office/ Audit
• Establishes and maintains a working relationship with the various departments
• Prepares agenda/ minutes of Operational Risk/ Fraud Risk for various internal committees
• Any other functions that may be assigned.
Essential Qualifications/Experience Required:
• Degree in Banking / Finance / Economics. Additional qualifications of CA/FRM/PRM desirable.
• 4 to 10 years’ experience in Risk Management / Operations / Auditing preferably in bank/financial institution
• Proficient knowledge of operational risk & fraud risk guidelines and other relevant laws and regulations for financial institutions.
• Good knowledge of banking operations, banking services, policies and procedures.
• Excellent presentation, computer, communications, and interpersonal skills.
💡 Quick Summary
Seeking a career-building opportunity? The Bank Jobs position is now open for candidates interested in the Bank Jobs sector. This role in Mumbai offers a professional environment and growth potential.
Requirement Snapshot: Candidates should possess basic communication skills, a proactive attitude, and the ability to work in a team. Experience in Bank Jobs is a plus.