ERM (Enterprise Risk Management)

ERM (Enterprise Risk Management)

Reliance General Insurance (RGI)

Key Responsibilities

• Develop, implement, and maintain the ERM framework in alignment with ISO 31000:2018 and IRDAI’s Corporate Governance and Risk-Based Supervision guidelines.
• Establish risk policies, risk appetite statements, and risk registers across business functions.
• Facilitate the implementation of the Three Lines of Defense model.
• Ensure compliance with IRDAI’s risk management regulations, including solvency, stress testing, and risk-based capital (RBC) requirements.
• Coordinate with internal teams for timely submission of risk-related reports to regulatory authorities.
• Support implementation of Ind-AS 117 and other regulatory accounting standards impacting risk.
• Conduct periodic risk assessments including strategic, operational, financial, insurance, cyber, climate, and reputational risks.
• Monitor key risk indicators (KRIs) and emerging risks, including ESG and climate-related risks.
• Support the Risk Management Committee of the Board (RMC) and other governance forums.
• Prepare risk dashboards and presentations for senior management and board-level discussions.
• Liaise with internal audit, compliance, actuarial, and finance teams for integrated risk oversight.
• Collaborate with IT and InfoSec teams to assess and mitigate cyber and data privacy risks.
• Support implementation of risk analytics tools and automation of risk reporting.
• Develop and maintain Risk Heatmaps to visually represent risk severity and likelihood across business functions.
• Implement and monitor RAG (Red-Amber-Green) risk rating methodology to classify and prioritize risks effectively.
• Define and align organizational Risk Appetite and Risk Tolerance levels with strategic objectives and regulatory expectations.
• Assess and document Inherent Risks across key processes and ensure appropriate mitigation strategies are in place.
• Integrate RAG ratings and Risk Heatmap insights into Board-level reporting and decision-making framework.