Team Member - Risk Management
Aditya Birla Capital
Remote
Business
Health Insurance
Unit
Aditya Birla Health Insurance Company Ltd
Location
GCorp - Thane
Poornata Position Number of the job
Reports to: Poornata Position Number
Poornata Position Title of the job
Reports to: Poornata Position Title
Function
Legal, Audit, Risk & Compliance, Sec
Reports to: Function
Legal, Audit, Risk & Compliance, Sec
Department
Legal, Audit, Risk & Compliance, Sec
Reports to: Department
Legal, Audit, Risk & Compliance, Sec
Designation of the Employee
RLC-7 Specialist - Enterprise Risk & Audit
Designation of the Manager
RLC-5 Head Risk
Date of writing/updation of JD
March 10, 2026
- Job Purpose: Write the purpose for which the job exists (in 2-3 lines)
- Dimensions: Mention quantitative or qualitative parameters that are relevant for the job and provide a better understanding of the scope and scale of the job.
Particulars
FY 18
FY 19
FY20
Direct
1
2
2
Indirect
1
1
1
Span of operation
- All functions of ABHI
- Board Committees
- Job Context & Major Challenges: Write the specific aspects of the job that provide a challenge (internal and external) to the jobholder in the context of the Business/Unit/Function/Department/Section
While the current market sees more than 15 non-life players in the private space and 5 exclusive private players in the health insurance space trying to capture a sizable market share, the nationalized service provider (6) remains a strong competitor. In addition to this the business dynamics are such that the overall market on an annual basis which is to the tune of roughly 10,000 Crs sees close to 85 % of the business renewing with the existing service provider itself. This narrows down the opportunity of the fresh business actually being seriously fought in the market to approximately 1500 odd Crs. With the SME and the start-ups being the driving force of Indian economy, the opportunity to cater to these segments is immense and is increasing manifold year on year. The challenge here therefore remains as to how we capture a larger share of the opportunity by developing specific solutions to cater each segment of the business. Also by creating an inexpensive and standardized solution to increase the reach into the pockets of channel partners across the country to harness on their captive business and explore new opportunities with them.
Market Opportunities – With the advent of medical advancements, lifestyle changes, change in Indian socio-economic scenario and Indian healthcare space, and the insurers are facing challenges to cater to the needs of this diverse clientele. Increasingly Indian customers have started considering health insurance partners as extensions of health advisers. In this scenario it becomes extremely important to understand their psyche and then provide tailored solutions with wellness benefits which would help them meet their end objectives and bring in profitable revenue source for the company.
About The Aditya Birla Health Insurance –
Aditya Birla Health Insurance Co. Limited (ABHICL) was incorporated in 2015 as a 51:49 joint venture between Aditya Birla Capital Limited (ABCL) and MMI Strategic Investments (Pty) Ltd. ABHICL commenced its operations in October 2016.
ABHICL has entered the competitive health insurance market with an aim to expand the category to wider customer segments, beyond the ones that health insurance companies traditionally have marketed to. As the 6 th entrant in a category with well-established players, ABHICL is creating differentiation and equity for itself though the unique business proposition of “Health Insurance for All”, a one of a kind proposition in India at the moment. This is a philosophy that is being built through every single consumer touch point and into every single backend process of the company to ensure a customer’s experience of our proposition is continuous and seamless.
ABHI’s unique offering to market includes proposition includes -
- A Comprehensive Incentivized Wellness Program that will attract the young and health conscious and will motivate, guide and reward them to stay healthy
- A Chronic Care Management Program to cater to the unmet needs of a growing Indian population of those suffering from chronic lifestyle conditions like Diabetes, Asthma, High Cholesterol and Hypertension from Day 1
- ABHICL serves as an enabler and influencer of health and healthcare choices that customers make, in addition to being a payer of healthcare expenses. Thus, ABHICL would act like a much needed catalyst to grow the prevalent health insurance landscape in India through product innovations and a wider choice of consumer relevant products.
- ABHICL’s vision has always been digital. The company has been successful in adopting paper-less approach right from identifying to on-boarding to delivering seamless experience of its customers & employees.
- Rapid change in the external environment and its impact on ABHICL Risk framework for ABHICL is making it dynamic and difficult to keep a pace with the same.
- Data collection for building risk models is a core activity for which the function has to depend on the other function of the organization. Getting correct and timely data is a challenge.
- Ensuring uniform and complete organization wide awareness on Risk Management in times of rapid expansion of business and new products and services being launched
- Closure of open audit observation where there is dependency on IT system development
- Co-operation from stakeholders in timely execution of internal audit (including sharing of data requirement to management response for closure of audit report)
- Key Result Areas: Write the key results expected from the job and the supporting actions for each of these key result areas (For a majority of jobs typically there could be 4- 7 key result areas)
Supporting Actions
Third Party Risk Governance & Framework
- Design, implement, and maintain the Third-Party Risk Management framework aligned to regulatory and enterprise risk standards
- Define risk taxonomy for third-party risks (operational, financial, cyber, legal, reputational, ESG, concentration)
- Establish governance structures, roles, risk ownership, and approval thresholds
- Ensure alignment with ERM, Outsourcing Risk, and Vendor Management policies
- Identify all third parties, vendors, suppliers, outsourcing partners, and service providers
- Classify third parties based on criticality, materiality, and inherent risk
- Maintain an enterprise-wide third-party inventory and risk register
- Perform risk segmentation (critical, high, medium, low risk vendors)
- Conduct initial and ongoing risk assessments across financial, operational, cyber, legal, regulatory, and ESG factors
- Review due diligence artifacts (financials, SOC reports, ISO certifications, licenses, insurance)
- Coordinate enhanced due diligence for critical or high-risk vendors
- Ensure risk scoring methodologies are consistent and defensible
- Ensure third-party arrangements comply with applicable regulatory requirements and industry guidelines
- Support regulatory inspections, audits, and supervisory reviews related to outsourcing and third parties
- Track regulatory changes impacting third-party risk requirements
- Ensure contractual clauses meet regulatory expectations (audit rights, exit clauses, SLAs)
- Track and manage risk issues, control deficiencies, and remediation actions
- Ensure timely closure of gaps identified during due diligence or monitoring
- Escalate unresolved or material risks to senior management and risk committees
- Validate effectiveness of mitigation actions
- Develop dashboards and risk reports for senior management, risk committees, and the Board
- Provide insights on risk trends, concentration risk, and emerging threats
- Support enterprise risk reporting and stress scenarios involving third parties
- Ensure data accuracy and audit-ready documentation
- Act as the central risk liaison between Procurement, Legal, IT, Compliance, Business, and Audit teams
- Educate stakeholders on third-party risk requirements and responsibilities
- Support onboarding, renewal, and exit processes from a risk perspective
- Drive risk culture awareness across first and second lines of defence.
- Periodically assess TPRM maturity against industry benchmarks
- Automate risk assessments and monitoring where feasible
- Introduce enhancements based on regulatory feedback, incidents, or lessons learned
- Drive efficiency, consistency, and scalability of the TPRM program
- Job Purpose of Direct Reports: Describe the job purpose of the direct report/s to the job (in 2-3 lines for each report)
- Relationships: Describe the nature and purpose of most important contacts or relationship (except superior/team members) with individuals, departments, organizations inside and outside of the organization, that job is required to interact with in order to deliver the job objectives
Internal
Risk Champions
Regular Interval
Various risk management initiatives such as risk assessments, RCSA etc. undertaken by risk management team
Senior Management Team (SMT)
Periodic basis
Various risk management initiatives undertaken by risk management team
Function Heads / CEO/ CRO
Once in Month/ Quarter depending on nature of activity undertaken
Smooth closure of Internal audit report, various risk management initiatives undertaken and escalations, if any
Board committee
Once in Quarter
Approval on policy & process framework. Update on current position on key risk and various other initiatives under taken by Risk management team, Internal audit and Mid office related actionable (if any)
External
Internal Auditors (External)
Regular Interval
Smooth execution of Internal audit procedure
Business Partners / Outsourced vendors
Adhoc
For consultancy, Benchmarking, Update, technological advances in the field of risk/ internal audit etc. -- Need based
- Organizational Relationships: Provide the structure for a level above and below the position for which this job description is written. Use position titles in the structured and indicate all the reports of the position.
Job Holder
Reports to – Manager
Name
Signature (needed for the hard copy)