Organisation: A Leading Insurance Firm.

Role: Chief Risk Officer

Location: Mumbai, Maharashtra

About the Opportunity -

The Insurance organisation is looking to appoint a seasoned Chief Risk Officer will be responsible for establishing, strengthening and overseeing the organisation's Enterprise Risk Management (ERM) framework. The role will ensure effective identification, assessment, monitoring and mitigation of enterprise-wide risks while ensuring compliance with IRDAI regulations, the Board-approved Risk Management Policy and the organisation's strategic objectives.

Key Responsibilities -

- Enterprise Risk Management: Develop, implement and continuously enhance the ERM framework, risk policies, procedures and governance mechanisms.
- Risk Identification & Assessment: Identify, assess and monitor key risks across underwriting, claims, investments, operations, technology, liquidity, market, credit and regulatory functions.
- Regulatory Compliance: Ensure adherence to IRDAI guidelines, regulatory requirements and the Board-approved Risk Management Policy.
- Risk Appetite Framework: Establish and monitor the Risk Appetite Framework (RAF), risk limits, key risk indicators and escalation mechanisms.
- ORSA & Capital Risk: Oversee Own Risk and Solvency Assessment (ORSA), capital adequacy assessments, stress testing and scenario analysis.
- Risk Analytics & Reporting: Drive risk analytics, develop risk dashboards and provide periodic risk updates to the Board and Risk Management Committee.
- Operational Resilience: Oversee business continuity, disaster recovery, crisis management and operational resilience frameworks.
- Governance & Stakeholder Management:



Partner with business heads and functional leaders to embed a strong risk culture and ensure effective risk management across the organisation.
- Emerging Risks: Monitor emerging risks, industry developments and regulatory changes, and recommend appropriate mitigation strategies.

Desired Candidate Profile -

- Postgraduate qualification in Finance, Risk Management, Economics, Actuarial Science or a related discipline; qualified certifications such as FRM, CFA or equivalent would be an advantage.
- 18 to 25+ years of relevant experience in Risk Management, preferably within the Insurance industry.
- Strong understanding of Insurance operations, regulatory frameworks, solvency, capital adequacy and enterprise risk management.
- Experience in managing ERM frameworks, ORSA, Risk Appetite Framework, stress testing and Board-level risk reporting.
- Strong understanding of IRDAI regulations and insurance risk governance.
- Demonstrated ability to engage with the Board, Risk Management Committee, regulators and senior leadership.
- Strong leadership, analytical, strategic thinking and stakeholder management capabilities.

Location & Mobility - Mumbai is the mandatory base location for this position.

Candidates must be willing to relocate to Mumbai if they are currently based elsewhere in India.

Confidentiality & Search Process -

This is a highly confidential senior leadership mandate handled by First Quadrants.

- The hiring entity will not be disclosed during the initial stage of interaction.
- We assure prospective candidates of the utmost confidentiality throughout the engagement.
- The search process is expected to take approximately 6 to 8 weeks or longer, given the seniority and confidential nature of the position.

Interested applicants may share their updated profiles.

📌 Chief Risk Officer (Mumbai)
🏢 First Quadrant Solutions
📍 Mumbai