Business Analyst - Insurance Risk Management - Third Party Risk Management (TPRM) - IRDAI Compliance

About the Role

This position is for an experienced Business Analyst specializing in Third Party Risk Management (TPRM) within the Indian Insurance Regulatory Risk Management sector. The candidate will contribute towards ensuring regulatory compliance with IRDAI and managing risk frameworks across insurance entities. Based in Mumbai, this role demands a deep understanding of regulatory mandates and the operational controls within insurance organizations.

Key Duties and Responsibilities

• Lead the remediation efforts for regulatory compliance and operational gaps in TPRM processes.
• Maintain and analyze the list of pending regulatory issues, defining clear closure strategies.
• Collaborate with subject matter experts and risk teams to identify and address control deficiencies.
• Document updated procedures, control enhancements, governance frameworks, and proof of remediation activities.
• Translate regulatory mandates into practical business workflows and controls.
• Serve as the PMO governance lead for TPRM remediation projects, ensuring structured oversight.
• Oversee governance aspects including vendor onboarding, due diligence, risk evaluations, monitoring, remediation tracking, and compliance adherence.
• Manage project timelines, track milestones, report risks, issues, and dependencies, and provide executive-level updates.
• Facilitate governance forums, steering committee meetings, and risk review sessions to ensure alignment.
• Engage closely with key stakeholders such as the CRO (India), risk teams, procurement, compliance, legal, and vendor management units to maintain alignment and effective communication.
• Own end-to-end documentation responsibilities including process workflows, SOPs, control records, governance reports, and regulatory evidence packages.
• Identify and implement process improvements to enhance TPRM efficiency and compliance maturity.
• Manage the third-party risk lifecycle covering vendor onboarding, risk assessments, due diligence, monitoring, control reviews, and issue resolutions.
• Ensure all activities comply with Insurance Outsourcing Regulations, IRDAI guidelines, data privacy mandates, and internal risk frameworks.
• Prepare and deliver executive dashboards, governance reports, and project updates, including coordination with APAC governance teams for reporting consistency.

Required Qualifications and Experience

• Minimum of 8 years in insurance risk management, regulatory compliance, TPRM, vendor risk management, outsourcing governance, or risk remediation projects.
• Experience working within Indian insurance firms, familiar with IRDAI regulations and related insurance risk frameworks.
• Comprehensive knowledge of Regulatory compliance requirements and Data Privacy (DPDP Act) standards.
• Proven track record in managing regulatory remediation initiatives and project governance.
• Strong stakeholder management and project management capabilities.

Preferred Background

• Experience in insurance company risk, compliance, procurement, or vendor governance departments.
• Exposure to third party risk delivery, vendor governance processes, risk assessment methodologies, and control testing.
• Familiarity with PMO and project tracking tools such as Jira and reporting dashboards.

Ideal Candidate Profile

• Deep understanding of risk and compliance operations linked to insurance.
• Ability to independently analyze gaps in regulations and drive remediation efforts.
• Skilled in detailed documentation and process improvement initiatives.
• Strong communication skills with aptitude for managing senior stakeholders including risk leadership.
• Self-reliant yet collaborative working style with business SMEs and cross-functional teams.