Outsourcing Governance Manager

Job Description

Manager – Outsourcing Governance

Location : Hyderabad   | Function : Risk Management | Reports to : Head–ERM / ORM   | Type : Full-time

Key Responsibilities

1.         Framework & Policy

§   Maintain and periodically update the Board-approved Outsourcing Policy and SOPs; embed materiality criteria, risk taxonomy, and approvals matrix.

§   Support in executing the Outsourcing Committee cadence (agenda, packs, minutes, actions) and ensure annual policy review and Board presentation.

2.         Planning & Materiality Assessment : Classify activities (core / prohibited vs. permitted support services) and determine materiality thresholds, document rationale.

3.         Due Diligence & On-boarding : Lead risk-based due diligence on service providers (financial, legal, reputational, operational, info-sec, privacy, BCP / DR, HR / background checks) and ensure conflict-of-interest checks and arm’s-length pricing for related parties.

4.         Contracts & Controls : Standardize MSA templates with Legal : ensuring risk mitigation measures along with mandatory clauses for audit / inspection rights (insurer & IRDAI), confidentiality, data protection, sub-contracting controls, performance-based SLAs, exit / transition, and incident reporting timelines.

5.         Performance Monitoring : Ensure vendor SLAs are being monitored quarterly; and functions are addressing the service lapses, complaints, security incidents, and regulatory breaches pertains to Outsourcing.

6.         Risk, Resilience & Security

• Coordinate TPRM assessments with InfoSec / IT Risk (VAPT / ISMS controls), BCP / DR testing, cyber incident handling, and data-transfer controls (incl. cross-border).
• Ensuring the TPRM Risk automation covers the through due diligence, adherence and governance

7.         Regulatory Reporting & Record keeping

8.         Change Management

Requirements

Candidate Profile

Education : Graduate in Business / Finance / Engineering; preferred certifications : ISO 27001.

Experience : 3–5 years overall, with 2+ years in outsourcing governance / TPRM / vendor risk within Insurance / BFSI; familiarity with IRDAI norms mandatory.

Skills : Deep grasp of IRDAI outsourcing rules (prohibited / core functions, materiality, related-party controls, reporting / records), risk-based due diligence, SLA design, and contract clause negotiation (audit rights, confidentiality, exit / DR).

Benefits

1. Regulations require insurers to maintain documented governance, monitoring, audit rights, and risk controls over outsourced activities.

2. Outsourcing is a highly critical area during the regulatory inspections and IRDAI have taken many actions in this context of insurers due to lapses observed.

3. Complexity & Volume of vendors, we have multiple third parties across IT, claims processing, data services, BPM, field operations, and more.

4. Monitoring SLAs, audits, incident management, sub-contracting, and transitions is complex for a decentralized approach.

5. Risk Mitigation & Loss Prevention Gaps in vendor oversight expose us to operational, reputational, and cyber risk.

6. Governance & Audit Readiness External auditors and the internal audit team often flag outsourcing as a control risk.

Requirements

Qualifications and Experience : Bachelor's degree in finance, economics, or a related field. A postgraduate degree, such as an MBA, CFA, or CA. Experience in Insurance Industry is preferred but not mandatory. Minimum 7 years of relevant work experience in fixed income In-depth knowledge of fixed income markets, bond instruments, interest rate dynamics, and trading strategies. Strong understanding of IRDAI guidelines and regulations related to fixed income investments and insurance industry norms will be an added advantage. Proven experience in executing fixed income trades, managing trade settlements, and handling post-trade operations. Familiarity with trading platforms, order management systems, and electronic trading tools. Proficient in analyzing market data, using / implementing financial software, and MS Office applications. Strong analytical skills with the ability to interpret market trends and assess investment risks. Excellent communication and negotiation skills to interact effectively with brokers, dealers, and internal stakeholders. Ability to work to meet tight trading deadlines. If you possess the required qualifications, experience, and a passion for executing fixed income trades while ensuring compliance with IRDAI regulations, we invite you to apply for this exciting opportunity.