Business Analyst - Insurance Risk Management - TPRM - IRDAI Compliances

Business Analyst– Third Party Risk Management (TPRM) – Insurance Regulatory Risk ManagementLocation - MumbaiExperience - 5- 12 years We are a leading operations management and analytics company that helps businesses enhance growth and profitability through analytics, automation, benchmarking, consulting, industry best practices, and technology platforms. We help organizations improve business outcomes, enhance customer experience, manage risk, and drive compliance transformation.We serve industries including insurance, healthcare, banking and financial services, utilities, travel, transportation, and logistics.Role OverviewWe are looking for an experienced Business Analyst – Third Party Risk Management (TPRM) professional with strong experience in the Indian Insurance Regulatory Risk Management domain.The role requires an individual who can understand regulatory and operational control requirements, analyze existing gaps, drive remediation activities, document process changes, and work closely with business SMEs and risk stakeholders.This role will work closely with the Chief Risk Officer (CRO) – India and will be responsible for managing regulatory remediation initiatives, TPRM governance, documentation, stakeholder management, and end-to-end delivery ownership.The ideal candidate should have experience working within insurance companies in Risk Management, Regulatory Compliance, Vendor Risk Management, Procurement Risk, Outsourcing Governance, or TPRM functions.Key ResponsibilitiesRegulatory Remediation & Gap ManagementOwn and drive the remediation plan for identified regulatory and compliance gaps within Third Party Risk Management processes.Refresh, analyze, and maintain the existing list of pending regulatory gaps and define closure plans.Work with business SMEs and risk teams to understand operational controls, identify gaps, and implement remediation actions.Support documentation of process changes, control enhancements, governance frameworks, and remediation evidence.Ensure regulatory requirements are translated into actionable business processes.TPRM Governance & Project ManagementAct as PMO governance owner for TPRM remediation initiatives.Provide structured governance support across:Vendor onboardingThird-party due diligenceRisk assessmentsMonitoring activitiesRemediation trackingRegulatory compliance activitiesDrive project planning, milestone tracking, dependency management, RAID management, and executive reporting.Manage action items, risks, issues, and deliverables across multiple stakeholders.Support governance forums, steering committees, and risk review meetings.Business Stakeholder ManagementWork closely with:CRO IndiaRisk teamsBusiness SMEsProcurement teamsCompliance teamsLegal teamsVendor management teamsAct as the bridge between business teams and PMO governance teams.Drive alignment between regulatory expectations and operational execution.Process Documentation & Control FrameworkOwn end-to-end documentation including:Process workflowsSOPsControl documentationGovernance reportsRegulatory evidence packsIdentify opportunities for improving TPRM processes, reducing operational gaps, and improving compliance maturity.Ensure documentation reflects regulatory expectations and internal risk frameworks.TPRM & Vendor Risk Management ResponsibilitiesSupport third-party risk lifecycle management:Vendor onboardingRisk assessmentDue diligenceMonitoringControl reviewsIssue remediationEnsure alignment with:Insurance outsourcing regulationsIRDAI expectationsData privacy requirementsInternal risk management frameworksReporting & Stakeholder CommunicationPrepare executive dashboards, governance reports, and project updates.Track remediation progress and communicate status to leadership.Support APAC governance reporting requirements.Coordinate with APAC teams (Australia/Singapore) for governance cadence and reporting.Mandatory Experience & SkillsMandatory8+ years of experience in:Insurance Risk ManagementRegulatory ComplianceTPRM / Vendor Risk ManagementOutsourcing GovernanceRisk Remediation ProjectsStrong experience working within Indian Insurance organizations.Good understanding of:IRDAI regulationsInsurance risk frameworksRegulatory compliance requirementsDPDP Act / data privacy expectationsExperience managing regulatory remediation projects.Strong project management and stakeholder management skills.Preferred ExperienceExperience working in:Insurance companiesRisk departmentsCompliance teamsProcurement/vendor governance teamsExposure to:TPRM deliveryVendor governanceRisk assessment frameworksControl testingExperience with PMO tools:JiraReporting dashboardsProject tracking toolsCandidate ProfileStrong understanding of risk and compliance operations.Ability to independently analyze regulatory gaps and drive closure.Strong documentation and process improvement skills.Ability to work independently with business SMEs.Strong communication and stakeholder management skills.Ability to manage senior stakeholders including risk leadership.