Basic Details:Fill the required information about business, unit, location, position, reports to position and date of updation of JD

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

1) Job Purpose:Write the purpose for which the job exists (in 2-3 lines)

The purpose of the role is to implement risk management framework forefficient and effective governance and management of significant risks, and related opportunities, to the business and its various segments with an objective to ensure that business is conducted in compliance with the regulatory and internal norms and within the accepted risk appetite. Also act as a coordinator between auditee function and Internal Auditor for effective, efficient and timely implementation of Internal Audit Plan

2) 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.

Team Size (Function Workforce Number)

Span of operation

1. All functions of ABHI
2. Board Committees

About the Health Insurance Industry -

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 propositionincludes -

• 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.

Key Challenges for the role

• 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)

4) Key Result Areas:Writethe 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)

Third Party Risk Governance & Framework

1. Design, implement, and maintain the Third-Party Risk Management framework aligned to regulatory and enterprise risk standards
2. Define risk taxonomy for third-party risks (operational, financial, cyber, legal, reputational, ESG, concentration)
3. Establish governance structures, roles, risk ownership, and approval thresholds
4. Ensure alignment with ERM, Outsourcing Risk, and Vendor Management policies

Third Party Risk Identification & Classification

1. Identify all third parties, vendors, suppliers, outsourcing partners, and service providers
2. Classify third parties based on criticality, materiality, and inherent risk
3. Maintain an enterprise-wide third-party inventory and risk register
4. Perform risk segmentation (critical, high, medium, low risk vendors)

Due Diligence and Risk Assessment

1. Conduct initial and ongoing risk assessments across financial, operational, cyber, legal, regulatory, and ESG factors
2. Review due diligence artifacts (financials, SOC reports, ISO certifications, licenses, insurance)
3. Coordinate enhanced due diligence for critical or high-risk vendors
4. Ensure risk scoring methodologies are consistent and defensible

Regulatory and Compliance Risk Management

1. Ensure third-party arrangements comply with applicable regulatory requirements and industry guidelines
2. Support regulatory inspections, audits, and supervisory reviews related to outsourcing and third parties
3. Track regulatory changes impacting third-party risk requirements
4. Ensure contractual clauses meet regulatory expectations (audit rights, exit clauses, SLAs)

Ongoing monitoring and Risk Mitigation

1. Track and manage risk issues, control deficiencies, and remediation actions
2. Ensure timely closure of gaps identified during due diligence or monitoring
3. Escalate unresolved or material risks to senior management and risk committees
4. Validate effectiveness of mitigation actions

Reporting & Management Information (MI)

1. Develop dashboards and risk reports for senior management, risk committees, and the Board
2. Provide insights on risk trends, concentration risk, and emerging threats
3. Support enterprise risk reporting and stress scenarios involving third parties
4. Ensure data accuracy and audit-ready documentation

Stakeholder and Cross Functional Co-ordination

1. Act as the central risk liaison between Procurement, Legal, IT, Compliance, Business, and Audit teams
2. Educate stakeholders on third-party risk requirements and responsibilities
3. Support onboarding, renewal, and exit processes from a risk perspective
4. Drive risk culture awareness across first and second lines of defence.

Continuous Improvement & Maturity Enhancement

1. Periodically assess TPRM maturity against industry benchmarks
2. Automate risk assessments and monitoring where feasible
3. Introduce enhancements based on regulatory feedback, incidents, or lessons learned
4. Drive efficiency, consistency, and scalability of the TPRM program

5) Job Purpose of Direct Reports:Describe the job purpose of the direct report/s to the job (in 2-3 lines for each report)

Nil

Relationship Type

Frequency

Nature

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

7) 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.

SIGN-OFF:Provide the name of the Manager and the jobholder. Signature needed for the hard copy of the JD. Hard copy to be maintained in the organizational record.

Job Holder

Reports to - Manager

Name

Signature(needed for the hard copy)