Job Description

About M&G India

We are M&G India, the strategic innovation and digital hub for M&G. Established in 2003, we have offices in Mumbai and Pune.

Our teams work closely with colleagues across the Group worldwide to drive transformation, build digital capability, and support sustainable growth. By leveraging technology, AI, automation, and process excellence, we bring new ways of thinking to improve outcomes for both customers and colleagues.

Grounded in a vibrant culture with strong foundations, we are central to how M&G is transforming as a business.

About M&G

Our purpose is to give everyone real confidence to put their money to work. With a heritage dating back more than 175 years, we have a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions.

Our two distinct operating segments, Asset Management and Life, work together to provide access to balanced, long-term investment and savings solutions.

Through telling it like it is, owning it now, and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.

Provide guidance and support in implementing and embedding control activities

Own end to end Procurement RCSA including the following:

• Own the full RCSA lifecycle for Procurement & Sourcing including Risk identification and applicability assessment, inherent and residual risk ratings, Key Control definition and validation and risk movements, rationales, and governance approvals
• Ensure Procurement risks are properly represented in entity‑level and group reporting and aligned with Top Risks and issue inventories.
• Maintain and continuously develop the Procurement risk register, ensuring risks are accurately described, assessed and owned, with clear linkage to controls, issues and governance reporting.

End to end ownership of Control Environment Design & Oversight including the following:

• Design and maintain an effective control environment across Procure to Pay (P2P) and Sourcing
• Demand management & sourcing controls, Vendor selection & competitive bidding
• Contract lifecycle management and Policy adherence and non‑compliance scenarios

Ensure controls are clearly owned, documented (procurement control framework), embedded into BAU, proportionate to group risk statements, and that control gaps are identified, remediated and evidenced

Act as first‑line owner for procurement‑related regulatory obligations, including RCSA, BIA and financial crime requirements; maintain audit‑ready evidence packs for 2LoD reviews, Internal Audit and regulatory requests

Regulatory readiness ensure procurement processes meet FCA expectations (including operational resilience and outsourcing governance) and Consumer Duty obligations as they relate to third‑party management; ensure procurement activity involving outsourced or critical third parties meets the firm’s outsourcing policy requirements

Procurement policy and sourcing process integrity maintain and enforce procurement policy (competitive sourcing thresholds, approval authorities, segregation of duties and conflicts of interest), monitor and test adherence across UK and India, and escalate exceptions through the appropriate governance route

Governance and reporting produce a regular risk and controls dashboard for the CPO and Head of India Procurement covering control effectiveness, open findings and policy exceptions; maintain audit‑ready documentation; coordinate responses to Internal Audit findings and track remediation to closure; act as secretary to procurement governance forums/controls committees as required

Own divisional Key Control Testing & 1LoD Assurance including the following:

• Own the 1LoD control testing program for Procurement including Test strategy, scripts, and sample design, evidence standards and documentation quality and effectiveness conclusions
• Manage control failures pragmatically by raising Self‑Identified Issues (SIIs), defining remediation plans with Procurement leads and drive timely closure and re‑testing
• Support and challenge 2LoD reviews and Internal Audit activity.

Lead identification and documentation of key procurement processes, ensuring end‑to‑end clarity, clear linkage between processes, risks and controls, alignment with global/group‑owned processes, and that documentation is audit‑ready but business‑usable.

Own the end to end issue management & governance process for Procurement including Internal Audit findings, regulatory or compliance observations, control weaknesses, and third‑party remediation actions.

Audit and compliance interface (1LoD) — act as first line of defence for internal audit reviews relating to Procurement; track, report and escalate issues through governance forums as required and provide clear, executive‑level reporting to Procurement leadership and risk committees.

Drive an appropriate control culture within Procurement through a learning and development agenda

Build strong working relationships with key stakeholders Group / Divisional Risk & Compliance, Internal Audit, Legal and Finance partners.

Team Management and additional responsibilities:

• Line manage the Risk & Controls Analyst (India) and provide day‑to‑day direction and development; allocate work and manage capacity against ongoing assurance cycle
• Participate in organisational initiatives related to technology, automation and AI adoption (as needed), including vendor due diligence automation
• Creatively explore use of AI for making BAU activities more efficient and reducing errors.

Support the Risk team on any ad hoc projects around recruitment, metrics, analytics as needed

Knowledge & experience

• 18+ yrs of professional experience as an operational risk specialist in the capacity of 1 LOD, 2 LOD or auditor in a financial services firm or procurement and sourcing firm
• Understanding of FCA regulatory expectations relevant to third‑party and outsourcing risk (including operational resilience and Consumer Duty) and ability to apply them pragmatically to procurement activity
• Experience leveraging the Microsoft stack (Power Automate and/or Copilot Studio) to automate controls or due diligence workflows; experience using Power BI for risk/control reporting is desirable
• Exposure to Oracle Fusion Procurement (or a comparable P2P platform) and understanding of source‑to‑contract and purchase‑to‑pay controls
• Deep expertise and hands‑on experience in running divisional risk agenda including RCSA, Control Environment, control testing and issue management process including various tools & technologies
• In-depth understanding of organisational risk frameworks and experience of implementing them for the procurement function
• Proven experience of working and collaborating with a range of teams in driving risk culture and initiatives including working closely with colleagues in risk and compliance, internal audit and global stakeholders across divisional and regions
• Experience of managing direct and indirect teams both locally and oversees and has the ability to influence decision making at senior levels, including ability to translate complex challenges into easy-to-understand solutions.
• Strong understanding of external risk landscape and industry trends in risk and compliance
• Adept at using technology and leverage AI for risk management activities
• Understanding of screening tools like BVD-Orbis, LexisNexis, etc. would be beneficial.

Skills

• Planning and organisational skills
• Creative and ability to think out of the box
• Strong interpersonal & networking skills
• Self driven, solution oriented and end product focussed mindset
• Strong communicator who has the ability to negotiate

Educational Qualification:

• Graduation is a must, preferably in Finance, Accounting, Business Management / Administration or Engineering.
• Master’s degree (MBA / MMS or post-graduate diploma in business management) is preferred.
• Additional risk qualification/certification would be beneficial.
• Additional Procurement qualification/certification would be beneficial.

We have a diverse workforce and an inclusive culture at M&G Global Services, regardless of gender, ethnicity, age, sexual orientation, nationality, disability or long term condition, we are looking to attract, promote and retain exceptional people. We also welcome those who take part in military service and those returning from career breaks.