We are conducting a confidential executive search for a Chief Financial Officer (CFO) for a leading organisation operating within a highly regulated financial services environment.
Location: Mumbai, Maharashtra, India
Position: Chief Financial Officer (CFO)
Position Category: Key Managerial Personnel (KMP)
This is a senior leadership appointment with significant responsibility for financial strategy, regulatory compliance, capital adequacy, solvency management, financial reporting, risk oversight, and corporate governance.
The successful candidate will work closely with the Board, senior management, regulators, auditors, and other key stakeholders to ensure strong financial stewardship, regulatory adherence, effective financial controls, and sustainable business performance.
We are seeking an accomplished finance professional with deep domain expertise, a strong understanding of applicable regulatory frameworks, sound commercial judgement, and the ability to operate effectively at the highest levels of corporate governance.
Please note: This is a confidential KMP appointment. The identity of the organisation and further details of the opportunity will be disclosed only to suitably shortlisted candidates at the appropriate stage of the selection process.
Key Responsibilities
1. Financial Strategy and Leadership
- Lead the organisation’s overall financial strategy, financial planning, budgeting, forecasting, and long-term financial sustainability.
- Provide strategic financial insights to the Board and senior management to support business decisions, growth initiatives, and capital allocation.
- Drive profitability, operational efficiency, cost optimisation, and disciplined financial management.
- Establish and strengthen financial policies, processes, internal controls, and performance-monitoring frameworks.
- Align financial strategy with business objectives, regulatory requirements, and the organisation’s long-term priorities.
2. Regulatory Compliance and Statutory Reporting
- Ensure compliance with applicable requirements of the Insurance Regulatory and Development Authority of India (IRDAI), the Insurance Act, 1938, the Companies Act, 2013, and other relevant laws, regulations, circulars, directions, and accounting requirements.
- Oversee regulatory financial returns, statutory disclosures, periodic reporting, and financial submissions within prescribed timelines.
- Ensure the accuracy, completeness, and integrity of financial statements and regulatory reports.
- Monitor changes in applicable regulatory requirements and ensure timely implementation across the finance function.
- Coordinate with regulatory authorities, statutory auditors, internal auditors, tax authorities, and other relevant stakeholders.
- Establish effective mechanisms for regulatory monitoring, compliance assurance, and timely closure of audit observations.
3. Capital Adequacy and Solvency Management
- Oversee capital planning, capital adequacy, solvency monitoring, liquidity management, and financial resilience in accordance with the applicable regulatory framework.
- Develop financial models, stress-testing frameworks, and scenario analyses to assess capital requirements and potential financial exposures.
- Monitor key financial and prudential indicators and recommend corrective measures wherever necessary.
- Work closely with risk, actuarial, underwriting, and business teams on financial implications, reserving considerations, and risk exposures, as applicable.
- Support the organisation in maintaining an appropriate capital position and robust financial risk-management framework.
4. Financial Reporting, Accounting and Internal Controls
- Lead the preparation and review of monthly, quarterly, and annual financial statements, management accounts, and financial performance reports.
- Ensure compliance with applicable accounting standards and financial reporting requirements.
- Oversee accounting policies, reconciliations, financial controls, audit readiness, and the timely resolution of financial discrepancies.
- Strengthen internal financial controls, reporting processes, and governance mechanisms.
- Provide timely, accurate, and decision-oriented financial information to the Board and senior management.
5. Treasury, Liquidity and Balance Sheet Management
- Oversee treasury operations, cash flow forecasting, liquidity planning, and efficient deployment of funds within the applicable regulatory framework.
- Monitor balance sheet strength, investment-related financial exposures, asset-liability considerations, and counterparty risks, wherever applicable.
- Support capital allocation decisions and maintain appropriate financial safeguards.
- Ensure effective management of financial resources, liquidity risks, and balance sheet exposures.
6. Taxation and Corporate Governance
- Oversee direct and indirect tax compliance, tax planning, assessments, statutory payments, and related reporting.
- Ensure timely completion of statutory audits, tax audits, and other applicable financial and regulatory reviews.
- Work closely with legal, compliance, company secretarial, and external advisory teams on corporate governance matters.
- Ensure appropriate documentation, financial accountability, and adherence to applicable statutory obligations.
7. Board and Stakeholder Engagement
- Present financial performance, capital position, regulatory developments, key risks, and strategic recommendations to the Board and relevant committees.
- Provide robust financial analysis to support strategic planning, business expansion, and operational decisions.
- Maintain effective working relationships with auditors, regulators, banking partners, and other relevant stakeholders.
- Contribute to enterprise-wide risk management, governance, and strategic decision-making.
8. Leadership and Transformation
- Lead, develop, and mentor the finance function, building a high-performance culture focused on accountability, accuracy, and regulatory discipline.
- Drive automation, financial systems improvement, process standardisation, and data-driven reporting.
- Strengthen financial governance, risk management, and operational effectiveness.
- Promote continuous improvement and ensure that the finance function remains aligned with evolving business and regulatory requirements.
Candidate Profile
Educational Qualifications
- Chartered Accountant (CA) qualification from the Institute of Chartered Accountants of India (ICAI) is strongly preferred.
- Additional qualifications in finance, accounting, risk management, or management would be advantageous.
Relevant Professional Experience
- Extensive experience in senior finance leadership roles, with substantial exposure to the insurance sector or a closely relevant regulated financial services environment.
- Demonstrable experience in financial reporting, regulatory compliance, statutory audits, capital management, solvency monitoring, and financial governance.
- Strong working knowledge of IRDAI regulations and reporting requirements relevant to the candidate’s professional experience.
- Practical understanding of regulatory returns, prudential requirements, financial controls, and risk management.
- Experience in managing complex financial and regulatory responsibilities and engaging with Boards, senior management, auditors, regulators, and external stakeholders.
- A proven track record of leading finance teams, strengthening financial processes, and supporting strategic business decisions.
Preferred Domain Expertise
Candidates with experience in regulated insurance businesses, particularly in financial reporting, regulatory finance, solvency, capital adequacy, technical financial matters, reserving, and balance sheet management, will be particularly relevant.
Experience in reinsurance or another closely related regulated financial services environment will be advantageous.
Candidates should possess the professional maturity, regulatory understanding, integrity, and judgement required to discharge responsibilities associated with a senior finance leadership and KMP appointment.
Key Competencies
- Strong financial, analytical, and commercial acumen.
- In-depth understanding of applicable regulatory frameworks and corporate governance.
- High standards of integrity, independence, confidentiality, and professional judgement.
- Ability to communicate complex financial matters clearly to the Board and senior stakeholders.
- Strong leadership, stakeholder-management, and decision-making capabilities.
- A proactive approach to identifying risks, strengthening controls, and driving financial excellence.
- Ability to manage sensitive information and operate with discretion in a regulated business environment.
Important Information for Applicants – Confidential KMP Search
This is a highly confidential search for a Key Managerial Personnel (KMP) position. Given the seniority, sensitivity, and governance implications of the appointment, the recruitment process will be conducted in a structured, discreet, and phased manner.
1. Shortlisting Timeline
The initial screening and shortlisting process is expected to take approximately four weeks from the commencement of the search. Candidates are requested to allow this period for the assessment of applications and avoid repeated follow-ups regarding the status of their candidature.
2. Strict Confidentiality
The identity of the organisation, its specific business details, and other sensitive information will not be disclosed at the application or initial screening stage. Such information will be shared only with appropriately shortlisted candidates, at the relevant stage of the process and subject to applicable confidentiality requirements.
3. Structured Selection Process
Candidates should understand that this is not a conventional recruitment exercise in which detailed information about the organisation or mandate is shared immediately upon application. Given the KMP nature of the role, the process requires discretion, careful evaluation, and appropriate sequencing of discussions.
Requests for the organisation’s identity or detailed information about the mandate before the appropriate stage of the process cannot be accommodated.
4. Communication with Shortlisted Candidates
Once the initial shortlisting exercise has been completed, candidates whose profiles are found suitable will be contacted individually to discuss the opportunity in greater detail and assess mutual suitability.
Submitting an application does not automatically guarantee an interview or further engagement. Only candidates whose experience and qualifications align with the requirements of the mandate will be contacted.
5. A Deliberate and Time-Intensive Process
Appointments at this level require careful consideration by the relevant stakeholders. The process is therefore expected to progress gradually and may take time at each stage. Candidates are requested to exercise patience and allow the process to proceed in its intended sequence.
We appreciate your understanding that confidentiality is fundamental to this mandate. Candidates are expected to respect the process and understand that repeated requests for undisclosed information or attempts to bypass the established selection stages will not facilitate their candidature. Only candidates who are comfortable with this confidential, structured, and time-bound approach are encouraged to express interest.
All applications and candidate information will be handled with due discretion.
Application Process
Interested candidates who meet the essential experience and qualification criteria may share their updated CV through LinkedIn.
Applicants are requested to include a brief overview of:
- Their current role and key responsibilities.
- Relevant experience in insurance or regulated financial services.
- Exposure to IRDAI regulations or comparable regulatory frameworks.
- Experience in financial leadership, capital management, solvency, and regulatory reporting.
Please apply only if your professional background is relevant to the requirements of this senior leadership appointment and you are comfortable participating in a confidential, phased recruitment process.
The organisation’s identity and additional details of the mandate will be disclosed progressively to appropriately shortlisted candidates, at the relevant stage of the selection process.
