This is a senior risk management role within Group Fraud Risk Management directly responsible for building a fraud risk monitoring command center and fostering the culture of fraud risk prevention, detection, and response across ABC Group. The incumbent will be asked to:
- Design & implement a sound fraud monitoring program, policies, procedures, and fraud monitoring systems to manage fraud risk throughout ABC Group,
- Ensure alignment of fraud risk management strategies across the Group in accordance with the enterprise-wide Risk Management, Internal Control and Operational Risk Management Policies.
- Set up Fraud Risk Dashboard.
- Guide leadership within Group and provide expertise, advice, and counsel to Senior Management, enhance the Group abilities to anticipate and manage fraud events effectively.
- Oversee the adequacy and strength of the Internal Control throughout the Group and recommend management action to ensure the fraud risk profile supports the achievement of business objectives.
- Manage fraud events on timely manner by ensuring quick recovery, analyzing the root cause, and the recommend appropriate actions to avoid reoccurrence.
Principal Responsibilities, Accountabilities and Deliverables of Role:
1) Strategy, Policy, Framework and Governance
- Drive the design and implementation of Fraud Risk Management program, tools, and culture.
- Ensure that Fraud Risk Management Framework and policies satisfy group, local, and industry regulatory requirements and standards.
- Ensure that all major fraud risks are identified, properly mitigated, and monitored.
- Drive continuous enhancement of FRM Program Group for more efficiencies and effectiveness.
- Ensure compliance with PCI DSS & PA DSS standards across relevant business.
- Support Group Head of Operational Risk & Fraud Risk Management in setting and running a sound FRM governance.
2) Process Management
- Support standardization, automation and efficiency through re-engineering and process improvement initiatives across the Group to deliver desired client experience across all channels/ products.
- Ensure strong collaboration and concerted efforts with key stakeholders /partners by:
- Sharing information on fraud trends and identifying emerging fraud threats.
- Leveraging on common tools, information, and processes.
- Designing and implementing a fraud preventive strategy
- Supporting the 1st Line of Defense in strengthening their RCSAs and identifying, assessing, mitigating, and monitoring fraud risks.
- Strengthen Fraud Risk Management capabilities, skills, and infrastructure to enable swift detection and response to fraud attacks.
- Act quickly and decisively when any risk and control weakness become apparent and ensure they are addressed within an appropriate timeframe and escalated through the relevant committees.
- Support the implementation of the FRM Program and design/monitor the fraud risk metrics to identify potential control weaknesses.
- Build and coordinate appropriate fraud detection, deterrence, and investigation activities to limit the likelihood /impact of Fraud incidents/events
- Recommend and monitor the implementation of longer-term remediation action to reduce likelihood/ impact of known fraud trends.
- Manage fraud incidents and ensure a comprehensive root-cause analysis is completed.
- Design and maintain the Group’s Fraud Risk Management Systems.
- Continuously enhance the rules for identifying/preventing suspicious transactions on cards and non-cards-based transactions.
- Ensure that the automated fraud detection system is working effectively for cards and non-cards.
- Identify and review emerging and current transactional fraud risk to fine tune the rules/parameters to enhance or improve detection rates and false positive rates.
- In collaboration with the bank’s IT security team, proactively highlight the latest Fraud Cyber threats landscapes.
4) Analysis and Reporting
- Prepare analyses reports for Senior Management on key findings as part of the Fraud Risk Management Framework.
- Drive standardization and ensure postmortem investigative recommendations are fully adopted across the Group.
- Ensure Lessons Learned are shared with all business units/countries on timely manner.
- Prepare Internal & External reporting.
- Set up a robust MIS deck that captures internal and external fraud trends
5) Training and Awareness
- Work with HR and Management and provide training and guidance across the Organization to foster fraud fighting culture.
- Conduct Fraud awareness and prevention campaigns internally and externally.
6) General Management
- Run/Participate in appropriate business meetings, forums, and committees, as required.
- Develop a collaborative relationship with regulators, peer banks and industry forums to help detect and mitigate fraud risks.
- Proven experience in fraud detection system such as One Span, VRM, FRM, SAS, Risk Net, etc.,
Education / Certifications
- Bachelor’s degree in Banking, Management, Finance or Data science.
- Minimum of 7-10 years’ experience in applications fraud management, multi-product, multi-channel, and multi-function fraud risk management in Banking.
- Work in a matrix organization with proven ability to leverage resources and capabilities across the organization without direct reporting.
- Good working knowledge of technology systems, e-commerce, online/electronic payments, accounting/finance analytical skills with proven ability to identify and develop solutions to improve fraud risk mitigation, reduction, and avoidance.
- Payment scheme mandatory fraud control requirements from a PCI DSS & PA DSS.
- Strong understanding of enterprise fraud risk management.
- Outstanding interpersonal, communication and presentation skills.
- Ability to communicate with and gain confidence of the Bank’s Senior Management.
- Ability to multi-task and work independently on initiatives.
- Executive-level presence and demonstrated ability to collaborate with Senior Management-level.
- Strong problem solving, analytical (including qualitative analysis), research, and quantitative skills.