Manager- Fraud Risk Management
3 weeks ago
Fraud Risk Policy and Governance:
Implement fraud risk management policy in line with Regulatory guidelines.
Establish governance frameworks and define roles and responsibilities for fraud risk management within the organization.
Ensure the fraud risk management practices are in full compliance with the Regulatory guidelines, circulars, and directives related to fraud detection and prevention.
Maintain documentation for audits and inspections or auditors.
Regularly review and update fraud management practices as per the latest circulars.
Risk Identification and Assessment:
Continuously assess fraud risks across all various processes and Identify emerging fraud risks
Conduct regular risk assessments and fraud risk impact analysis
Fraud Detection and Prevention:
Monitor transactions, behaviour, and activity trends to detect suspicious patterns.
Incident Reporting and Response:
Ensure that fraud incidents are promptly reported to relevant authorities.
Adhere to reporting framework for frauds above prescribed thresholds.
Develop a fraud incident response plan.
Fraud Analytics and Investigation:
Review and drafting of investigation reports, notices, etc.
Initiate actionable with stakeholders for closure
Leverage data analytics and intelligence tools to identify perpetrators.
Analyze fraud trends and prepare actionable reports for senior management.
Training and Awareness:
Provide regular fraud risk management training to employees to ensure they are aware of common fraud schemes and risk mitigation strategies.
Design fraud awareness programs for customers
Internal Controls and Audits:
Implement internal controls to minimize fraud risks
Regularly audit fraud detection mechanisms and risk mitigation strategies to ensure their effectiveness.
Fraud Reporting and Monitoring:
Report fraud metrics and trends to internal stakeholders
Track fraud losses, control effectiveness, and corrective actions taken.
Experience:
Minimum 5-7 years of experience in fraud risk management, internal audit, or compliance within a financial services environment (e.g., banking, NBFC, insurance, or fintech).
Hands-on experience in working with regulatory compliance frameworks (e.g., RBI guidelines, KYC/AML, data protection laws).
Specialized Knowledge:
Strong experience in fraud investigation and root cause analysis .
Experience in working with cross-functional teams (e.g., legal, compliance, IT, and operations) to design and implement fraud prevention controls .
Understanding of industry regulations such as KYC (Know Your Customer) , AML (Anti-Money Laundering)
Familiarity with central fraud registries (e.g., RBI's Central Fraud Registry ) and fraud reporting standards.
Experience preparing reports for regulatory bodies or auditors.
Qualifications:
Educational Requirements:
Degree in Finance , Risk Management , Law , C.S. or a related field.
Skills & Competencies:
Strong problem-solving abilities and decision-making skills.
Excellent communication skills, both written and verbal, with the ability to present complex fraud risks to senior management and regulatory bodies.
Ability to manage high-pressure situations and resolve incidents swiftly.
Strong understanding of fraud risk control mechanisms and fraud mitigation strategies .
Personal Attributes:
Detail-oriented and results-driven.
Strong ethical standards and integrity.
Ability to handle confidential information with discretion.
Ability to work independently and within a team-oriented environment.
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