Fraud Risk Identification Team Member

Team Member-Fraud Risk Identification-SUPPORT SERVICES-Fraud Risk Management Unit

The job involves overseeing the proactive identification, assessment, and analysis of fraud risks across all business units in the Bank. This role involves developing and implementing frameworks and tools to detect potential fraud vulnerabilities, analysing emerging threats, and collaborating with stakeholders to ensure a strong fraud risk management system. The position requires a blend of analytical expertise, strategic thinking, and deep industry knowledge to safeguard firms assets and reputation.

Key Responsibilities

Strategic Leadership:

• Develop and execute a comprehensive fraud prevention strategy aligned with organizational goals and regulatory requirements.
• Lead initiatives to build a strong anti-fraud culture across the organization.

Fraud Risk Management:

• Identify & highlight emerging fraud trends and proactively implement measures to mitigate risks.
• Monitor and challenge fraud prevention controls, ensuring effectiveness against evolving threats.
• Fraud Risk Registers :
  • Maintain & update Fraud Risk Registers (RCSA)
  • Ensure periodic control testing for all RCSAs (Fraud Risk Register linked)
• Review of all products / processes for fraud risk & define related controls
• Mystery shopping of 3rd party conduct

Risk Oversight and Advisory:

• Provide independent oversight and challenge to the first line of defence's fraud risk management activities.
• Review and assess the effectiveness of fraud detection and prevention strategies implemented by operational teams.
• Advise on fraud risk mitigation measures and best practices to address identified vulnerabilities.
• Regularly report on fraud risk trends, issues, and controls to senior management, committees, and the board.
• Escalate significant fraud risk concerns or incidents, ensuring prompt and adequate resolution.

Stakeholder Collaboration:

• Collaborate with the first line of defence, compliance, internal audit, and risk management teams to promote a strong fraud risk culture.
• Serve as a subject matter expert on fraud risk governance in cross-functional projects.
• Engage with regulators, auditors, and external stakeholders on fraud-related matters.

Policy and Regulatory Compliance:

• Monitor changes in regulatory expectations and advise on necessary adjustments to the fraud risk framework.
• Stay updated on regulatory changes and industry trends to adjust strategies accordingly.

Control Effectiveness Reviews:

• Assess and validate the effectiveness of fraud controls and the adequacy of responses to fraud incidents.
• Recommend enhancements to fraud detection tools, technology, and processes.

Education:

• Bachelor's degree in finance, accounting, business administration, risk management, or a related field.
• Advanced degrees (e.g., MBA, Master's in Risk Management) or certifications such as Certified Fraud Examiner (CFE), Certified Risk Management Professional (CRMP), or Certified Internal Auditor (CIA) are highly preferred.

Experience:

• Minimum of 10–15 years of experience in fraud risk management, governance with significant time spent in leadership roles within banking.
• Proven experience in managing complex fraud investigations and regulatory engagements.
• Prior experience in a second-line-of-defence or oversight role is highly desirable.

Skills:

• Strong understanding of risk management principles, fraud schemes, and financial crime regulations.
• Excellent analytical and problem-solving skills with a focus on root cause analysis.
• Proficiency in fraud risk tools, governance systems, and data analysis software.
• Strong communication and stakeholder management skills, including report writing and presentations.
• Familiarity with regulatory standards such as ISO 31000, Basel guidelines, or regional compliance frameworks.

Key Competencies

• Integrity and impartiality in oversight responsibilities.
• Strong attention to detail and ability to assess complex risk scenarios.
• Strategic mind-set with the ability to foresee and adapt to emerging fraud risks.
• Collaborative approach to working with cross-functional teams.

Work Environment

• Primarily office-based, with potential for hybrid working arrangements.
• May require occasional travel to branch locations, regulatory meetings, or training sessions.