Head of Fraud, Risk

About Navi  Navi is one of the fastest-growing financial services companies in India providing Personal & Home Loans, UPI, Insurance, Mutual Funds, and Gold. Navi's mission is to deliver digital-first financial products that are simple, accessible, and affordable. Drawing on our in-house AI/ML capabilities, technology, and product expertise, Navi is dedicated to building delightful customer experiences.
Founders: Sachin Bansal & Ankit Agarwal 
Know what makes you a "Navi_ite" :  1.Perseverance, Passion and Commitment 
• Passionate about Navi's mission and vision
• Demonstrates dedication, perseverance and high ownership
• Goes above and beyond by taking on additional responsibilities 2.Obsession with high quality results 
• Consistently creates value for the customers and stakeholders through high quality outcomes
• Ensuring excellence in all aspects of work
• Efficiently manages time, prioritizes tasks, and achieves higher standards 3.Resilience and Adaptability 
• Adapts quickly to new roles, responsibilities, and changing circumstances, showing resilience and agility

About the role:

We are looking for an Associate Director, to be part of the Group Risk function, to lead the Fraud Risk & Strategy (FRS) function across lending, insurance, asset management and payments businesses. This role will work closely with the Group Risk Head to drive the FRS  charter related initiatives and projects across the Group entities.

This position is based out of Bangalore, India

Key responsibilities:
The role is expected to lead the fraud charter for the Group, covering businesses - lending, investments, insurance and payments. The responsibilities identified below are to be read in conjunction with this understanding:

• Understanding and driving prevention of loss from various fraud modes (Transaction Fraud, Application, Account Takeover, Transaction Fraud, 1st and 3rd Party Fraud, Bust Out Fraud).

• Liaise with Analytics teams to help build out data models needed for fraud analytics.

  • Conducting independent analytics of portfolio behavior to identify fraud trends / patterns 

  • Building appropriate alerting / reporting for emerging fraud attacks.

  • Design and maintain fraud risk dashboards, identify high-risk areas & parameters, and resolve the same with relevant teams.

• Monitoring:

  • Work towards automation of fraud identification and closure processes.

  • Obtaining and monitoring reports from Audit, Collections, Customer Service, Finance, Credit, Risk, and Customer Complaints to identify red flags/ early warning signals of fraud

  • Conduct periodic reviews of key processes and systems to identify gaps in terms of fraud and operational risk, and suggest controls to address the same

  • Review of samples of cases to check for suspected frauds

• Conduct investigations of customer frauds, including Root Cause Analysis and suggest measures to strengthen existing processes and systems

• Work with Product & Tech teams to build & deploy fraud rules in production; and also to review adequacy of controls to mitigate frauds at the design stage

• Ensure closure of action points emanating from various Investigations and present the summary of new controls and process improvements to the management.

• Ensure fraud policies, processes and systems are aligned with changing regulatory requirements (from RBI, SEBI, IRDAI, NPCI).

• Reporting:

  • Coordinating with various units such as Collections, Operations, Business, Legal, Finance, to collect information and prepare regulatory reports (FMR-1 FMR2 FMR-3 quarterly and annual review, etc)

  • Coordination with Compliance / Regulators (as applicable) for all regulatory/statutory reports/data submission in a timely manner with accuracy

  • Providing required MIS and management reports to the Senior Management, Board Committees and the Board of Directors.

• Share emerging trends on fraud, based on market intel 

• Be responsible for the strategic build-out of the fraud charter for the Group, including:

  • Identifying and setting roadmaps for fraud focus areas

  • Capacity planning and team build to help achieve the stated objectives of the charter

Required Skills:

• Sound understanding of retail loans, health insurance, payments (at least strong in either lending or payments) and the fraud trends and controls to prevent such frauds in these products.

• 8-10 years of experience working in roles with responsibilities as identified above.  

• Ability to communicate effectively with stakeholders and senior management, including Board Committee members, both verbally and in written presentations.

• Ability to balance risk, potential impact, resourcing, business drivers, and timelines

• Strong understanding of / ability to interpret regulatory requirements for financial services 

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