The position of Head of Fraud Risk Management is replacement position. The roles and responsibilities were in the past assigned to different areas within the Bank. There is a growing concern of not only of regulators, governments (anti-crime units) but also of the general public that banks should improve their defences against fraud including Cyber fraud. Against this backdrop ABC has decided to further strengthen the 2nd line Fraud Risk management function, manned by specialists.
Principal Responsibilities, Accountabilities and Deliverables of Role:
Lead the continuous development and implementation of the policies and framework for the management of Fraud Risk (including Cyber Fraud), across ABC Group.
B.- Key responsibilities, accountabilities and deliverables
Development of Fraud Risk policies and frameworks
- Lead the development of the key components of the framework for the management of Fraud Risk including but not limited to:
- Risk and control self-assessment systems (bottom-up, top-down, local/ group-wide);
- Fraud related incidents and loss events capture and analysis;
- Key risk indicators;
- Group-wide control standards;
- Standard and “ad hoc” Fraud Risk reports;
- Appropriate MIS
- Regulatory compliance (all applicable regulators for the ABC Group)
- Periodic review of policies and frameworks and continuous improvement
Implementation of the policies and frameworks for the management of Fraud Risk
- Oversee the management of Fraud Risk across ABC Group through various monitoring tools e.g. Dedicated Fraud Risk Tools, RCSAs, KRIs, control standards, reporting of incidents, etc.
- Ensure that the frameworks for management of Fraud Risk are aligned to the framework for Operational Risk, IT Risk and Business Continuity Management (including Crisis Management and Disaster Recovery)
- Develop a Maturity model (industry standard or bespoke) to set the target maturity level of the controls in the Fraud Risk Management space and to track progress against in case it is not met.
Fraud Risk Management
- Provide day-to-day direction, guidance, training and support to Unit on implementation of the policies, framework and its on-going management.
- Carry out ad hoc requests from senior management, including participation in fraud investigation.
- Participate in the development of new products and change management projects (including projects to introduce new technologies) to ensure that the Fraud risks are assessed and mitigated prior to launch/implementation.
C.- Culture and Behaviour
- Raise awareness for Fraud Risk – Training
- Conduct necessary training and provide guidance to the risk managers in the Head Office, Branches, and Subsidiaries on all aspects of the management of Fraud Risk management policies, procedures and framework including implementation, on-going maintenance and reporting.
Risk, Compliance & Business Continuity:
At all times, act with due care, skill and diligence to ensure compliance with Bank ABC’s risk culture, policies and procedures, Code of Conduct and Values.
Ensure a climate of openness, transparency and accountability for compliance with external regulations and internal risk policies and procedures, where issues are raised and escalated, as appropriate and required, in a timely manner.
Ensure that stakeholders and reports are educated on risk and compliance matters, and that all employees in reporting line complete mandatory training to schedule.
Ensure that policies and procedures for your area(s) of responsibility are clearly documented, stored in an accessible manner, and kept up to date.
Participate in exercises to rehearse the banks response to an emergency situation (i.e. evacuation exercises and Business Continuity tests).
Extensive knowledge of Fraud Risk Management (including Cyber Fraud)
- Practical working experience in the area of Fraud Risk Management;
- Strong knowledge in the area of Fraud Risk Management processes and tools;
- Broad knowledge of Banking processes (a.o. Retail, Wholesale (Treasury, Trade Finance…);
- Relevant knowledge of industry standards;
- Strong practical experience with Fraud Risk Management frameworks, tools and methodologies as applied to business processes, business applications, technology infrastructure and third parties
- Practical knowledge of Fraud Risk Management tooling
Education / Certifications
- Master degree from a reputable university;
- Appropriate qualifications/certification (e.g. Certified Fraud Examiner).
At least 15 years of relevant work experience, with a minimum of 7 years in Fraud Risk Management
- Strong written & verbal communication / presentational skills;
- Good command of the English language, French and/or Arabic desirable
- Good time-management skills;
- Self-motivation and leadership attributes;
- People management and relationship skills;
- Good PC skills.