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Fraud Risk Manager

Job Overview

JOB INFORMATION
Job Title Fraud Risk Manager Division Risk Management
Department Operational Risk & Permanent Controls
Reporting To Head – Operational Risk & Permanent Controls
JOB PURPOSE
The role holder is responsible for monitoring and developing fraud risk strategies. The role holder will take the lead in
developing fraud processes, strategies, and controls to mitigate fraud risk. The role holder will be accountable for executing
processes aimed at identifying fraud methodologies, points of compromise, root cause evaluation, financial and operational
impacts with associated recommended remediation paths.
Key
Responsibilities
Core Responsibilities
 Develop an operational model and shape strategic agenda for Fraud risk management, and
implement the strategic direction for the Bank.
 Design and implement the Fraud Risk strategy and infrastructure for channels and products.
 Manage fraud risk, assisting businesses with implementing the practical tools & processes to
minimize fraud losses while maintaining and adhering to goals and objectives.
 Ensure the Fraud Risk Management framework is effectively embedded and communicated
across the Business Units and Support Functions (e.g., HRTD PPA).
 Develop a proactive, independent, balanced, and fraud risk awareness culture within the
Bank.
 Develop effective fraud risk management strategies and timely deploy these strategies across
products and channels
 Identify industry best fraud risk infrastructure and management practices that are tabled and
are considered for adoption within the Bank
 Ensure that gross and residual fraud risks are understood and agreed upon with the respective
Business and Support Heads.
 Lead and drive standardization, automation, and consolidation through re-engineering and
process improvement initiatives for Fraud Risk Management.
 Develop and maintain fraud management capabilities, skills, and infrastructure in compliance
with internal and external regulations and are responsive to fraud attacks.
 Act quickly and decisively when any fraud risk and control weakness becomes apparent and
ensure they are addressed within an appropriate timeframe and escalated through the
relevant committees.
 Align the fraud risk management framework with the Operational Risk Framework and
monitor the fraud risk metrics to identify potential control weaknesses.
 Identify and track fraud risk management Key Performance Indicators (KPIs) to support
strategy testing environment and daily operations.
 Continuously improve the operational efficiency and effectiveness of fraud risk management
processes.
 Support the identification, engagement, and retention of high-quality FRM professionals.
2
QUALIFICATIONS AND EXPERIENCE
Threshold
Qualifications
 Bachelor’s degree in Finance, Accounting, Commerce, or in any other subject or equivalent is
required
 Master’s degree in Accounting/ Finance /Economics or in any other subject is preferred
 Professional qualification related to banking, or function is preferred such as CA, CFE, CFA,
CPA
Years & Nature of
Experience
 7 Minimum 5-6 years of practical experience in a bank with 3 years in the same or similar
function.
 Set and monitor job descriptions and objectives for direct reports and provide feedback and
rewards in line with their performance against those responsibilities and goals.
 Identify and share fraud management industry best practices and work with all the relevant
departments at the Bank for their feasibility and implementation.
 Develop a collaborative relationship with regulators, peer banks, and fraud risk industry
forums to help detect and mitigate fraud.
 Ensure all fraud risk management policies and procedures documentation in place
 Ensure that effective management response plans are in place to respond to plausible fraud
scenarios
 Recommend changes to the process control environment or to business practices, where
necessary, to reduce the level of fraud risk exposure within the agreed appetite.
 Accountable for satisfactory closure of issues/gaps arising from Internal Audits and the CBB’s
findings.
 Ensure compliance to Visa/ master card rules and regulations
 Manage and support fraud risk projects
 Ensure a proactive approach to fraud risk identification and mitigation activities, provide
timely communication/escalation of monitoring results, and oversee its successful execution
 Create and utilize Management Information System (MIS) to make process improvements,
identify and counteract fraud trends, ensure the competency and efficiency of the department
and manage the day to day operations
 Conducts ongoing analysis to identify the root cause of fraud trends, propose potential
solutions, and liaise with stakeholders to implement the solutions.
 Assist in the development of an internal fraud detection and prevention program inclusive of
(I) development of NBB-specific fraud risk assessments, (ii) development and implementation
of fraud-specific data analytic procedures
People Management Responsibilities
 Define goals and key performance indicators for each member of the team and ensure
effective implementation of the NBB performance management process.
 Develop talent within the team by providing guidance and coaching to achieve the defined
goals.
3
SKILLS AND COMPETENCIES
 In-depth/expert knowledge of regulatory requirements.
 In-depth/expert knowledge & experience with fraud risk policy frameworks.
 A seasoned professional with a combination of education, experience, and industry knowledge.
 Verbal & written communication skills – In-depth / Expert.
 Collaboration & team skills; with a focus on cross-group collaboration 2+ years of managerial experience.
 Ability to create MIS and analysis material on which they will base strategic fraud detection and deterrence
methodologies.
KEY PERFORMANCE INDICATOR
 Vulnerability assessments, rectifications, and closure
 Early warning indicators and their remediation
 Efficient and effective investigations
KEY INTERACTIONS
Internal External
All staff
CBB Inspectors, consultants, and external auditors.

 

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