Fraud Risk Manager
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Bahrain
Posted on January 8, 2024
Job details
Fraud Risk Manager
Arab Banking Corporation Manama, Bahrain Posted 5 days ago Permanent competitive Job Purpose: This is a middle management risk role within Group Fraud Risk Management responsible for supporting the fraud risk management function and assisting in fostering a culture of fraud risk prevention, detection, and response across ABC Group. The incumbent will be asked to:- Support the Head of FRM in the continual design, implementation and improvement of a sound fraud risk management program, policies, procedures, and fraud monitoring activities including systems to manage fraud risk throughout ABC Group,
- Contribute toward the alignment of fraud risk management strategies across the Group in accordance with the enterprise-wide Risk Management, Internal Control including Operational Risk Management Policies.
- Enhance Fraud Risk Dashboard, MIS reporting and .
- Engage with Group stakeholders and provide support as appropriate to enhance their abilities to anticipate and manage fraud events effectively.
- Support and oversee the adequacy and strength of the Internal Control throughout the Group
- Recommend in consultation with the Head of Fraud Risk Management adequate fraud risk management framework implementation in order to ensure the fraud risk profile supports the achievement of business objectives.
- Ensure that fraud incidents group-wide are managed on timely manner analyzing the root cause, and the recommend appropriate actions to avoid reoccurrence as a subject matter expert.
- Support the design and implementation of Fraud Risk Management program, tools, and culture.
- Contribute toward ensuring Fraud Risk Management Framework and policies are in compliance with the Group, Local, and Industry regulatory requirements and standards.
- Ensure that all major fraud risks are identified, properly mitigated, and monitored.
- Drive continuous enhancement of FRM Program Group for more efficiencies and effectiveness.
- Support Head of Fraud Risk Management establishing and enhancing sound FRM governance group-wide.
- Support standardization, automation and efficiency through re-engineering and process improvement initiatives across the Group to deliver desired client experience across all channels/ products.
- Ensure strong collaboration and concerted efforts with key stakeholders /partners by:
- Sharing information on fraud trends and identifying emerging fraud threats.
- Leveraging on common tools, information, and processes.
- Designing and implementing a fraud preventive strategy
- Supporting the 1st Line of Defense in strengthening their RCSAs and identifying, assessing, mitigating, and monitoring fraud risks.
- Strengthen Fraud Risk Management capabilities, skills, and infrastructure to enable swift detection and response to fraud attacks.
- Act quickly and decisively when any risk and control weakness become apparent and ensure they are addressed within an appropriate timeframe and escalated through the relevant committees.
- Support the implementation of the FRM Program and design/monitor the fraud risk metrics to identify potential control weaknesses.
- Build and coordinate appropriate fraud detection, deterrence, and investigation activities to limit the likelihood /impact of Fraud incidents/events
- Recommend and monitor the implementation of longer-term remediation action to reduce likelihood/ impact of known fraud trends.
- Manage fraud incidents and ensure a comprehensive root-cause analysis is completed.
- Support in Design and maintain the Group’s Fraud Risk Management Systems.
- Continuously enhance the rules for identifying/preventing suspicious transactions on cards and non-cards-based transactions.
- Monitor and ensure efficient functioning of fraud monitoring solutions in place.
- Identify and review emerging and current transactional fraud risk to fine tune the rules/parameters to enhance or improve detection rates and false positive rates.
- In collaboration with the bank’s IT Security team, proactively highlight the new and emerging Fraud Cyber threats.
- Prepare analyses reports for Senior Management on key findings as part of the Fraud Risk Management Framework.
- Drive standardization and ensure postmortem investigative recommendations are fully adopted across the Group.
- Ensure Lessons Learned are shared with all business units/countries on timely manner.
- Prepare Internal & External reporting.
- Set up a robust MIS deck that captures internal and external fraud trends
- Hands-on knowledge of fraud risk management in both Retail and Wholesale Banking including fraud risk assessments, fraud control testing, incident root-cause analysis etc.
- Proven expertise in fraud monitoring system such as ThreatMetrix, One Span, VRM, FRM, RiskNet etc. including fraud scenario design and calibration
- Bachelor’s degree in Banking, Management, Finance or Data science.
- Certified Fraud Examiner (Active status) from ACFE, US
- Minimum of 5-7 years’ core experience in a multi-product, multi-channel, and multi-functional fraud risk environment in Banking (both Retail and Wholesale Banking exposure required).
- Good working knowledge of technology systems, e-commerce, online/electronic payments, accounting/finance analytical skills with proven ability to identify and develop solutions to improve fraud risk mitigation, reduction, and avoidance.
- Working knowledge of industry standards such as COSO, PCI DSS & PA DSS, Visa / MasterCard Cards fraud risk management rules & fraud chargeback norms.
- Strong understanding of enterprise fraud risk management framework and policy.
- Strong interpersonal, communication and presentation skills.
- Ability to communicate with and gain confidence of the Bank’s Senior Management.
- Ability to multi-task and work with minimum intervention or follow up.
- Strong problem solving, analytical (including qualitative analysis), research, and quantitative skills.
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