Circle Head-ILM-Deterrence

JOB PURPOSE:

Formulate a comprehensive, proactive strategy to prevent, detect and respond to integrity threats. Ensures alertness, watchfulness or circumspection and prevent occurrence of any untoward incidents with adverse financial implications for the organization.

• Quality assessment & control of all Vigilance Report before submission to HR / Legal / WBC


• Process recommendation to the respective business line, based upon the Root Cause analysis.


• Team management - Team mentoring, Training & Managerial skills [Field & Central Team]


• Fraud Risk Assessment - New Trends analysis and triggers evaluation.


• Implement Desktop Investigation Process


• Developing Risk mitigation platform to identify risk areas


• Conduct mystery shopping across business verticals , based on various trigger points

PRINCIPAL ACCOUNTABILITIES:

Fraud Mitigation Framework:

• Monitoring fraud trends, investigating emerging threats and quickly developing and deploying new strategies to manage those threats


• Providing innovative solutions for formation/strengthening of Fraud Risk tools for prevention, detection and monitoring of frauds.


• Review existing control environment and assess effectiveness against known fraud schemes. Identify control gaps and create insightful analysis to support the implementation of new controls


• Oversees and conducts the conversion of data into insights that will lead to informed business decisions. Need to handle multiple simultaneous tasks, prioritize work, and remain functional under pressure, and aggressive timelines.


• Responsible for Using Business Intelligence Metrics and the highest standards of Credit Control for driving the risk management function

Fraud Risk Monitoring:

• Oversee the Fraud aspect of customer selection in the end to end digital Journey and business sourcing leave protocol


• Develop continuous monitoring and improvement of the excellence of the organizations underwriting and operational procedure.


• Work with external data providers such as Credit Bureaus and other API providers to further streamline credit process by data validation methods.


• Coordinate with management for assessment of risk quotient new products and processes.

Audit and Compliance:

• Handling and issue of orders in appeal, review and revision petitions relating to vigilance matters.


• Conduct departmental / disciplinary proceedings in vigilance matters, in respect of all employees, including agent.

• Share IRDA regulatory reports as per the timelines

Mystery Audit

• Developing trigger points based on Loss ratio, Market & Business Inputs, fraud trends


• Based on trigger inputs designing plan of action for mystery audit


• Conducting mystery audit across India to expose & prevent fraud practices, Nexus, Scams


• Training vendors to upscale for the requirement of mystery audit