The role is responsible for fraud risk management & control, for all the liability and digital products in the bank focusing on processes to mitigate fraud risks, implementation of internal controls, driving automation solutions and timely reporting to stakeholders. The role also responsible for the fraud risk management for all the liability and digital products in the bank focusing on processes to mitigate fraud risks, implementation of internal controls, driving automation solutions and timely reporting to stakeholders.
Responsibilities
Strategy and Planning
- Implementation of strategies with an objective on fraud prevention, early detection, Investigation, Transaction Monitoring, Responding to LEA Notices, and Regulatory Reporting.
- Create clear road-map with foresight over industry trends on business & frauds.
- Ensure adequate preparedness interns of
- Systems Ensure existing fraud prevention, and Transaction Monitoring systems tools are adequate to achieve prevention & early detection of frauds. Recommend new tools, if need be. Take ongoing necessary actions towards the same
- People Ensure the team is operating with optimal capacity and are trained regularly to effectively perform their duties
- Process Ensure necessary reviews are conducted on the new & existing processes and implementation of necessary controls to prevent frauds with a balanced approach towards business. Completion of investigations within defined TAT.
- Regulatory Ensure reporting of fraud cases, responding to LEA notices, within Regulatory defined TAT
Policies, Processes & Procedures
- To ensure fraud control, and Transaction monitoring policies in place that clearly defines the responsibility of the Unit.
- Responsible for having well-defined processes in place, conduct regular/ongoing review of the same and ensure necessary modifications/changes are made in line with the prevalent processes
- Responsible for ongoing review and refinement of department procedures and reporting
- To ensure learnings out of frauds are fed back for necessary changes, corrections in Policies, Processes, wherever applicable.
- Establishing Fraud Risk Management Policy and framework, including Investigation, Transaction Monitoring, for Assets, liability, Corporate, BB and digital business units
- Continuously assess fraud detection tools, its effectiveness and process improvement in the fraud identification and mitigation processes
- Assess likelihood and potential significance of inherent & identified fraud risks based on historical information, known fraud schemes, and enforce necessary action, as appropriate.
- Ensure compliance with regulatory/departmental policies and procedures.
- Collaborate with other lines of business to ensure appropriate mitigation of fraud risks
- Provide continuous support to the Leaders & Managers of the unit.
- Develops, trains, recommends, and implements goals, standards, policies and procedures for team
- Establishing Fraud Risk Management policy and framework for liability and digital business units
- Redevelopment and Re engineering of all fraud detection tools and process improvement in the fraud identification and mitigation process
- Adhering to all mandates laid out by the regulator along with internal and external stakeholder management
- Keeping abreast of fraud preventive measures and process adopted by the peer banks and benchmarking other processes with the competition.
- Provide analytical support to Compliance and Enterprise Risk teams
- Implementing Enterprise Fraud Risk Management system across the bank
- Implement Fraud scenarios basis fraud risk assessment to deploy surveillance environment ensuring effectiveness, efficiency and customer experience
People Management
- Educate, train, and develop team on effectively and efficiently identifying and reporting suspicious activity
- Attract, retain, and develop a team of talented fraud professionals
Role Profile Requirements
- MBA / CA with 20 years of experience
- Minimum 10+ yeas of Experience in Fraud Control function with specialization in Retail Banking
- At least 5 years in senior or leadership positions, overseeing fraud strategy and teams
- Strong leadership skills: build and mentor high-performing teams; foster cross-functional collaboration.
- Effective at senior stakeholder engagement, including with regulators, audit committees, legal, operations, and technology teams.
