VP- Credit Application - Fraud Mitigation Strategy
Full-time Sub Division: Operational, Technology, Fraud Risk, Risk Assurance, and Model Validation Division: Group Risk Management
Company Description
FAB, the UAE's largest bank and one of the world's most secure financial institutions, is dedicated to creating value for its employees, customers, shareholders, and communities. Through innovation, agility, and differentiation, FAB is committed to fostering growth. We are looking for top talent and your success is our success. Accelerate your growth as you help us reach our goals and advance your career. Be ready to make your mark a top company, in an exciting and dynamic industry
Job Description
JOB PURPOSE: The Group Fraud Risk & Investigations function is part of the group’s Risk Management function and provides second line Fraud Risk oversight for the firm’s front office and support / control functions.
The primary responsibility of this role is to conduct in-depth research on both local and international best practices concerning fraud strategies, particularly focusing on high-risk bank products, channels, and services, including Credit Application Frauds. The Fraud Strategy Manager will work collaboratively with various bank business departments to create and implement effective fraud strategies as well as leading focussed fraud risk assessments, with specific focus on credit application frauds. The objective is to identify fraud risks to ensure that controls are adequately embedded into existing products while working with the business to integrate controls during the design and development phases of new products, services and channels, in alignment with the bank’s fraud risk appetite.
KEY ACCOUNTABILITIES:
Core Responsibilities:
Strategic Contribution
Ensure effective cascading of the functional strategy on credit application frauds into department business plans to ensure vertical alignment and horizontal integration with other interfacing departmental strategies.
Budgeting and Financial Performance
Monitor the financial performance of a given area of activity versus budgets and ensure all activities are carried out in line with the approved guidelines while promptly reporting on any variances to management.
Policies, Systems, Processes & Procedures
Provide inputs and implement policies, systems and procedure for the assigned team so that all relevant procedural/legislative requirements, fulfilled while delivering a quality, cost-effective service.
Continuous Improvement
Participate in the identification of opportunities for continuous improvement and sustainability of systems, processes and practices considering global standards, productivity improvement and cost reduction including a specific focus on credit application frauds.
Reporting
Prepare sectional statements and reports timely and accurately to meet FAB and department requirements, policies and quality standards.
Job Context
Specific Accountabilities
Collaborate with multiple bank business departments to develop comprehensive fraud strategies tailored to specific channels, products, and services, including specific focus on credit application frauds.
Engage with the business during the product or channel development phase to ensure the incorporation of appropriate fraud controls in support of agile project methodology.
Assist the business in implementing fraud strategies through close co-operation with Business, Fraud Tech, Training & Awareness, Risk Review, and other functions that provide elements of support or execution of the overall strategy.
Conduct fraud risk assessments for all new products; existing high-risk products, channels, and services to identify vulnerabilities and recommend appropriate controls, including specific focus on credit application frauds.
Review and assess new and revised standard operating procedures and processes to ensure the inclusion of adequate fraud controls, including specific focus on credit application frauds.
Work closely with the fraud monitoring and analytics team to leverage data insights for enhancing fraud strategies, including specific focus on credit application frauds.
Monitor the performance of fraud strategies to ensure they align with predetermined metrics and objectives. Provide stakeholders and related parties with recommendations for remediation when performance falls short of expectations, including specific focus on credit application frauds.
Provide input to the Governance function to facilitate monitoring of strategy individual performance to ensure overall alignment to departmental and organization fraud management objectives and targets, including specific focus on credit application frauds.
Collaborate in creating fraud strategies for international operations, considering regional variations and challenges including specific focus on credit application frauds.
Act as subject matter experts on fraud strategy including specific focus on credit application frauds, to provide support during the course of investigations.
Present comprehensive reports on fraud strategy performance and recommendations to senior management and other relevant stakeholders, including specific focus on credit application frauds.
Develop and maintain strong relationships with key stakeholders to ensure adoption and integration and execution of fraud strategies.
Stay up to date with industry trends, regulatory requirements, and emerging fraud threats to enhance the effectiveness of fraud strategies, including specific focus on credit application frauds.
Participate in cross-functional projects and initiatives to contribute fraud strategy expertise as required, including specific focus on credit application frauds.
Conduct extensive research on local and global best practices related to fraud strategies for various high-risk bank products, channels, and services, including specific focus on credit application frauds.
Foster a culture of fraud awareness and compliance across the organization through collaboration and communication initiatives.
Provide well-informed recommendations to the business on effective fraud mitigation strategies including specific focus on credit application frauds, taking into account the organization's objectives and overall risk-reward profile.
Regularly review and revise fraud strategies to ensure their continuous alignment with business objectives and risk-reward profile, including specific focus on credit application frauds.
Qualifications
Minimum Qualifications Bachelor's degree in Business, Finance, Economics, Law or a related field.
ACFE certification preferred.
Years & Nature of Experience
10 years’ experience in fraud risk management, in the banking sector.
Minimum of 5 years’ experience in reviewing and developing fraud strategies for core banking products such as Cards, Transactional Banking, lending and/or Corporate products such as corporate finance, trade finance etc including specific focus on credit application frauds.
Technical Competencies
In depth knowledge of banking products, channels, services and associated fraud risks.
Experience in the application of technology to mitigate fraud risks.
Analytical skills and ability to translate data insights into actionable fraud strategies.
Strong, communication and presentation skills to engage and influence diverse stakeholders effectively.
Understanding of industry regulations and compliance requirements related to fraud risk management.
Strategic thinking and the ability to align fraud strategies with business objectives and risk appetite.
VP- Credit Application - Fraud Mitigation Strategy
Abu Dhabi, United Arab Emirates * Full-time
