Senior Vice President - Fraud Risk Management (9-15 yrs)

This job role will require the incumbent to strategize and support in implementing robust fraud risk framework across organisation ensuring alignment with overall risk management and corporate strategies.

The role also requires ensuring compliance with regulatory requirement and industry's best practices.

Key Responsibilities

Policy & processes:

1. Fraud Risk Management Framework: Designing and executing comprehensive framework aligned with organizational goals, industry standards, and regulatory requirements.

2. Fraud Risk Management Policy: Developing and enforcing fraud risk policy (in line with the regulatory framework)

3. Procedures: Develop procedures, and controls and support in implementation in the field.

4. Fraud Risk Assessment (FRA) Process: Identifying areas vulnerable to fraud, analysing potential fraud risks, and developing frameworks for assessment.

Prevention:

5. Fraud Risk Assessment (FRA): Identifying areas vulnerable to fraud, analysing potential fraud risks, and developing frameworks for ongoing risk assessment.

6. To put a standardized Fraud Risk Assessment Process in place.

7. Conduct fraud risk assessments for all the segments across products and introducing this process for all upcoming products to identify vulnerabilities and develop mitigation plans to address identified risks

8. Basis the FRA, designing of all prevention activities such as screening, use of APIs, Fraud BRE etc.

9. Verification standard: (a) designing of verification standards (b) create buy in with Underwriting, Risk & Policy team for implementation

10. Screening & sampling:

a. Design a play book of triggers and red flags

b. Time to time revisiting the process to check the efficiency of the same; regular review of market trends to add new triggers

c. work on designing the automatic workflow with low false positive

11. Time to time scanning of useful API's for prevention and mitigation of fraud

12. Developing Fraud Rules & BRE for all the available applications and engage with Digital FCU team for necessary testing

13. Fraud Deduplication Tool: Periodic review of all the rules and adding/deleting of rules as per the market dynamics

Detection

14. Develop a playbook for investigation, periodically review with the team and keep updating the needful

15. Implementation of new deterrents through investigations and follow up action

Mitigation & Response

16. Review Root cause and analyze the factors contributing to frauds or process violations (found during investigations & periodic assessment) and determining the controls that could have contained the frauds

17. Developing content for regular advisories and publishing the same

18. Monthly newsletter & dashboards: (1) Designing and publishing of the Newsletter & Dashboard

19. Developing training material for FCU Team, Underwriting Team and branches & ground staff and getting it disseminated through L & D team

Control, Governance & Regulatory conduct:

20. Ensure all regulatory & statutory requirements are fulfilled within the stipulated time frame for the unit.

21. Ensure 100% process and regulatory compliance for the unit.

22. Proactively review and identify gaps on polices and processes implement and ensure timely escalation of issues with comprehensive solutions.

23. Address and provide timely and effective solution on breaches or exceptions highlighted by Quality Assurance, Internal Audit, Credit Risk Review, Regulatory Reviews or other processes.

24. Streamlining the compliance related processes, RCSA and managing the internal audit at satisfactory levels.

Continuously improve operational efficiency and effectiveness

Tools, Technology & Analytics

25. To manage all the applications used by FCU

26. To support in design and implementation of all the new systems being taken or adopted by FCU Team

27. Early Warning Indicators: To work with FCU Team, analytics and other stakeholders to put a EWS Framework in place basis the new master direction

28. Ensure effective use of data analytics and technology to detect fraudulent activities: Data Management, Dynamic Review, pattern study and an analytical and actionable view with past, present and future trends.

a. Fraud scoring model / Decision tree: In progress with Analytics

b. Fraud MIS design with applicable KPs & dissemination

c. Provide strategic intelligence to Fraud Analytics and detection team to enhance performance.

Others

29. Monitor key fraud risk indicators and align strategies as needed

30. Partner with key stakeholders for alignment of framework to drive defined outcome

31. Liaise and work with industry peers and law enforcement agencies, professionals and organizations with subject expertise to collate and share intelligence as appropriate

People & Talent:

32. Hire a team and ensure the team has the necessary skills to deliver effectively with all regulatory requirements.

Additionally, you'll utilize advanced data analytics and technology to enhance fraud detection and risk mitigation efforts. As a leader, you will oversee and grow a high-performing team, collaborating with key stakeholders to improve operational efficiency and strengthen the organization's overall fraud risk management framework. If you're a strategic, results-driven professional with a passion for risk management and fraud prevention, this is an exciting opportunity to make a lasting impact at one of the largest NBFCs.