AVP Fraud Risk - Credit Fraud
Standard Chartered
Bangalore, India
6d ago

About Standard Chartered

We are a leading international bank focused on helping people and companies prosper across Asia, Africa and the Middle East.

To us, good performance is about much more than turning a profit. It's about showing how you embody our valued behaviours - do the right thing, better together and never settle - as well as our brand promise, Here for good.

We're committed to promoting equality in the workplace and creating an inclusive and flexible culture - one where everyone can realise their full potential and make a positive contribution to our organisation.

This in turn helps us to provide better support to our broad client base. The Role Responsibilities Strategy

The Director Fraud Risk (Credit Fraud) is a permanent role that requires strong business acumen and deep knowledge and experience in the Fraud Risk domain for Retail, Private Banking & Wealth Management.

The role will focus on the Credit (lending) Fraud risks associated with the client onboarding journey covering both 1st and 3rd party frauds.

The role reports directly to the Head Fraud Risk, Retail, Private Banking & Wealth Management. The successful candidate is required to :

  • Have a strong understanding of operating in a second line capacity within a Fraud Risk Management organisation,
  • Respond flexibly and collaboratively to evolving business, regulatory and threat requirements.
  • Work closely with the CFCC organization and other stakeholders to manage Fraud Risk
  • Provide oversight and challenge of Fraud Risk Management and control effectiveness as a risk partner to Businesses as defined in the Operational Risk Type and Enterprise Risk Management Frameworks and under delegation from the Head, Fraud Risk.
  • Provide input on the operating model of Fraud Risk Management design of relevant 1st line business processes.
  • Implement the vision, strategy, direction and leadership consistent with the vision and strategy for CFCC and in support of the Group’s strategic direction and growth aspirations.
  • Provide inputs for setting of new / targeted standards, fraud training & awareness, Group Risk Assessments
  • Business

    This position will ensure that the management of Fraud risk is operating effectively and efficiently within the Business. The role will also :

  • Provide assurance that Fraud risk is appropriately managed within the relevant Business.
  • Support the Head Fraud Risk, Retail, Private Banking & Wealth Management to effectively manage Fraud risk
  • Work closely with the Head of Fraud Operations, and the Business CROs, COOs, CISO, CIOs and Operational Risk Officers, as well as other key stakeholders to drive fraud risk management requirements, make decisions based on current and possible future policies, practices, and trends, and keep track of and provide advice to relevant stakeholders on the interpretation and application of regulatory expectations, laws, best practices and policies related to Fraud.
  • Provide inputs to assist in setting priorities for Fraud risk strategy and investment based on acceptable risk tolerance and considering the evolving threat and regulatory landscape, policies and standards, and technology infrastructure.
  • Provide regular Fraud Risk reporting and management information to aid decision making and support.
  • Analyse comprehensive impact of financial crime related regulatory matters on the relevant business area and its operations where relevant to fraud aspects.
  • Processes

    The major functional activities that this role will lead and manage are :

  • Delegation of Authority from the Head, Fraud Risk for Fraud risk management engagement with business lines;
  • Overseeing and challenging 1st line Fraud risk proposals and risk-taking activities;
  • Intervening in 1st line activities if they are not in line with existing or adjusted Risk Appetite;
  • Promoting a healthy Fraud risk culture and good conduct within the business lines.
  • Providing governance and oversight over the implementation of Fraud-related policies and procedures / standarards and to stress compliance with such policies and procedures / standards
  • Provide advice to relevant stakeholders on compliance with Group standards relating to Fraud.
  • Act as (second line) Risk Control Owner under the Group’s Risk Management Framework for those aspects of Regulatory Compliance relating to Fraud Risk Management, and escalate issues as appropriate
  • Support implementation of Fraud Scenarios, basis Fraud Risk Assessment to deploy into Surveillance environment ensuring effectiveness (Risk & Loss), efficiency (Cost of Operations) and experience (Customer)
  • Support building of Analytics based rules, Models to detect Fraud, including ongoing optimization
  • Support investigations, Fraud recovery & response, Boundary Event Review and Reporting, Fraud Loss and Significant Event Reporting etc as required
  • People and Talent

  • Lead through example and build the appropriate culture and values.
  • Set appropriate tone and expectations from team and work in collaboration with risk and control partners.
  • Uphold and reinforce the independence of the second line Fraud Risk function.
  • Stimulate an environment where forward planning, prioritisation, deadline management and streamlined workflows and collaborative, inclusive yet effective and efficient work practices are the norm.
  • Develop communications strategies and plans that deliver timely and relevant messages to the right stakeholders through appropriate activities and channels
  • Risk Management

  • Deliver the defined aspects of the Fraud Risk role to support the Group's Fraud risk management approach and objectives.
  • Ensure that the Fraud risk role is managed in accordance with the defined Fraud Risk Framework and associated Policy and Standards;
  • and that issues are identified, escalated, and addressed as appropriate.

  • Work as part of a team or independently within the Fraud Risk domain in a professional and efficient manner, closely tracking deliverables and commitments.
  • Maintain oversight of risk mitigating action plans
  • Understand technical aspects of systems relevant to Fraud risk management (surveillace, case management, event escalation and risk reporting).
  • Provide advice on the application of risk management frameworks (e.g. ORF, GRA).
  • Apply Group and CFCC policies and processes to manage Fraud risks.
  • Make (and / or implement) recommendations to relevant stakeholders on possible Fraud risk management responses to identified risks and / or findings of concerns from investigations.
  • Assess Fraud risks arising from products / segments / geographies / customers / transactions
  • Inform stakeholders of serious regulatory breaches owing to fraud (or where risk tolerances have been breached) and ensure that actions are taken quickly to remediate and / or activities are ceased.
  • Anticipate horizon Fraud risks that may have a significant impact on the Group and develop effective strategies to mitigate such risks.
  • Advise relevant stakeholders on outcomes of risks identification and assessment methodologies.
  • Share fraud intelligence to Business on specific clients, client-types and emerging risk typologies
  • Identify thematic issues & improve control design and improve controls through regular reviews of external events, audit findings, SIS reports and other relevant information
  • Challenge & approve Fraud Risk Assessments, identify & assess Fraud risks, threats & typologies for Fraud schemes against Fraud Standards
  • Challenge and approve First Line of Defence (Process Owners) proposals for risk control design standards & control monitoring benchmarks
  • Provide Fraud specialist oversight and challenge (Gross Risk Assessment, Residual Risk Assessment), aligned to ORF RFO responsibilities
  • Review / challenge Fraud risk remediation plans set by First Line of Defence to mitigate breaches / issues, including risk acceptance
  • Provide inputs to establish Framework for Product and Project Fraud Risk Assessment
  • Governance

  • Establish strong ties into the relevant business lines governance, risk and control committees to ensure adequate monitoring, tracking and governance of Fraud risk.
  • Drive integration of Fraud Risk Framework and associated Policy and Standards into business lines and utilise for the ongoing governance process established within the Bank.
  • Attend relevant committee meetings & forums on need basis
  • Track significant issues arising from fraud-related CFCC metrics, CFCC Assurance activities, Audit reviews and regulatory inspections, providing validation of issue closure where necessary.
  • Prepare and cascade lessons learned from audit findings, CFCC assurance activities and specific investigations
  • Propose control improvements, enhancements and simplifications where appropriate.
  • Be accountable for identification and escalation of potential risks and issues to senior management through appropriate governance channels and the Quality Assurance framework.
  • Collate, analyse and interpret data in reports to senior management and relevant governance / risk committees in the business.
  • Analyse and interpret data to produce reports that help the bank identify and manage emerging areas of risk / vulnerability and thus drive remediation action within the CFCC function
  • Monitor regulatory, internal & external environment and notify Policy Owner to continuously enhance Policy & Standards
  • Ensure oversight & challenge of Root Cause Analysis, process remediation and socialization of lessons learned
  • Regulatory & Business Conduct

  • Display exemplary conduct and live by the Group’s Values and Code of Conduct.
  • Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across the Bank.
  • This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.

  • Lead the Fraud risk team to achieve the outcomes set out in the Bank’s Conduct Principles : Fair Outcomes for Clients;
  • Effective Financial Markets; Financial Crime Compliance; The Right Environment .

  • Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
  • Exercise authorities delegated by the Board of Directors and act in accordance with Articles of Association.
  • Key Stakeholders

  • Business CROs
  • Business COOs
  • Business CIOs
  • Business Information Security Officers
  • Business Operational Risk Officers
  • Business Financial Crime Officers
  • Business Compliance Officers
  • Anti-Bribery and Corruption Officers
  • Shared Investigation Services Officers
  • Other Responsibilities

  • Establish strong relationships with team members & identified stakeholders across the business lines and understand their strategic goals, to ensure Fraud risk alignment.
  • Articulate the value of Fraud risk controls and their bottom line impact, regulatory and reputational cost to client-facing business lines.
  • Prepare, present and challenge in a 2nd line capacity at relevant risk committees, steering groups and cross-business opportunities.
  • Perform Delegation of Authority (DoA) responsibilities for Fraud Risk as defined for the business lines.
  • Measure efficient and effective management of Fraud risk for the business lines.
  • Validate the accuracy of KRI’s and KCI’s and other risk ratings, as well as process designs, to meet policy requirements.
  • Ensure that Process Owners are escalating risk, control, and process deficiencies appropriately in accordance with the relevant risk frameworks.
  • Build trusted working relationships with other functional heads, risk and compliance counterparts, and business unit stakeholders.
  • Utilise appropriate risk management tool(s) to manage, track and monitor Fraud risks across the business lines.
  • Maintain sufficient and appropriate evidence of work performed for review by Group Internal Audit and others.
  • Monitor, assess and advise business lines on acceptable risk tolerances based on policy and control environment and the evolving regulatory and threat landscape.
  • Our Ideal Candidate

  • Proven experience in a Fraud risk management, senior governance and policy, Fraud investigation, or audit role, preferably in the Fraud risk field domain
  • 12+ years of overall experience with 6+ years of experience in fraud risk in Retail Banking or Private Banking
  • Experience in the retail credit & lending domain preferable.
  • Bachelor’s Degree in Engineering, Criminology, Finance & Accounting, Law, Business Management, or other related discipline preferable
  • Graduate degree (Master’s) and / or professional certifications have an advantage (e.g., CISA, CFE, CPA).
  • Thorough understanding of Banking business processes & products, risks, threats and internal controls.
  • Experience working in or with the financial services industry with keen understanding of business and operational environments.
  • Strong networking, negotiation and collaboration skills, and ability to work effectively in a complex multicultural and multi-time zone organization.
  • Strong analytical and program management skills.
  • Experience in a geographically dispersed organization.
  • Ability to collect and analyse data, establish facts, and make recommendations in written and oral form.
  • Ability to liaise with all parts of the Bank, including risk and business stakeholders.
  • Excellent oral, written and communication skills.
  • Apply
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