Fraud Risk Assessment & Prevention Lead

Job Purpose / Role:

To provide support and Supervises on of assess the banking operations and current and new products for the identification of Fraud incidents and to proactively examine the Bank’s operations, providing analytical reports and actions on findings, to enhance the ability of the Bank against Anti-Financial Fraud, and develop the necessary procedures to monitor the contracting parties with the bank on an ongoing basis, and ensure their compliance with the bank’s policy to combat financial fraud.

Areas Of Responsibility:

Policies, Processes & Procedures

• Develops approved departmental policies, processes, procedures and to subordinates directs the implementation of procedures and controls that work is carried out in a controlled manner, so that all relevant procedural/legislative requirements are fulfilled while delivering a quality, cost-effective service to customers

Budget:

• Prepares and recommends the department’s budget by preparing analysis and data related to specific elements as directed
• Monitors the financial performance of the unit against budgets so that areas of unsatisfactory performance are identified and rectified promptly and potential performance improvement opportunities are capitalised upon .

Fraud Analysis & Assessment:

• Supervises and Participate in the assessment of fraud risks for banking products and services, governance and assurance implementation of Anti-Financial Fraud policy with the relevant departments.
• Maintains departmental risk transaction register of Anti-Financial Fraud and ensures implementation of all remedial actions and provide recommendations.
• Review policies and process incidental to fraud and Anti-Financial Fraud to ensure Bank’s business divisions are compliant to regulatory and internal guidelines and support where required
• Supervises Perform onsite examination process for branches and business units according to relevant monitoring program and develop a report.
• Supervises the monthly reports of all fraud & Anti-Financial Fraud prevention & investigation systems and directs their investigation to identify risk gaps and to propose corrective actions across internal Anti-Financial Fraud Unit.
• Supervises and guides on the reports of all transaction monitoring activities incidental to Anti-Financial Fraud against any suspicious and potential fraudulent activities, in order to enhance the protection of the Bank from potential losses and reputational damage
• Keeps abreast of fraud & Anti-Financial Fraud detection, monitoring & prevention techniques and methods, proposing and upon approval implementing new processes and improvements for supporting and enhancing the prevention capability of the Bank
• Reports all identified incidents to all relevant parts, e.g. business operations, management and legal, in order to assist the implementation of corrective and preventive actions.
• Supervise of assess the banking operations and current and new products for the identification of Fraud incidents and to proactively examine the Bank’s operations,
• providing analytical reports and actions on findings, to enhance the ability of the Bank against Anti-Financial Fraud.
• Develop the necessary procedures to monitor the contracting parties with the bank on an ongoing basis, especially the parties assigned to them with tasks of a sensitive nature, and ensure their compliance with the bank’s policy to combat financial fraud.

Direction of Subordinates

• Supervises and Organizes the activities of all Anti-Financial Fraud Unit. units to ensure that all work within the department is carried out in an efficient and procedurally compliant manner.

Continuous Improvement 

• Stimulates subordinates and Contributes to the identification of opportunities for continuous improvement of systems, processes and practices taking into account ‘international best practice’, improvement of business processes, cost reduction and productivity improvement

Reporting

• Supervises to Prepares departmental reports of Riyad Bank timely and accurately to meet organization and department requirements, policies and standards.  

Committees and Meetings

• Represents the function and actively contributes in various committees/meetings (internal and external) as applicable and per authority levels in order to ensure relevant matters are dealt with in a timely and efficient manner

§   Very good knowledge of Banking/Financial Sector products, systems, applications and business strategies

§  Sound Knowledge of the local & international Banking Operations & Risk management principles, regulatory requirements and relevant industry standards

• Knowledge and understanding of financial analysis relevant tools and systems

§  Sound knowledge in root cause analysis of breach incidents and process audit execution.

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