Head of Operational and Fraud Risk Management

Role Statement

The Head of Operational and Fraud Risk Management is responsible for leading and managing the operational and fraud risk management Unit in the Bank. The role is responsible for maintaining a comprehensive risk management framework that minimizes operational risks. It also involves developing and implementing strategies, policies, and procedures to prevent, detect, and investigate fraudulent activities. The position requires strong leadership skills, extensive experience in operational and fraud risk management, and the ability to conduct complex investigations.

Key Objectives

Operational Risk Management:

• Implement and monitor the Operational Risk Management (ORM) framework and Key Risk Indicators (KRIs) across the bank.
• Drive reduction in recurring operational risk events by analyzing trends and implementing preventive measures.
• Ensure all critical functions maintain updated and tested Business Continuity Plans (BCPs) to mitigate potential disruptions.
• Conduct regular risk awareness sessions and improve risk culture through positive feedback from surveys.

Fraud Detection and Prevention:

• Detect and prevent fraud by implementing proactive measures and advanced detection tools.
• Measure and report the number of fraud cases detected and the monetary value of fraud incidents prevented.
• Achieve a sustained reduction in fraud incidents by enhancing controls and awareness programs.

Investigation Efficiency:

• Average Investigation Time: Measure the average time taken to complete fraud investigations.
• Investigation Closure Rate: Track the percentage of investigations successfully closed within a defined time frame.
• Accuracy of Investigations: Measure the percentage of investigations that result in confirmed fraud cases.

Risk Management:

• Conduct regular operational and fraud risk assessments, ensuring comprehensive coverage of all critical areas.
• Oversee the implementation of recommended risk mitigation measures and track their effectiveness.
• Maintain compliance with all regulatory requirements related to operational and fraud risk management.

Team Performance and Development:

• Develop the operational and fraud risk team by providing regular training and professional development opportunities.
• Monitor team satisfaction and engagement through feedback and implement initiatives to enhance performance.
• Conduct periodic performance evaluations to ensure team members meet established standards and goals.

Reporting and Documentation:

• Ensure timely submission of accurate and comprehensive investigation and risk reports to management and regulatory authorities.
• Maintain accurate records and documentation for all operational and fraud risk management activities.
• Monitor the quality of reports to ensure clarity, consistency, and alignment with stakeholder expectations.

Stakeholder Engagement:

• Internal Stakeholder Satisfaction: Measure satisfaction levels of internal stakeholders (e.g., compliance, audit, legal). Collaborate with internal stakeholders such as compliance, audit, and legal teams to strengthen the risk management framework.
• Foster successful partnerships with external stakeholders, including regulatory bodies and law enforcement agencies.

Continuous Improvement:

• Lead the adoption of industry best practices in operational and fraud risk management.
• Introduce innovative tools, technologies, and methodologies to enhance fraud detection and prevention capabilities.
• Drive continuous improvement initiatives to strengthen the bank's operational and fraud risk management processes.

Financial Impact:

• Quantify and report cost savings achieved through effective fraud prevention measures.
• Monitor and enhance the Return on Investment (ROI) for all operational and fraud risk management initiatives.

Person Specifications

• Post graduate & Minimum 7 years' experience in the banking sector.

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