Head of Operational and Fraud Risk Management Expert

1 day ago

Muscat, Muscat, Oman beBee Careers Full time

The role of Head of Operational and Fraud Risk Management requires a strong leader with extensive experience in operational and fraud risk management.

Key Responsibilities
  • Maintain a comprehensive risk management framework to minimize operational risks.
  • Develop and implement strategies, policies, and procedures to prevent, detect, and investigate fraudulent activities.

Operational Risk Management involves:

Implementing and monitoring the Operational Risk Management (ORM) framework and Key Risk Indicators (KRIs).
  • Analyzing trends and implementing preventive measures to reduce recurring operational risk events.
  • Ensuring all critical functions maintain updated and tested Business Continuity Plans (BCPs) to mitigate potential disruptions.
  • Conducting regular risk awareness sessions and improving risk culture through positive feedback from surveys.

Fraud Detection and Prevention entails:

Detecting and preventing fraud by implementing proactive measures and advanced detection tools.
  • Measuring and reporting the number of fraud cases detected and the monetary value of fraud incidents prevented.
  • Achieving a sustained reduction in fraud incidents by enhancing controls and awareness programs.

Investigation Efficiency is crucial for:

Measuring investigation time, closure rates, and accuracy.
  • Tracking the percentage of investigations successfully closed within a defined time frame.
  • Measuring the average time taken to complete fraud investigations.
  • Assessing the accuracy of investigations that result in confirmed fraud cases.

Risk Management encompasses:

Regular risk assessments and mitigation measures.
  • Conducting comprehensive risk assessments of all critical areas.
  • Overseeing the implementation of recommended risk mitigation measures and tracking their effectiveness.
  • Maintaining compliance with regulatory requirements related to operational and fraud risk management.

Team Performance and Development requires:

Leading and developing the operational and fraud risk team.
  • Providing regular training and professional development opportunities.
  • Monitoring team satisfaction and engagement through feedback and implementing initiatives to enhance performance.
  • Conducting periodic performance evaluations to ensure team members meet established standards and goals.

Reporting and Documentation involves:

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

Stakeholder Engagement necessitates:

Collaboration with internal stakeholders and external partners.
  • 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 aims to:

Adopt industry best practices and introduce innovative solutions.
  • 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 includes:

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

For this role, we require:

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