Team Member-Fraud Risk Identification-SUPPORT SERVICES-Fraud Risk Management Unit
- Mumbai, Maharashtra
- Permanent
- Full-time
- Develop and execute a comprehensive fraud prevention strategy aligned with organizational goals and regulatory requirements.
- Lead initiatives to build a strong anti-fraud culture across the organization.
- Identify & highlight emerging fraud trends and proactively implement measures to mitigate risks.
- Monitor and challenge fraud prevention controls, ensuring effectiveness against evolving threats.
- Fraud Risk Registers :
- Maintain & update Fraud Risk Registers (RCSA)
- Ensure periodic control testing for all RCSAs (Fraud Risk Register linked)
- Review of all products / processes for fraud risk & define related controls
- Mystery shopping of 3rd party conduct
- Provide independent oversight and challenge to the first line of defence's fraud risk management activities.
- Review and assess the effectiveness of fraud detection and prevention strategies implemented by operational teams.
- Advise on fraud risk mitigation measures and best practices to address identified vulnerabilities.
- Regularly report on fraud risk trends, issues, and controls to senior management, committees, and the board.
- Escalate significant fraud risk concerns or incidents, ensuring prompt and adequate resolution.
- Collaborate with the first line of defence, compliance, internal audit, and risk management teams to promote a strong fraud risk culture.
- Serve as a subject matter expert on fraud risk governance in cross-functional projects.
- Engage with regulators, auditors, and external stakeholders on fraud-related matters.
- Monitor changes in regulatory expectations and advise on necessary adjustments to the fraud risk framework.
- Stay updated on regulatory changes and industry trends to adjust strategies accordingly.
- Assess and validate the effectiveness of fraud controls and the adequacy of responses to fraud incidents.
- Recommend enhancements to fraud detection tools, technology, and processes.
- Bachelor's degree in finance, accounting, business administration, risk management, or a related field.
- Advanced degrees (e.g., MBA, Master's in Risk Management) or certifications such as Certified Fraud Examiner (CFE), Certified Risk Management Professional (CRMP), or Certified Internal Auditor (CIA) are highly preferred.
- Minimum of 10-15 years of experience in fraud risk management, governance with significant time spent in leadership roles within banking.
- Proven experience in managing complex fraud investigations and regulatory engagements.
- Prior experience in a second-line-of-defence or oversight role is highly desirable.
- Strong understanding of risk management principles, fraud schemes, and financial crime regulations.
- Excellent analytical and problem-solving skills with a focus on root cause analysis.
- Proficiency in fraud risk tools, governance systems, and data analysis software.
- Strong communication and stakeholder management skills, including report writing and presentations.
- Familiarity with regulatory standards such as ISO 31000, Basel guidelines, or regional compliance frameworks.
- Integrity and impartiality in oversight responsibilities.
- Strong attention to detail and ability to assess complex risk scenarios.
- Strategic mind-set with the ability to foresee and adapt to emerging fraud risks.
- Collaborative approach to working with cross-functional teams.
- Primarily office-based, with potential for hybrid working arrangements.
- May require occasional travel to branch locations, regulatory meetings, or training sessions.