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Fraud Risk Manager

Fraud risk management is the process of identifying, assessing, and controlling threats to an organisation’s capital, earnings and operations. These threats stem from a variety of sources and result in depletion of profits, operating inefficiencies, reputational losses and potential legal consequences.

In our client’s complex business environment, it is essential to have an efficient Fraud Department that is managed by a competent and experienced individual.

Duties and Responsibilities

Strategy Development and Implementation

  • Developing, implementing, monitoring, and providing performance tracking of fraud strategies and fraud prevention processes.

Data Analysis and Fraud Trend Identification

  • Analysing fraud events as well as transactional data (transaction monitoring) in order to identify actual and possible root causes of fraud trends and propose solutions and preventative measures.

Operational Management

  • Managing the operational execution of the fraud strategy as well as overall fraud 
  • Ensure that all fraud incidents are effectively investigated and resolved.
  • Proactively identify potential process and control failures related to fraud and ensure that these are closed off through enhancing existing controls or developing and implementing new controls. Ensure that control updates are tested and are working in line with expectations.
  • Actioning all agreed fraud prevention and detection processes in order to drive fraud losses (as defined by an agreed set of commercial measures or ratios that measure current levels of fraud in specific areas or business units) towards a pre-agreed maximum acceptable level of fraud losses for each specific area or business unit.
  • Implementing a process for the ongoing design and implementation of a set of activities to curb fraud and the ongoing development of a set of identified SOPs and Modus Operandi to be able to use to build system and business tests and filters.
  • Defining, authorising (where necessary) and reviewing access permissions to critical systems in order to curb fraud.
  • Work to effectively identify and curb fraud across all the business units within the Consumer segment.
  • Enhance collaboration with internal teams, ensuring that efforts are not duplicated or counter-productive within the business.

Team Management and Special Operations

  • Managing a Forensics Team that will investigate and gather evidence related to fraud that has occurred or suspected fraud.
  • Managing a team of Field Investigators as part of the Forensics Team, whose role will be to conduct physical in-field investigations where fraudulent activities are purported to have taken place.
  • Making use of Red Hat Attack Teams on a scheduled and ongoing basis against ourselves to identify issues, weaknesses, and possible new attack vectors.

Reporting Systems and Communication

  • Develop and implement the appropriate reports and reporting mechanisms to ensure that fraud is proactively identified, tracked and monitored.
  • Developing and releasing internal communication related to fraud.
  • Utilising and improving (where needed) the set of protocols and procedures developed by the business for reporting, handling, and acting on suspected or verified fraud events in the business.

Compliance and Industry Collaboration

  • Building alliances with industry players and service providers to reduce attack growth and fraud viral learning effects.
  • Evaluating and adjusting structures and processes to ensure that duties and access to systems are segregated so we don’t put employees in positions where they might be targeted for collusion or tempted to perpetrate fraud.
  • Contributing to any internal group platforms created to promote knowledge sharing across the group.
  • Keeping up to date with industry best practice with regards to the prevention and management of fraud perpetrated by both internal (employee) operators and external operators.
  • Ensure that the security and fraud prevention activities are not only compliant with current laws and regulations but are also proactively adjusted in anticipation of new regulatory developments.

Technological Advancement and Collaboration

  • Developing skills and knowledge in the Artificial Intelligence (AI) and Machine Learning (ML) space in order to improve the company’s understanding of these technologies and their uses in fraud prevention or perpetration.
  • Working with internal and external development teams to develop superior fraud detection processes and systems, making use of real time data and AI and ML technologies where applicable.

Risk Management and Business Continuity

  • Providing input to the overall company risk management and business continuity processes.

Qualification and Experience

  • Post Grad in IT or Business Field is preferred.
  • Advanced computer skills, fraud software tools, ChatGPT exposure
  • 10 years + in the field of fraud risk management, forensic investigation or intelligence and counterintelligence or other applicable field.
  • Business operations either in an operations role or through operating their own business.

Work Behaviours and Attributes

  • Analytical, structured, articulate, organised.
  • Highly articulate, both written and verbal
  • Business minded, resolute and rigorous.
  • Highly motivated, passionate about problem solving.
  • Excellent people skills, motivational, inspiring and highly empathetic and observant

    • Job type: Permanent
    • Location: Rosebank
    • Date posted:
    • Pay:£- £ per hour