Risk Management : understanding all risks from the economic to the political that could affect our global business, and offering guidance to all parts of the bank
The primary objective of the position is to provide thought leadership and fraud risk strategy to the Group by partnering with the Business Unit to facilitate the predictive analysis, as well as effective prevention, detection and response to fraud.
Providing fraud insights risk reporting to Business Unit through the Governance Committees, Risk and Control Committees and other forums / committees to enable enhanced decision making, to protect our Customers and the Bank from fraud risk.
Provide SME advisory to the Business Unit Provide support and oversight to Business Unit in defining the fraud risk appetite and for the Fraud risk assessments Provision of regular fraud awareness training in Business Unit
Key Responsibilities / Accountabilities
Provide the Business Unit with expert insight of the fraud risk value chain and the fraud risk landscape.
Develop a comprehensive & holistic fraud technology (systems), people and process capability map for the Business Unit, plotting :
current capabilities and actual usage,
the interplay between capabilities, and
gaps in capability and requirements.
Provide thought leadership as to the optimal state by exploring global and local developments.
Provide an overlay map and definition of to be capabilities, including existing capabilities that can be leveraged and matured, as well as desirable capabilities, whilst considering integration requirements.
Define ownership and accountabilities.
Provide for adequate governance, including cost & time analysis, securing of work stream resources, planning of delivery in increments, securing of funding.
Drive new and remediation work into backlogs and lobby for prioritisation.
Assist with procurement processes (RFP’s), if necessary and where agreed.
Development of fraud risk strategy for the Business Unit, to ensure that fraud risk is managed and maintained within acceptable approved risk appetite.
Develop fraud risk strategy / plan for the Business Unit, that spans the fraud risk management value chain (predict, prevent, detect, recover, respond & remediate)
Generate business related strategies and alternative solutions to address current fraud trends and to mitigate against and prevent the future occurrence of fraud in different contexts and circumstances, this requires an up to date knowledge of new technology and industry developments, as well as an understanding of how technology can be used to facilitate fraud.
Strategic theme selection for the Business Unit and setting of strategic fraud objectives and targets, tactical management planning, resource deployment, designing effective operating structures and best practices for fraud risk management.
Explain, promote and recommend fraud prevention and detection solutions and tactical strategies to the Business Unit in line with the objectives of the business unit.
Identify fraud risks that could impact on the Business Unit’s overall strategy and products
Ensuring that appropriate systems, processes and controls are in place to deliver on the Universal Fraud Risk Management strategy across the Group and in the Business Unit and identify and reduce duplicate processes
Ensuring adherence to Group standards and fit for purpose fraud practices to support Group strategy.
Ensure alignment with Group structures and strategy.
Align and collaborate with Embedded Operational Risk teams supporting the Business Unit.
Ensuring that costs are appropriately allocated to facilitate cost-effective implementation without compromising on risk standards.
Driving awareness of fraud risk management and fraud related policies to build an appropriate fraud risk culture within the Business Unit.
Provision of fraud risk management thought leadership and advisory services to the Business Unit
The Fraud Risk Manager will provide thought leadership in fraud risk management as well as fraud advisory services, to the Business Unit by :
Leveraging internal and external stakeholder relationships such as SABRIC, IBSA, ORX, PASA as well as relevant data and written material available, to facilitate the provision of thought leadership, fraud advisory services and service offerings to the Business Unit.
Providing data and insights of the current and emerging fraud threat landscape and tools, as it is relevant for the Business Unit.
Provide insights into changes locally and globally that could impact the regulatory and legislative fraud risk landscape relevant to the business Unit.
Informing and alerting the Business Unit on best practice global and local fraud trends, as well as fit for purpose fraud practices for the actual Business Unit.
Demonstrating thought leadership, collaboration, innovation and improvement in the management of financial crime, within the Business Unit.
As capability owner and SME, provide advice and guidance on all fraud risk management matters to the Business Unit.
Provide consultative services to Business Unit Executives and Management.
Building the GIFR brand within the Group as well as within the external market to ensure the attraction and retention of the best GIFR resources.
Apply a Universal bank coverage approach to fraud risk management and ensure alignment of fraud & cyber initiatives across the Universal Bank through effective stakeholder engagement
The FRM is responsible to ensure that fraud risk management initiatives in the Business Unit are aligned to fraud and cyber initiatives across the Universal Bank and should achieve this by (amongst others) collaborating closely with, and establishing strategic relationships with :
internal GIFR business areas, including Fraud Intelligence (Prediction), Group Investigations, Insights & Analytics, Governance and Standards.
the Cyber Team within IT Security to ensure alignment of Cyber-Fraud initiatives across the Bank.
Departments at group level including Group Physical Security, Information Risk, Anti-Money Laundering Surveillance and Group Audit.
The FRM is responsible to ensure that fraud insights relevant across the Universal Bank are communicated to and contextualised to the Business Unit
Provide value to the Business Unit through professional SLA’s between GIFR and the Business Unit, setting out the respective expectations and responsibilities of the parties, as it relates to financial crime control.
Provide the Business Unit with appropriate fraud prevention, detection and investigation services, policies and controls.
Participate in relevant meetings and forums to guide Business Unit partners through implementation of policy and procedure changes that mitigate fraud risk.
Monitor and evaluate the performance of the GIFR unit vis a vis the Business Unit being supported and take corrective action where required.
Provide independent assurance on the status of fraud Risk Management
Fraud testing of new products and services to ensure a healthy tension between business growth and revenue against fraud risk considerations
Participate in setting fraud risk targets and risk appetite for the Business Unit
Assist business with relevant knowledge to make informed fraud risk and reward decisions and trade-offs
Assess and approve changes to products and processes from a fraud risk perspective, in particular during the New and Amended Product, Process or Service (NABPPS) process.
Identification and escalation of control weaknesses having a fraud impact within the Business Unit to relevant Risk Control Committees (RCC’s) to ensure remediation and tracking.
Identify control weaknesses having a fraud impact within the Business Unit
Ensure that the control weaknesses are collated on a central control weakness repository.
Ensure the escalation of the control weaknesses to the relevant RCC’s to ensure remediation and tracking.
Provide awareness of control breakdowns to the Business Unit, Risk and Audit
Fulfilment of management responsibilities across the fraud risk value chain, including reporting to the Business Unit Governance Committee and Regulatory reporting requirements
Responsible for managing and working with various other Lines of Business to complete Fraud Risk Assessments as well as prepare reports based on the results of the risk assessment.
Ensure that preventative strategies are developed from product, payment and fraud information and that internal and external fraud / financial crime is monitored at the point of origination to limit potential fraud losses, reputational risk and regulatory sanction.
Provide the appropriate reporting input on time
Ensure that the awareness calendar is well entrenched in the change management of the business units for roll out
Support the response team by being the conduit between the Business Unit and forensic investigator
Ensure that the progress and feedback of investigations are reported to the appropriate Business Unit stakeholders timeously.
Support confirmed fraud cases being investigated to facilitate the appropriate consequence management.
Ensure that fraud losses and reputational risk to the bank are minimised after a fraudulent event has taken place and ensure that prevention and detection controls are reviewed by Business Unit taking this into account.
Ensure input and approval to all media related interactions relating to Fraud risk.
Assess that the control environment in which the Business Unit operates are conducive to the reduction of fraud risk
Follow through on Audit reports that may impact the control environment and make it vulnerable to financial crime
Prepare and present Management and Board Committee reports.
Report to Management on all high profile or reputational risk cases.
Provide input into the design and monitoring of effective measurement systems and balanced scorecards, and performance / contribution-based reward
Report status of Financial Crime for inclusion in various governance committees and committees driven by the Business Unit.
Provide input for reporting on financial crime risk trends, controls and mitigating actions to the fraud prevention unit and to the Business Unit
Provide input and context that informs the periodic reporting packs for GIFR to the Business Unit
Effectively communicate highly complex technical findings, recommendations and trends into clear and concise written and verbal communication.
Customer Experience and Revenue Leakage
Achievement of agreed KPI’s within SLA between GIFR and the Business Unit falling within scope of responsibility.
Follow through and close out on all escalated incidents.
Analyse revenue leakage as a result of fraud risk management strategies.
Evaluate the impact to genuine customer experience against fraud risk management strategies and raise with the Business Unit to ensure the delicate balance prevails between fraud risk management, revenue generation and customer experience.
Provision of relevant fraud risk management information (MI) to the Business Unit.
Leading and managing our people
Responsible for inspiring, motivating, leading and managing GIFR subordinates where applicable
Responsible for participating in the recruitment, development and retention of relevant skills to meet the business needs.
Ensure the effective selection of staff by matching the skills and competencies to the requirements of the job.
Participate in the selection of skills assessments and competency-based training
Build organisational capabilities by evaluating and forecasting likely future requirements and ensuring that individuals are provided with the best possible development opportunities in line with these.
Create an environment in which learning and development are emphasised and valued.
Take personal responsibility for coaching and mentoring others where applicable.
Effectively delegate authority and responsibility, in line with business objectives, to ensure the empowerment, motivation and effectiveness of all direct and indirect reports where applicable
Promote a culture where the values of the Bank are seen to be alive’
Ensure the implementation of the leadership promise and employee engagement programme.
Encourage team members to express their views, resolve issues raised by the team, escalate issues if required, and provide feedback to teams on an on-going basis.
Develop and maintain an open communication channel with direct reports and support people to foster greater co-operation and teamwork.
Monitor and manage the performance and development of staff within the area where applicable. This includes regular feedback sessions and participating in performance discussions, as well as the moderation and relative distribution for the team
Foster the transformation of the workplace and support business in the achievement of the undertakings in the transformation scorecard.
Ensure staff are appropriately and consistently rewarded and recognised for their achievements and outputs where applicable
Ensure that disciplinary action and grievances are addressed and aligned to the Standard Bank policies and procedures.
Support Global Strategic Objectives
Support Global Core Banking and Digital Transformation Programmes
Support the oversight, design and building of a predictive, prevention, detection and response capability (product and channel agnostic), using technology and data
Preferred Qualification and Experience
CFE, ICFP, Banking certifications, IT certifications
7-10 years Experience Description : Identifies and reports fraud trends, control weaknesses and gaps, fraud mitigation strategies and fraud detection methodologies.
Facilitates policy and procedure changes that will assist in mitigating fraud risk. Conducts periodic meetings with management and serves as liaison for areas of responsibility.
5-7 Years Experience Description : Understanding of technology, banking systems / applications to effectively advise business on fraud prevention and detection measures.
Knowledge / Technical Skills / Expertise