The role leads fraud risk management initiatives within the Enterprise Risk Management (ERM) framework, delivering effective fraud mitigation strategies while maintaining strong client relationships. It promotes fraud risk awareness and proactive prevention, ensuring the adoption of robust fraud and operational risk controls across acquiring businesses.
The role supports the implementation of an operational risk assurance model aligned with the three lines of defense, strengthens the control environment through assurance and oversight activities, and provides credit risk input to support informed decision-making. It also oversees the execution of the Vendor Risk Management (VRM) Framework, ensuring vendor risks are managed throughout the vendor lifecycle in line with ERM standards.
Responsibilities
Facilitate in the development, implementation and updating of the Enterprise Risk Management Framework and Program.
Facilitate the review of relevant policies and processes from operational assurance perspective.
Facilitate the review and operational assurance process of new market entrance, mergers and acquisitions.
Perform reviews of operational risk assessment of projects, new or change initiatives, introduction of new products, services or systems and identify potential risks and provide risk mitigating control recommendations using a unified risk assessment standard.
Responsible for operational assurance reporting.
Review Standard Operating Procedures to identify procedural risks and recommend compensating controls.
Validate and challenge the risk identification and assessment of inherent and residual risks arising from its end-to-end processes.
Assess the control environment, control design, control execution and control testing.
Facilitate Incident Management and Operational Risk Loss reporting processes for tracking of incidents, operational losses and near misses.
Ensure quality of incident data for risk measurement. Use risk incidents as an input into the quantification and performance of risks and controls.
Report any losses incurred due to the incident to Senior Management with analysis and recommendations, providing indications of potential risk prone areas.
Follow-up with stakeholders for resolution of open risk items and independently assess the quality of risk resolution actions.
Perform due diligence for new vendor onboarding and any other requirements in line with the Vendor Risk Management Policy.
Conduct periodic reviews and risk assessments to evaluate the risks posed by existing vendors and their control environments based on each vendor's risk level, including the criticality and materiality of the vendor arrangements.
Ability to evaluate the credit worthiness of businesses by analysing financial statements, credit reports and other relevant information, to identify potential financial vulnerabilities and recommend appropriate risk mitigation actions.
Maintain merchant service levels by introducing and implementing opportunities to increase clients fraud risk awareness.
Work closely with business managers to understand the business, identify risk issues, and promote solutions to manage relevant fraudulent risks.
Manage Aggregators, PSPs, Wallet operations etc., as per Scheme rules and policies.
Form robust controls by streamlining the ecommerce fraud management processes complying with the fraud management policy manual, ensuring that it is updated on regular basis.
Lead all the existing / new ecommerce projects and innovations related to fraud risk, ensuring successful results with no discrepancies and support the assessment of fraud risks in material projects and initiatives; assuring that adequate risk mitigation and controls are in place.
Mitigate fraud risk at merchants through fraud awareness training programs for both retail and ecommerce merchants.
Facilitate implementation of fraud management procedures to align with new initiatives and emerging fraud trends and suggest policy related recommendations to the business.
Providing and facilitating operational risk training and awareness to staff.
Qualifications
Bachelor or Master's degree in Risk Management / Finance / Management Information Systems / Business Administration with strong grasp over statistical tools and techniques.
Minimum 6 years experience in Banking / Financial Services / Payments Industry / Risk Management.
At least 5 years of experience in Enterprise risk management
Comprehensive knowledge of Card Scheme Rules.
Exposure to Banking Operations, Payments, Card Operations, Merchant Acquiring Operations with reasonable experience in process management, MIS and data analysis.
Good understanding of international standards e.g. International Organization for Standardization ISO and Committee of Sponsoring Organizations of the Tredway Commission COSO.
Experience in interpreting financial statements and credit risk assessment methodologies.
Should have strong communication, negotiation, presentation, report writing, and analytical skills.
Strong communication skills and an ability to present to stakeholders of varying authority.
Experience in interpreting financial statements and credit risk assessment methodologies.
Ability to evaluate the credit worthiness of businesses by analyzing financial statements, credit reports and other relevant information, in order to identify potential financial vulnerabilities and recommend appropriate risk mitigation actions.
Customer focused, pro-active and self-starter who can work under pressure with limited supervision.
Good understanding of Operational Risk Tools such as RA / RCSA / KRI / Loss Data Management
Strong interpersonal skills used within a team environment.
Outstanding interpersonal, leadership and team working skills.
Resource with expert knowledge on spreadsheet who has hands on experience with short cut formulas and macros.
Able to lead the investigations internally and take ownership of the issue until closure.
