Role Statement

The Head of Fraud Risk and Investigation Unit is responsible for leading and managing the Bank's efforts to identify, assess, monitor, and mitigate fraud-related risks. This role involves developing and implementing strategies, policies, and procedures to prevent, detect, and investigate fraudulent activities. The position requires strong leadership skills, extensive experience in fraud risk management, and the ability to conduct complex investigations.

Key Objectives

Fraud Detection and Prevention:

• Number of Detected Fraud Cases: Measure the number of fraud cases detected through proactive measures.
• Value of Prevented Fraud: Quantify the monetary value of fraud incidents prevented.
• Reduction in Fraud Incidents: Track the percentage decrease in fraud incidents over a specific period.

Investigation Efficiency:

• Average Investigation Time: Measure the average time taken to complete fraud investigations.
• Investigation Closure Rate: Track the percentage of investigations successfully closed within a defined time frame.
• Accuracy of Investigations: Measure the percentage of investigations that result in confirmed fraud cases.

Risk Management:

• Fraud Risk Assessment Frequency: Track the number of fraud risk assessments conducted annually.
• Implementation of Mitigation Measures: Measure the percentage of recommended fraud risk mitigation measures implemented.
• Compliance with Regulatory Requirements: Track adherence to legal and regulatory requirements related to fraud risk management.

Team Performance and Development:

• Training and Development Hours: Measure the number of training and development hours provided to the fraud risk and investigation team.
• Team Satisfaction and Engagement: Track team satisfaction and engagement levels through surveys and feedback.
• Performance Evaluation Scores: Measure the performance evaluation scores of team members.

Reporting and Documentation:

• Timeliness of Reports: Measure the percentage of investigation reports completed and submitted on time.
• Quality of Reports: Track the accuracy, comprehensiveness, and clarity of investigation reports.
• Record Keeping Accuracy: Measure the accuracy and completeness of records related to fraud risk management activities.

1. Stakeholder Engagement:

• Internal Stakeholder Satisfaction: Measure satisfaction levels of internal stakeholders (e.g., compliance, audit, legal) through feedback and surveys.
• External Collaboration: Track the number of successful collaborations with external stakeholders, such as regulatory bodies and law enforcement agencies.

Continuous Improvement:

• Implementation of Best Practices: Measure the adoption of industry best practices in fraud risk management and investigation processes.
• Innovation in Fraud Detection: Track the number of new tools, technologies, or methodologies implemented to enhance fraud detection and prevention.
• Continuous Improvement Initiatives: Measure the number of continuous improvement initiatives undertaken within the fraud risk and investigation unit.

Financial Impact:

• Cost Savings from Fraud Prevention: Quantify the cost savings resulting from effective fraud prevention measures.
• Return on Investment (ROI): Measure the ROI of fraud risk management initiatives.

Candidate Specifications

• Bachelor degree in Business/ Finance/ Economics etc.
• More than seven years of experience in banking sector with a good understanding of Fraud Risk Management/ CFE / Audit.