Senior Manager Fraud Risk Management
Job Purpose
The Senior Manager, Fraud Risk Management, is responsible for developing and leading the bank’s fraud prevention, detection, and response strategies. This role ensures the institution is protected against internal and external fraud risks through effective governance, controls, analytics, and investigations, in alignment with regulatory expectations, internal bank policies and best practices.
Main Responsibilities
Design and implement the enterprise-wide fraud risk management framework and develop fraud risk appetite statements, policies, and controls in line with the bank’s strategic goals.
Lead periodic fraud risk assessments across all business units.
Oversee the deployment and optimization of fraud monitoring tools, systems, and analytics.
Monitor transactional activity and behavioural patterns to detect anomalies and fraud indicators.
Implement proactive fraud prevention strategies including awareness programs, red flags, and fraud controls.
Lead the investigation of suspected fraud incidents, ensuring thorough documentation, analysis, and root cause identification.
Coordinate with internal and external stakeholders including but not limited to Internal Audit, HR, Compliance, Legal Service, and law enforcement agencies as necessary.
Maintain a secure case management system with full audit trails.
Manage and develop a team of fraud analysts and investigators.
Provide regular training and capacity building to staff across departments on fraud risk and foster a culture of integrity and zero tolerance for fraud across the institution.
Daily Responsibilities
Review daily fraud monitoring reports and system alerts.
Analyze suspicious transaction patterns or red flags flagged by fraud detection tools. Oversee first-line investigations initiated by fraud analysts.
Assign or review active fraud cases for prioritization and escalation. Ensure documentation and audit trails are maintained.
Decide on immediate actions (e.g., account freezing, transaction reversal) in high-risk cases.
Hold morning briefing with fraud analysts to review key cases and alerts. Provide guidance on complex investigations.
Approve investigation plans and escalation decisions.
Liaise with IT for system performance or potential system abuse.
Work with Legal/Compliance on reporting obligations or litigation support. Engage with Operations on customer complaints or frontline fraud issues.
Prepare and send daily or weekly incident summaries to the CRO or senior management.
Notify the regulator (e.g., central bank or FIU) of reportable incidents, if applicable. Update the fraud dashboard and key metrics.
Review the effectiveness of current fraud controls.
Analyze trends and suggest adjustments in fraud detection rules or thresholds. Participate in policy or procedure updates.
Conduct mini-awareness sessions or fraud risk refreshers for staff.
Review and approve internal communication messages on emerging fraud risks.
Educational qualifications and work experience:
Bachelor’s degree in finance, Accounting, Criminology, IT, or a related field
Professional certifications such as CFE (Certified Fraud Examiner), CAMS, or similar are highly desirable.
Five (5) Years in Risk Management, Banking Operations, Fraud detection systems and forensic tools, Fraud Management
