Manager - Fraud Monitoring

About the Role
The role is responsible for overseeing the Bank’s fraud monitoring and detection activities, with a focus on external fraud risks. The position supervises monitoring staff, related processes, and systems to ensure the timely identification and escalation of suspicious transactions. This includes overseeing fraud scenarios, alert prioritization, parameter tuning, and providing operational support to the scoring module. Additionally, the role supervises the handling of fraud-related inquiries and cases received from the Central Bank of Saudi Arabia (SAMA) and other banks within the monitoring scope.

Key Responsibilities

• Support the Department Head in implementing the approved strategy within the defined monitoring scope.
• Contribute to the review, development, and amendment of monitoring-related policies, procedures, and standards; support their implementation within the monitoring scope.
• Ensure monitoring activities comply with approved anti-fraud policies, procedures, and standards; escalate identified gaps when required.
• Supervise the day-to-day operations of the monitoring unit, including shift management for 24/7 coverage, staff availability and leave planning, and timely escalation of system issues or downtime.
• Assist in implementing changes related to the fraud monitoring system, including a prioritization system and scoring model for alerts received.
• Work with the GRC team to ensure alignment between the FRA outcomes and the Monitoring system related controls.
• Participate in reviewing all bank policies, procedures, and other artifacts from a fraud monitoring perspective, identifying potential areas that provide opportunities for fraud, and cooperating with other relevant parties for the development of fraud control methods and tools.
• Ensure all transactions are accurately and effectively monitored and controlled against suspicious and potential fraud activities to enhance the Bank's protection from potential losses.
• Provide guidance and support to other teams in the Counter Fraud Department for analyzing identified incidents and developing analytical reports of fraud monitoring results.
• Review proposed improvements and remedial action plans from investigation outcomes; provide monitoring-related input and support for resolving identified issues and reducing potential future risks.
• Assess the efficiency of monitoring scenarios, prioritization systems, and scoring models; propose modifications to achieve intervention efficiencies.
• Coordinate the exchange of information with external financial institutions regarding cases of fraud and identified trends within the monitoring unit's scope.
• Support the Head of Counter Fraud and other unit managers in:
  • Processing requests from the Central Bank of Saudi Arabia and ensuring responses are completed within specified timelines.
  • Implementing requests from the Central Bank of Saudi Arabia regarding policies, processes, and procedures.
  • Providing mentoring and support for all staff within the unit or as assigned.
• Stimulate subordinates to contribute to identifying opportunities for continuous improvement of systems, processes, and practices, factoring in international best practices, cost reduction, and productivity improvement.
• Work with GRC on developing awareness programs and materials to inform relevant departments about Anti-Financial Fraud risks.
• Prepare timely and accurate reports to meet bank and department requirements, policies and standards, and SAMA requests.
• Ensure all identified incidents by the monitoring system are reported timely to relevant parties, including business operations, management, and legal to assist in implementing corrective and preventive actions.
• Support the Head of Counter Fraud by ensuring required periodic monitoring reports are submitted timely and accurately to SAMA and bank management.
• Participate in committees/meetings as assigned by the Head of Counter Fraud.
• Ensure all staff have clear objectives, regular performance feedback sessions, formal annual appraisals, and individual development plans, focusing particularly on developing talented Saudi national staff.
• Facilitate the employment, training, and development of staff within the Monitoring unit.
• Perform any other duties as assigned by the line manager related to the nature of the work.
• Enforce, incorporate, and comply with all necessary controls and related information security policies, procedures, practices, training, reporting, personal due diligence, and vigilance, within departmental/unit activities and operations.

Preferred Qualifications

• A tertiary-level qualification from an internationally recognized institution.

Years & Nature of Experience

• 3+ years of experience in the same or a similar domain.
• An experienced professional capable of delivering on difficult technical tasks.
• Experience in project implementation.
• Self-sufficient in work, able to manage small project responsibilities independently.
• Previous experience in providing technical supervision to junior staff.

Technical Competencies

• Root Cause Analysis
• Testing and Auditing
• Legal & Regulatory Awareness
• Evidence Collection

Behavioral Competencies

• Communication
• Attention to Detail
• Decision Making