Manager - Fraud Monitoring

About the Role
This role oversees the company’s fraud monitoring and detection activities with a focus on external fraud risks. It involves supervising monitoring staff, related processes, and systems to ensure timely identification and escalation of suspicious transactions. The role is responsible for overseeing fraud scenarios, alert prioritization, parameter tuning, and providing operational support to the scoring module. Additionally, it includes monitoring of financial transactions in line with the approved scope of the counter fraud department as per approved policy. The role also supervises the handling of fraud-related inquiries and cases received from SAMA and other banks within the monitoring scope.

Responsibilities

• Supports the Department Head in implementing the approved strategy within the defined monitoring scope.
• Contributes to the review, development, amendment of monitoring-related policies, procedures, and standards, and supports their implementation within the monitoring scope.
• Ensures monitoring activities comply with approved anti-fraud policies, procedures, and standards, and escalates identified gaps where required.
• Supervises the day-to-day operations of the monitoring unit, including shift management to ensure 24/7 coverage, staff availability and leave planning, and timely escalation of system issues or downtime, to ensure monitoring activities operate effectively and in line with approved policies and procedures.
• Supervises and assists in the implementation of changes related to the fraud monitoring system, including a prioritization system and a scoring model for the alerts received.
• Works with the GRC team to ensure full alignment between the FRA outcomes and the Monitoring system related controls.
• Participates in the review of all company’s policies, procedures, and other artifacts from a fraud monitoring lens, identifies potential areas that provide opportunity for fraud, and cooperates with other relevant parties for the development of fraud control methods and tools.
• Ensures that all transactions are accurately and effectively monitored and controlled against any suspicious and potential fraud activities to enhance the protection of the company from potential losses.
• Provides guidance and support for the other teams in the Counter Fraud Department for the analysis of incidents identified and provides analytical reports of fraud monitoring results, developing propositions for overcoming and avoiding fraud incidents, to support management in adequate decision making.
• Reviews proposed improvements and remedial action plans arising from investigation outcomes and provides monitoring-related input and support to facilitate resolution of identified issues and reduce potential future risks.
• Reviews and assesses the efficiency of the monitoring scenarios, prioritization system, and scoring model implemented, proposing modifications to achieve efficiency of interventions.
• Coordinates the exchange of information with external financial institutions regarding cases, fraud, and fraud trends identified within the monitoring unit scope.
• Supports the Head of Counter Fraud and other unit managers in processing requests received from the Central Bank of Saudi Arabia and ensures responses are completed within the time specified by SAMA.
• Assists in the implementation of requests from the Central Bank of Saudi Arabia related to policies, processes, and procedures.
• Provides mentoring and support for all staff within his purview or as assigned per other requests.
• Stimulates subordinates and contributes to identifying opportunities for continuous improvement of systems, processes, and practices, taking into account international best practice for improvement of business processes, cost reduction, and productivity improvement.
• Works with GRC on the development of awareness programs and materials to inform all departments about Anti-Financial Fraud risks.
• Prepares timely and accurate reports to meet the company and department requirements, policies, standards, and SAMA requests.
• Ensures that all identified incidents by the monitoring system are timely reported to all relevant parties, e.g., business operations, management, and legal, to assist the implementation of corrective and preventive actions.
• Supports the Head of Counter Fraud in ensuring that required periodic reports of monitoring are timely and accurately submitted to SAMA and company management.
• Participates in committees/meetings as assigned by the Head of Counter Fraud.
• Ensures all staff have clear objectives, regular performance feedback sessions, formal annual appraisals, and individual development plans, with particular emphasis on the development of talented Saudi national staff.
• Ensures and facilitates the employment, training, and development of staff within the Monitoring unit.
• Performs any other duties assigned by the line manager related to the nature of the work.
• Enforces, incorporates, and complies with all necessary controls and related information security policies, procedures, practices, training, reporting, personal due diligence, and vigilance in departmental/unit activities and operations.

Qualifications

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
• Has project implementation experience
• Self-sufficient at work and can be given small project responsibilities
• Has provided technical supervision to junior staff in the past

Technical Competencies

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

Behavioral Competencies

• Communication
• Attention to Detail
• Decision Making