Senior Manager/Manager - Risk Containment Unit - BFS

Key Responsibilities:

Policy & processes:

- Fraud Risk Management Framework: Designing and executing comprehensive framework aligned with organizational goals, industry standards, and regulatory requirements.

- Fraud Risk Management Policy: Developing and enforcing fraud risk policy (in line with the regulatory framework)

- Procedures: Develop procedures, and controls and support in implementation in the field.

- Fraud Risk Assessment (FRA) Process: Identifying areas vulnerable to fraud, analysing potential fraud risks, and developing frameworks for assessment.

Prevention:

- Fraud Risk Assessment (FRA): Identifying areas vulnerable to fraud, analysing potential fraud risks, and developing frameworks for ongoing risk assessment.

- To put a standardized Fraud Risk Assessment Process in place.

- Conduct fraud risk assessments for all the segments across products and introducing this process for all upcoming products to identify vulnerabilities and develop mitigation plans to address identified risks

- Basis the FRA, designing of all prevention activities such as screening, use of APIs, Fraud BRE etc.

- Verification standard: (a) designing of verification standards (b) create buy in with Underwriting, Risk & Policy team for implementation

Screening & sampling:

- Design a play book of triggers and red flags

- Time to time revisiting the process to check the efficiency of the same; regular review of market trends to add new triggers

Detection:

- Develop a playbook for investigation, periodically review with the team and keep updating the needful

- Implementation of new deterrents through investigations and follow up action Internal & Confidential

Mitigation & Response:

- Review Root cause and analyze the factors contributing to frauds or process violations (found during investigations & periodic assessment) and determining the controls that could have contained the frauds

- Developing content for regular advisories and publishing the same