Job Description

Closing Date 2024/03/15
Reference Number MMH240308-2
Referral Platform URL
Job Title Fraud Risk Manager: Fraud Prevention and Detection
Position Type Permanent
Role Family Medical
Cluster Momentum Money
Remote Opportunity Some of the time
Location - Country South Africa
Location - Province Gauteng
Location - Town / City Centurion
Introduction

Through our client-facing brands Metropolitan and Momentum, with Multiply (wellness and rewards programme), and our other specialist brands, including Guardrisk and Eris Property Group, the group enables business and people from all walks of life to achieve their financial goals and life aspirations.

We help people grow their savings, protect what matters to them and invest for the future. We help companies and organisations care for and reward their employees and members. Through our own network of advisers or via independent brokers and utilising new platforms Momentum Metropolitan provides practical financial solutions for people, communities and businesses. Visit us at www.momentummetropolitan.co.za
Role Purpose

As a Fraud Risk Manager: Fraud Prevention and Detection, you will play a crucial role in safeguarding the business unit against fraudulent activities by implementing and overseeing effective risk management strategies. Furthermore, you will take responsibility for analyzing data, identifying potential risks, and developing and implementing preventive measures to mitigate fraud. This role requires a combination of analytical skills, strategic thinking, and a deep understanding of fraud detection and prevention methodologies. Your role involves staying ahead of emerging fraud trends, utilizing cutting-edge technologies, and collaborating with various departments to safeguard the organization's assets and reputation.
Requirements

• Bachelor's degree in a relevant field (such as business, finance, or risk management).
• Proven experience of at least 5 years in Fraud Risk Management, with exposure to the financial industry.
• Exposure to a Digital Business and IT solutions for fraud prevention will be beneficial.
• Experience in managing fraud for Products and platforms with specific experience in external fraud types such as identity theft, application fraud, impersonation, cybercrime, digital fraud.
• Business knowledge of commercial banking products such as Transactional, Card etc.

Duties & Responsibilities

Risk Assessment

• Provide oversight and advice on the management of Fraud Risk, pertaining to all channels, and product/s offered by the Momentum Money Business Unit.
• Stay updated on latest fraud risk management requirements and lead changes to mitigate the risks of fraud and misconduct.

Strategy Development

• Develop and execute a comprehensive fraud risk management strategy, aligned with international best practices and specific to the financial services industry (LISP and transactional banking).
• Conduct fraud risk assessment on business enhancements, processes as well as new features by providing insights and recommendations for continuous improvement of fraud prevention measures.
• Drive the implementation of the fraud risk management strategy across the business promoting awareness and ensuring adherence.

Reporting

• Deliver high-level reports on fraud detection and prevention outcomes, quantification of values at risk, and coverage footprint across the business.
• Continuously enhance the fraud risk management reporting framework, providing effective monitoring of fraud risks.

Monitoring and Investigation

• Provide assurance that best practice solutions and processes are in place to enhance Momentum Moneys response to current and emerging Fraud Risk thereby minimising operational losses, fines, penalties, or reputational damage to the business.
• Conduct in-depth reviews and analysis of fraud detection and prevention systems, trends, and challenges, providing guidance and recommendations to management.
• Manage special fraud assignments and investigations as requested by the Executive and/or Group Chief Risk Officer.
• Identify and escalate control weaknesses that have a fraud impact to relevant Risk Governance and Board Committees to ensure remediation and tracking.

Collaboration

• Collaborate with Group forensic services functions to support their efforts in fraud prevention and detection.
• Build and Maintain effective Relationships with relevant stakeholders.

Technology Utilisation

• Leverage advanced analytics, machine learning, and other technological solutions to enhance fraud detection capabilities.
• Stay abreast of industry best practices and emerging technologies in fraud detection and prevention.

Competencies

• Strong technical understanding of fraud risk management, including, detection response, and prevention.
• Ability to evaluate and perform fraud risk assessments and other risk management practices.
• Entrepreneurial spirit, self-driven, and motivated to succeed in a fast-paced environment.
• Excellent communication and interpersonal skills, with the ability to collaborate across diverse business units and levels of management.
• Strong analytical skills with the ability to interpret complex data.
• Excellent communication and interpersonal skills.
• Ability to work collaboratively in a cross-functional environment.
• Adaptability and ability to embrace change.
• Proven skills for influencing and collaborating with coworkers

Policy

We are committed to Employment Equity, diversity and inclusion when recruiting internally and externally. All appointments are made in alignment to our Employment Equity goals and we encourage people with disabilities to apply.

Momentum Metropolitan