Enterprise Fraud Risk Manager

Northwest Bank

Description :

Job Summary

The Enterprise Fraud Risk Manager (EFRM) is responsible for the management of Northwest Bank’s fraud program to ensure it meets regulatory expectations and appropriately safeguards the company and its customers. As part of the company’s centralized Financial Crimes Department, the EFRM will lead a team of fraud analysts and investigators using leading-edge technologies to mitigate risks and investigate suspicious transactional activity that presents fraud risks across the enterprise. The EFRM will provide oversight of the enterprise fraud program to all operational risk requirements that intersects with fraud and prevention such as supporting model risk management, business change, payment risk, and loss event/root cause reporting. This all occurs through diligent policies, programs, procedures and documentation with execution and maintenance of a comprehensive framework to monitor transactional activity, make decisions, track, report, seek recoveries, and limit future losses. This position must assess relevant risks industry trends, regulatory guidance, best practices, and continuously improve processes to proactively meet changing financial crime threat.

This individual will be responsible for developing and driving a comprehensive fraud management strategy to ensure that Northwest is compliant with anti-fraud regulations and minimizing risk exposure. The ideal candidate will possess a combination of fraud risk management, financial services, and regulatory compliance experience. The successful candidate will have strong analytical and problem-solving skills, excellent communication and interpersonal skills, and the ability to make sound decisions. The EFRM will be expected to provide guidance and support to Financial Crimes Department management, collaborate with stakeholders across the organization, and develop and implement innovative strategies to reduce fraud risk.

Essential Functions

  • Develop, implement, and monitor strategies/systems for the minimization of fraud across the organization
  • Manage cross-functional resources to develop and maintain rules, machine learning models and data sources that ensure quick identification of fraud attacks and customer impacts
  • Analyze trends and identify areas of risk and potential solutions
  • Monitor fraud activity and respond quickly to any suspicious activity
  • Develop and implement effective processes and procedures for fraud prevention
  • Develop and manage fraud detection vendor relationships, effectively negotiates, and creates partnerships that enable achievement of fraud strategy
  • Oversee the investigation of suspected fraudulent activities, including analyzing transactional data, conducting interviews, and gathering evidence
  • Utilize robust analytics and data driven strategies to build and optimize fraud rules and strategies for banking products
  • Oversee the identification, analysis, and calibration of software and other tools to reduce fraud risk
  • Remain in close contact with external stakeholders such as peer institution fraud staff, regulatory bodies, and law enforcement sources to stay informed about evolving fraud trends and risk management practices
  • Key to the success in the role will be ongoing measurement of the effectiveness and the ability to adjust fraud strategy over time as required to proactively address the changing risk environment
  • Develop fraud policies and strategies proactively to minimize fraud risk while maintaining satisfactory customer experience and ensuring alignment with fraud risk appetite thresholds
  • Collaborate with internal departments, such as Risk Management, Compliance, Legal, and Operations, to enhance fraud prevention and detection strategies
  • Develop, attract, and retain talent; recommend staffing levels required to carry out the unit’s role and responsibilities effectively while establishing and adhering to talent management processes and compensation and performance management programs
  • Advise on new business initiatives, new products, acquisitions, and client/transaction related escalations
  • Develop client and employee facing fraud awareness initiatives in collaboration with other functional areas
  • Apply sound ethical judgment regarding personal behavior, conduct and business practices, and escalate, manage, and report control issues with transparency
  • Use data analysis to monitor the effectiveness of fraud risk driven strategies and promptly recommend refinements as necessary
  • Develop and maintain fraud risk indicators, key performance indicators (KPIs), and metrics to measure the effectiveness of fraud prevention measures
  • This position must assess relevant risks industry trends, regulatory guidance, best practices, and continuously improve processes to proactively meet changing financial crime threat
  • Provide ongoing reporting and exam leadership on financial crimes to appropriate management and board committees and executive management, audit, and regulators
  • Perform management responsibilities which include sourcing and hiring talented employees, providing ongoing coaching and feedback, recognizing, and developing employees, identifying, and managing risks, and completing daily management tasks
  • Ensure compliance with Northwest’s policies and procedures, and Federal/State regulations
  • Navigate Microsoft Office Software, computer applications, and software specific to the department to maximize technology tools and gain efficiency
  • Work as part of a team
  • Work with on-site equipment

Education + Experience

  • Bachelor’s degree in Accounting, Business, Criminal Justice, or related degree required
  • 8-12 years of Banking or Regulatory experience including compliance, financial crimes, operational risk, audit, legal, and process management preferred
  • 6-8 years of experience developing fraud detection strategies and managing major initiatives preferred
  • 6-8 years of managerial experience

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Northwest Bank

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