Manager - Fraud Monitoring

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

• Supports the Department Head in implementing the approved strategy within the defined monitoring scope.
• Contributes to the review, development, and 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, which should include 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.
• Participate in the review of all bank’s the policies, procedures and other artifacts from a fraud monitoring Lense to and 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, in order to enhance the protection of the Bank from potential losses.
• Provides guidance and support for the other teams in 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, so as to support management to proceed to the 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 assess the efficiency of the monitoring scenarios, prioritization system and scoring model implemented and proposed modifications so as to achieve efficiency of interventions.
• Coordinates the exchange of information with external financial institutions regarding cases or fraud, fraud trends identified, etc. within the monitoring unit scope.
• Supports the Head of Counter Fraud and other unit managers in:
• Processing the requests received from the Central Bank of Saudi review its, and response is completed within the time specified by SAMA.
• The implementation of requests from the Central Bank of Saudi Arabia with regards to Policies, Processes and Procedures.
• Provide Mentoring and support for all staff within his purview or as assigned per other requests.
• Stimulates subordinates and contributes to the identification of opportunities for continuous improvement of systems, processes and practices taking into account international best practice, improvement of business processes, cost reduction and productivity improvement.
• Works with GRC on the development of awareness programs and material, so as to inform accordingly all departments about Anti-Financial Fraud risks.
• Prepares timely and accurate reports to meet the bank and department requirements, policies and standards, and the Central Bank of Saudi Arabia SAMA as per the requests received.
• Ensures that all identified incidents by the monitoring system are timely reported to all relevant parties, e.g. business operations, management and legal, in order 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 Bank management.
• Participate in committees/meeting as per assignment provided 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
• Perform any other duties assigned to by 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 who is able to deliver on difficult technical tasks
• Has project implementation experience
• Is self-sufficient at work and could be given small project responsibility
• 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