Head of Fraud
Company: Northwest Bank
Location: Independence
Posted on: April 19, 2024
Job Description:
DescriptionJob Summary
The Head of Fraud 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, this person
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 Head of Fraud 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
Head of Fraud 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
Location
This position can be performed onsite from anywhere in our
footprint, in a hybrid capacity or fully remote.
#LI-EK1
#LI-Hybrid
Equal Opportunity Employer/Protected Veterans/Individuals with
DisabilitiesThe contractor will not discharge or in any other
manner discriminate against employees or applicants because they
have inquired about, discussed, or disclosed their own pay or the
pay of another employee or applicant. However, employees who have
access to the compensation information of other employees or
applicants as a part of their essential job functions cannot
disclose the pay of other employees or applicants to individuals
who do not otherwise have access to compensation information,
unless the disclosure is (a) in response to a formal complaint or
charge, (b) in furtherance of an investigation, proceeding,
hearing, or action, including an investigation conducted by the
employer, or (c) consistent with the contractor's legal duty to
furnish information. 41 CFR 60-1.35(c)
Keywords: Northwest Bank, Cleveland Heights , Head of Fraud, Other , Independence, Ohio
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