(Ml) Director Fraud Risk Financial

2 weeks ago

Kuala Lumpur, Malaysia Standard Chartered Full time

**Job***: Governance, Risk Management & Compliance

**Primary Location***: Asia-Malaysia-Kuala Lumpur

**Schedule***: Full-time

**Employee Status***: Permanent

**Posting Date***: 26/Aug/2023, 8:15:55 AM

**Unposting Date***: Ongoing

**The Role Responsibilities**

**Strategy**

The Director, Fraud Risk for Financial Markets and Treasury Markets is a permanent role that requires strong business acumen and deep knowledge and experience in the Fraud Risk field, particularly with expertise and experience in Institutional Financial Markets, and Unauthorized or Rogue Trading. Internal Fraud refers to frauds committed by staff, contractors, and colleagues within the Bank. This role will provide oversight and challenge for internal fraud for all businesses and functions.

The role reports directly to the CFCC Advisory Head, FCC Strategy and Risk Management for Financial Markets (FM) and Treasury Markets (TM).

This role will work closely with both the FM / TM Businesses and related functions, as well as the Fraud Risk organization and other stakeholders to address Rogue Trading Risk primarily, and also Fraud Risk more generally as a financial crime risk sub-type for the Bank (with special focus on Unauthorized or Rogue Trading) and support its integration into the Bank's overall Enterprise Risk Management strategy.

The role will provide oversight and challenge of Fraud risk management and control effectiveness as a risk partner to Businesses and Functions as defined in the Bank’s Operational Risk and Enterprise Risk Management Framework and under delegation from the Global Head, Fraud Risk Management.

**Business**

The primary purpose of this position is to ensure that the management of Rogue Trading Fraud risk is operating effectively and efficiently.

The role will support both the CFCC Advisory Head of FCC Strategy and Risk Management for FM and TM, and the Global Head, Fraud Risk Management in their role as the Bank's executive accountable for Fraud risk.

**Processes**

The major functional activities that this role will lead and manage are

**Risk Framework Owner Responsibilities**
- Assist the CFCC Advisory Head, FCC Strategy and Risk Management for FM&TM to carry out the delegation of authority from the Global Head, Fraud Risk Management through establishing a robust Rogue Trading Control Framework through engagement with Functions (Human Resources, Finance, Risk, Property
- Supply Chain Management, CFCC, ITO, etc) and Businesses (Retail Bank, Commercial, Corporate and Institutional Banking, Private and Wealth management)
- Overseeing and challenging 1st line Fraud risk and control proposals and risk-taking activities
- Intervening in 1st line activities if they are not in line with existing or adjusted Risk Appetite
- Monitoring of Fraud risks and associated remediation plans across Businesses and Functions
- Assuring the 1st line implements controls to comply with applicable laws and regulations as defined by the Fraud Risk Policy team and escalate significant regulatory non-compliance matters
- Promoting a healthy Fraud risk culture and good conduct.

**Policy and Standards, Implementation and Assurance**
- Establish and Review Financial Crime Risk Type Framework and Fraud Risk Type Framework
- Set and maintain Policy and Standards
- Implementation Policy and Standards
- Monitor regulatory, internal and external environment and notify Policy Owner to continuously enhance Policy and Standards

**Training and Awareness, Communication**
- Inputs and Approval for Fraud training and awareness, including eLearning, Fraud Risk Professionals Programme and Rewards for target audience (Staff, 1st Line, Practioners, Senior Management, Client)

**Fraud Risk Strategy and Program Co-ordination**
- Review fraud risk and threat landscape

**Group Fraud Risk Assessment**
- Input and Approval of Annual Portfolio and Enterprise level Fraud Risk Assessment (aka Group Risk Assessment)

**Operational and Fraud Risk Identification and Assessment**
- Challenge and advise on First Line of Defence’s (Process Owners) proposals for risk control design standards, thresholds
- Provide Fraud specialist oversight and challenge (Gross Risk Assessment, Residual Risk Assessment), aligned to ORF RFO responsibilities
- Review / challenge Fraud risk remediation plans set by First Line of Defence to mitigate breaches / issues, including risk acceptance
- Recommend controls, thresholds, standards, and Residual Risk levels to 2nd line Country and Group Risk Framework Owners for acceptance

**Fraud Technology (Architecture and Solution Design)**
- Provide inputs to Tools and Product capability to enable Surveillance and Monitoring

**Fraud Scenario Development, Surveillance and Analytics**
- Oversight and Challenge of Fraud Scenarios, deployed into Surveillance and Analytics environment ensuring effectiveness (Risk and Loss), efficiency (Cost of Operations) and experience (Customer)

**Fraud Response**
- Provide inputs and support Fraud

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