VP Compliance Fraud Risk

About the Role

First Abu Dhabi Bank (FAB) is seeking a VP Compliance Fraud Risk to join its team in Riyadh, Saudi Arabia. This full-time position requires over 10 years of experience and involves managing and enhancing the fraud risk framework within the FAB Franchise in KSA, ensuring alignment with group strategy and local regulatory requirements.

Key Responsibilities

• Manage the comprehensive fraud reporting framework for the country and provide regular reports on the location's risk profile and mitigation plans to the Country Head of Compliance.
• Assist in formulating, implementing, and delivering FAB Franchise in KSA’s fraud risk strategy, ensuring it aligns with the group’s risk and business strategy.
• Maintain and continuously improve fraud management strategy, frameworks, limits, and tolerances to assess and mitigate risk exposures.
• Assist in the development and effective implementation of fraud policies, procedures, and controls, ensuring compliance with all relevant requirements.
• Manage the review and assessment of the FAB Franchise in KSA to provide insights on exposure relative to risk appetite and advise on risk mitigation.
• Oversee the branch’s fraud risk management, including reporting the fraud risk profile, ratifying, and recommending relevant actions and mitigation strategies.
• Roll out the bank's policy regarding fraud risk management in FAB KSA, reviewing and approving local business policies and standard operating procedures.
• Ensure proper analysis, investigation, and management of fraud alerts and card monitoring in line with local regulatory requirements.
• Review and approve prevention controls in the local business operating environment and monitor the status of corrective actions, including recovery.
• Analyze incidents, execute respective investigations, and define and implement corrective actions across FAB Franchise in KSA.
• Prepare reports for submission to local regulators and address queries related to fraud from authorities or banks as permissible.
• Monitor periodical reviews of products and processes, providing risk mitigation controls and ensuring accurate identification of risk exposure in new offerings.
• Ensure ongoing fraud awareness is in place for both internal and external stakeholders.

Governance and Strategy

The role involves managing the comprehensive fraud reporting framework for the country and providing regular reports to the Country Head of Compliance on the location’s risk profile with mitigation plans. The VP will assist in the formulation, implementation, and delivery of FAB Franchise in KSA’s fraud risk strategy, ensuring alignment with the group’s vision, mission, values, and priorities.

Policy and Process Management

This position supports the development and effective implementation of fraud policies, procedures, and controls across all areas of the assigned FAB Franchise in KSA. It includes managing the review and assessment of the franchise to provide a view on exposure relative to risk appetite and advising on risk mitigation. The VP will also assist in developing and implementing fraud monitoring, models, and control systems in partnership with business heads.

Stakeholder Engagement and Reporting

The VP Compliance Fraud Risk will maintain effective business relationships with relevant external and internal entities, including government authorities and other financial institutions. This involves promptly addressing critical issues to ensure services are delivered effectively. Additionally, the role requires ensuring all functional reports are prepared timely and accurately, meeting location and Group requirements, policies, and quality standards.

Qualifications and Experience

• A minimum of 10 years of relevant experience in compliance and fraud risk management.
• Demonstrated ability to manage comprehensive fraud reporting frameworks and develop mitigation plans.
• Experience in implementing and improving fraud management strategies, frameworks, and controls.
• Strong understanding of local regulatory requirements related to fraud.
• Proficiency in conducting root cause analysis and implementing corrective actions.
• Excellent communication and relationship management skills to engage with internal and external stakeholders.