Senior Analyst, Fraud Risk Management

Position Summary

The incumbent will support the Enterprise Fraud Risk Management mandate by establishing and maintaining an effective framework of processes and risk management controls across the Bank as part of the second line of defense. This role is responsible for ensuring that controls are effective and that all lines of business operate within established Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs). The role involves monitoring and testing fraud controls, conducting fraud risk assessments, overseeing remediation plans, and ensuring compliance with financial regulations and industry standards

Key Responsibilities:

• Fraud Risk Governance:
• Develop and maintain the Enterprise Fraud Risk Framework aligned with Canadian regulations.
• Collaborate with Enterprise Risk Management to integrate fraud risk considerations.
• Manage corporate fraud risk policies and procedures.




Fraud Control Activities:

• Monitor and test key fraud controls to ensure effectiveness.
• Conduct fraud awareness training for employees.
• Coordinate and manage internal and external audits related to fraud risk controls.




Fraud Risk Assessments:

• Perform regular fraud risk assessments and identify fraud risk factors.
• Evaluate the likelihood and impact of identified fraud risks.
• Prioritize risks based on severity and probability.




Investigation and Corrective Action:

• Recommend and implement process improvements based on investigation findings.
• Develop and oversee remediation plans to address fraud risks and control weaknesses.
• Communicate investigation findings to relevant stakeholders.
• Conduct root cause analysis on fraud incidents.




Monitoring Activities:

• Track Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs) related to fraud risk.
• Report on the outcomes of control testing and manage breach reporting.

Knowledge/Skill Requirements:

• Understanding of risk management frameworks and standards such as COSO, ISO 31000 and Basel II/III
• 5+ years knowledge of fraud risk management frameworks and best practices
• Understanding of Canadian financial regulations such as the Office of the Superintendent of Financial Institutions (OSFI) guidelines, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), and the Personal Information Protection and Electronic Documents Act (PIPEDA)
• Understanding of common fraud schemes and typologies relevant to the Canadian financial sector.
• Knowledge of fraud detection methodologies, including data analytics, forensic accounting, and the use of technology in fraud prevention.
• Insight into operational risk types, including process risk, people risk, system risk, and external event risk, specifically within the Canadian financial context.
• Expertise in risk assessment, control design, and monitoring techniques used by Canadian financial institutions.
• Understanding of financial processes, systems, and controls within Canadian banks and financial institutions.
• Ability to analyze complex data sets and identify patterns or anomalies relevant to the Canadian financial sector.
• Strong problem-solving skills to identify root causes and develop effective solutions within a Canadian context.
• High level of accuracy and attention to detail in identifying and assessing risks specific to Canadian regulations and practices.
• Thoroughness in documenting and reporting findings in compliance with Canadian standards.
• Excellent written and verbal communication skills to effectively convey risk-related information to stakeholders, including regulators.
• Ability to build strong relationships and work collaboratively with different teams and departments within financial institutions.
• Strong project management skills to oversee risk management initiatives and ensure timely completion.
• Ability to make informed decisions based on risk assessments and data analysis.
• Sound judgment in prioritizing risks and recommending appropriate actions.
• Flexibility in handling multiple tasks and projects simultaneously.
• Strong ethical standards and integrity in handling sensitive information and making decisions, adhering to legal and regulatory standards