Head, Fraud Preventions, Fraud Solutions at Absa South Africa

Job Summary

• To develop tactical strategy and delivery plans, formulate associated practice and to ensure operational implementation and adoption across a single practice i.t.o. risk methodology, governance and delivery objectives.
• The Head of Fraud Preventions is accountable for providing leadership, strategic direction, co-ordination and oversight and development of the areas within the Fraud Preventions function. The role services Everyday Banking, Relationship Banking and Product Solutions cluster in preventing fraud that may manifest from any of these clusters. The role is not only internally focused but must build strategic relationships with external parties such as merchants and other banks to enhance fraud preventions and recoveries when fraud is suspected or has taken place. Preventions covers fraud across but not limited to Debit card and Credit card, Transactional Fraud & Scams, Digital Fraud as well as Fleet and Merchant Fraud. The incumbent will lead a number of senior managers that report into this role. 
• The incumbent is accountable for sourcing and managing suppliers that provide fraud supporting tools that are aimed at improving the effectiveness and efficiencies of the environment which must be driven with an outcome in mind of world class preventions operation and a market leading approach. 
• The Preventions function manages the Fraud Hotline and e-channels which are the first point of contact for the customer, and it plays an important role in dealing with fraud reporting and proactively detecting and validating fraudulent activity via system alerts to minimise fraud losses for customers and Absa while delivering a seamless customer experience. 
• The role is accountable for supporting the development of the Fraud Solutions strategy, translating this into the Fraud Solutions Preventions Strategy and actionable plans, driving operational implementation and adoption with specific performance measures and control systems to track progress. 
• The incumbent is accountable for effective management of fraud risks associated with the preventions processes, aligned with Absa Risk management and governance frameworks and standards, and ensuring that fraud losses remain within the set fraud risk appetite.
• The role evaluates, reviews, and reports on risk types across the portfolio. This includes the identification of potential fraud trends, threats and Modus Operandi and Risk mitigation feedback. The role delivers the required operational risk and regulatory reporting. The role builds the Fraud Solutions Preventions team, manages the operating expense budget and develops and effectively manages the stakeholder relationships across the Bank and externally where required.

Job Description

Accountability: Strategy and Execution (20%)

• Support and co-create the Fraud Solutions Strategy for purpose of assisting Fraud Solutions to meet its ambition of Global leadership in providing superior fraud solutions and to ensure connectedness and success of the overall fraud value chain.
• Understand the overall fraud environment, its dynamics, trends, modus operandi and strategies to enable achievement of business objectives.
• Formulate and drive delivery of the Fraud Solutions Preventions function’s Strategy to ensure that the environment is future fit and achieves a best-in-class operation, based on trends and Leading practice.
• Identify and implement opportunities to build and optimise the capability to deliver on business objectives and mandates. Partner with Fraud strategy to develop and implement comprehensive fraud detection strategies and rules that balance fraud loss, cost of execution, and customer experience.
• Provide management direction to translate strategic plans into tactical and operational plans and processes, ensuring successful delivery of the strategy and risk and compliance activities.
• Proactive leadership and oversight on continuous improvement of fraud detection and decision rules, investigation processes, de-risking processes as well as tools and systems, driving recommendations for enhancements to Fraud Strategy and other relevant stakeholders to improve effectiveness and efficiency.
• Support the operationalisation of new fraud detection rules, product threats and mitigating controls.
• Support the development and operationalisation of communication and customer contact strategies for each product/ portfolio serviced.
• Review identified gaps in strategies, processes, and systems and take action to mitigate emerging fraud risks.
• Review business drivers, customer experience pain points and service challenges and support the implementation of remedial programs as agreed with business and Fraud Strategy to close the gaps.
• Maintain governance and oversight by delivering internal and external reports. This includes support on external operational risk regulatory reporting as well internal reporting to Fraud Strategy and other Business stakeholders.
• Provide oversight and input on the development and enhancement of systems and architecture and process refinements to report accurately per portfolio on the appropriate regulatory requirements, taking account of any changes to requirements.

Accountability: Business Management (20%)

• Provide management direction and oversight across the management areas including a) Hotline and e-channel, b) Digital Fraud, Fleet Fraud, & Merchant Fraud c) Transactional Banking Fraud, Scams and Card Fraud covering both Debit Card and Credit Card.
• Define the operational architecture for the Function, which includes people, process and systems to effectively deliver on customer expectations and performance targets.
• Serve as both an escalation point for operational issues as well as the resolution centre for all issues impacting Fraud Preventions.
• Drive the alignment of Fraud Preventions services with the requirements of Fraud Strategy, Forensic Investigations, Products and Segments, ensuring alignment and co-operating effectively with other business unit delivery requirements across the Group.
• Drive operational efficiencies through process and technological innovation and enablement in collaboration with Fraud Strategy and Support.
• Proactive leadership and overseeing of rigorous demand management (SLA determination, forecasting & variance analysis) aligned with balanced capacity management (resource & material requirements planning).
• Perform governance and oversight on selected management/steering committees, to provide guidance and control governance oversight regarding their target performance, interpretation of the environment within which these businesses operate, determination of strategic and tactical initiatives, agreement in decision-making and the driving of corrective actions to ensure that the business objectives of these business units are also met.
• Develop and manage budgets and drive cost efficiencies to optimise both operational efficiency and financial performance for the area.
• Continuously seek innovative solutions to enhance operational execution including addressing any process and control failures and monitor progress on execution.
• Ensure resolution of complaints from the Customer Experience & Adjudication function and referrals from the broader Absa complaints teams, bankers and Product Solutions Cluster for mitigation purposes.
• Monitor and report on fraud metrics, to show the performance of fraud rules, processes and systems and identify and address any issues.
• Oversee the design, measurement and continuous improvement of business intelligence, management information, balanced scorecards and executive reporting related to the Function’s performance. Based on findings and trends, identify gaps and advise on recommendations on strategies to improve performance.

Accountability: Provide leadership for effective people and team management (20%)

• Negotiate and agree performance targets, taking accountability for overall achievement of objectives across direct reports and the performance shape of the entire Fraud Preventions environment. Objectives include (but are not necessarily limited to) colleague satisfaction, customer satisfaction, cost and performance management, risk and compliance conformance, as well as ethical and rigorous risk and governance.
• Take overall responsibility to co-ordinate and provide leadership for members in the area to achieve business performance and objectives.
• Develop a high performing team by embedding formal performance development and informal coaching.
• Encourage frequent knowledge sharing between team members.
• Determine and analyse development needs for the team and ensure that identified training requirements are budgeted for and executed.
• Develop and execute the talent management strategy.

Accountability: Risk and Control (20%)

• Sustain long-term business continuity by ensuring that business risks are identified, and effort is directed to designing and governing controls to mitigate risks.
• Ensure all required risk controls are recorded, monitored and effectively mitigated to deliver full management assurance and audit compliance.
• Ensure that processes, control requirements and risk management frameworks for the area are continuously reviewed, updated and understood by all members of the team.
• Oversee the reporting of risk controls and risk indicators in the required format to Governance.
• Proactively partner with Business Assurance and resolve areas identified in the review of Business Assurance, Targeted Management Control Assessment and audit issue/findings logs and direct adequate attention to closure within the agreed timelines.
• Ensure all risk and compliance breaches are recorded in accordance with the risk frameworks and policies.
• Ensure completion of the required compliance attestations and ensure adequacy of control attestations.
• Review and approve Control Risk Self Assessments (RCSA's) prepared for the function.
• Act as sponsor for the area’s Risk Management Control Framework and manage and ensure adherence and compliance of the relevant policies as outlined by Governance.
• Oversee all Risk and Loss events (ERMF & ORMS) because of error or fraud highlighted in the environment. Ensure that the issues are thoroughly investigated and closed or escalated as per policy.
• Take the lead on creating an operating environment that has a positive risk culture.

Accountability: Stakeholder Management (20%) 

• Manage internal and external stakeholder engagements (e.g., Fraud Solutions areas, Products and Segments, Fraud Strategy, Industry partners and Regulators) to provide assurance on the soundness of reporting.
• Work closely and collaboratively with other Fraud Solutions areas, as well as other areas in the Bank (e.g., Products and Segments, Fraud Strategy) to deliver on the required Fraud service requirements and expectations.
• Manage relationships and SLAs with areas for which Fraud preventions services are provided.
• Ensure that all stakeholders are informed, involved and appropriately supportive of initiatives and projects.
• Develop and enhance network and relationship building to align the team with business partners within the Bank as well as strategic stakeholders.
• Develop and maintain partnerships with local industry institutions, and fraud/loss prevention organisations to share and discuss emerging fraud risks.
• Maintain a high level of professionalism in stakeholder interactions, including written and verbal communications, based on sound knowledge of processes and procedures, schemes and understanding of relevant regulatory requirements.
• Attend Product Portfolio Quality Fraud Risk Reviews to ensure effective representation of the Fraud Preventions functions and elevate and seek product accountability for fraud product risks impacting fraud risks,customer experience, cost to serve and colleague experience.
• Be the point of contact for product senior stakeholders and executives for all Fraud Preventions matters with proactive sharing and effective landing of the message where Fraud Preventions performance may not be meeting the stakeholder requirements. 

Preferred Education

• Bachelor's Degree: Business, Commerce and Management Studies or related fields (Required) (NQF 8 and above) (Required)
• Master of Business Administration or Equivalent (NQF 9) (Advantageous)

Preferred Experience

• 8-10 years Financial Services experience
• Leadership Operations Management Experience
• Experience working in a Fraud or Risk environment
• 5 years senior leadership management experience