Role : Head of Acquiring Risk and Compliance
Location : Dubai
Role Purpose:
a) To lead the Fraud Risk Management and Compliance Risk functions of ADIB Merchant Services directly reporting to the General Manager of ADIMAC and with dotted line / matrix reporting to ADIB Group Head of Fraud Risk Management and ADIB Global Head of Compliance.
b) The key responsibility of this role is to manage Risks associated with merchant acquisition and payment schemes including, Operational Risk, Fraud Risk, Reputational Risk and Regulatory Risk. The Head of Acquiring Risk and Compliance will oversee merchants acquiring fraud /operational controls, perform monitoring activities to ensure that fraud/operational losses, AML and compliance risks are within the Board’s risk appetite. The Head of Acquiring Risk and Compliance will adopt a proactive approach to risk management by providing assurance as a Second Line of Defense that the firm is compliant with internal policies and procedures as well as applicable rules, regulations and industry best practice for payment schemes. c) This role is also responsible for investigations, detection and/or reporting of acquiring fraud incidents and takes requisite action for prevention and report to management, law enforcement authorities and payment schemes as appropriate. Serve as a Member of the Operating Committee (OPCO)
Key Accountabilities of the role
Strategy, Policy, Framework & Governance
- Under the guidance and Direction of Group Operational Risk Management, drive the development, definition and communication of the merchant acquiring risk management policy and strategy.
- Lead the approval and communication of the Merchant Acquiring Risk Management Policy to communicate to executive and senior management, oversight of organizational structures and identifying and assigning specific risk management responsibilities in relation to.
- Identifying, analyzing and assessing fraud risks and other related risks
- Identification and implementation of cost-effective fraud deterrent, prevention, risk mitigation and detection response (investigation and remediation), mechanisms and controls.
- Build and continually develop close relationships with Business and Operations Units’ counterparts for risk management purposes.
- Actively assist Operational Risk staff and Business Unit Coordinators in identifying, assessing, appropriately controlling, monitoring of risks (and events) as part of the Business Unit’s RCSAs, or other Risk assessment processes.
- Ensure coordination of appropriate fraud investigation activities through agreed structures to ensure appropriate timely initial responses to Fraud incidents / events and longer-term remediation efforts to reduce likelihood / impact by ensuring the implementation of relevant control / process enhancements.
- Ensure compliance to regulator and scheme requirements.
- Analysis and Reporting
- Prepare analyses reports for Senior ADIB and ADIMAC Management on key findings as part of the Risk Management Framework / process.
- Provide appropriate and regular assurance reporting and awareness of new trends in relation to Fraud Risk to Senior Management.
- Prepare Senior Management Fraud Risk Dashboard for consistent attention on the overall fraud risk profile of the organization.
- Set up a robust MIS deck that captures the fraud trends and tracks all fraud types.
- Provide appropriate MIS for regulator reporting
- Training and coaching
- Work with HR and Management and provide fraud and risk training and guidance to the team and the Organization
- Develop applicable training and learning programs to applicable units and teams to ensure there is adequate understanding across ADIMAC on Fraud Risks relevant to functions / roles / responsibilities which each individual holds.
- Ensure coordination of fraud training and detection across ADIMAC and merchants.
- General Management
- Manage a team to handle Fraud Risk, Compliance Risk (KYC, Sanctions, AML & Regulatory), Operation Risk, Sharia and Legal Co-ordination.
- As agreed with head of acquiring business Participate in appropriate business meetings, forums and committees.
- Identify opportunities to improve anti-fraud and risk mitigating controls and reduce impact/likelihood of fraud risk and other risks.
- Improve standards and promote innovative thinking/initiatives in relation to Risk management
- Assess emerging fraud risks, including those related to new products or significant processes/change.
- Work closely with line and business managers to understand the business, identify risk issues and promote solutions to management relevant fraud risks
- Carry out other tasks that may be assigned to him/her in consultation/direction from the Head of Fraud Risk Management, Chief Credit Officer Retail and/or General Manager Merchant Acquiring
- Ensure ADIMAC has empaneled forensic investigator to be used when a potential merchant compromise arises.
- Process Management
- Periodic merchant review