Head of Acquiring Risk and Compliance

Job Description

JOB DESCRIPTIONRole :Head of Acquiring Risk and Compliance ADIMAC Location : Sharjah Role Purpose:This role takes responsibility for managing Fraud Risk, Operational Risk and Compliance Risk, including Compliance to Payment Schemes and Regulators and performs merchant acquiring fraud/operational control and monitoring activities ensuring that fraud/operational losses, AML and compliance risks are minimized Fraud risks are controlled on a proactive basis, whilst complying with internal policies and procedures as well as rules regulations of payment schemes and regulators. This role is also responsible for investigation, detection and/or reporting of acquiring Fraud/AML incidents and takes requisite action for recovery and report to management, law enforcement authorities and payment schemes as appropriateKey Accountabilities of the role Strategy, Policy, Framework & Governance

1. 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.
2. 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:-
3. Identifying, analyzing and assessing fraud risks and other related risks
4. Identification and implementation of cost effective fraud deterrent, prevention, risk mitigation and detection response (investigation and remediation), mechanisms and controls.
5. Build and continually develop close relationships with Business and Operations Units counterparts for risk management purposes.
6. Actively assist Operational Risk staff and actively participate in identifying, assessing, appropriately controlling, monitoring of risks (and events) as part of the ADIMACs RCSA, or other Risk assessment processes.
7. Ensure coordination of appropriate fraud/AML investigation activities through agreed structures to ensure appropriate timely initial responses to incidents / events and longer term remediation efforts to reduce likelihood / impact by ensuring the implementation of relevant control / process enhancements.
8. Ensure implementation of Ethical Policies within ADIMAC, including monitoring and informing HR of any Outside Business Interest/ Activity of employees in respective functions monitoring and Managing Conflict of Interest for employees monitoring, creating awareness about Gifts & Entertainment limits to employees in respective functions monitoring, creating awareness about Personal Account Dealings to employees in respective functions.

2. Analysis and Reporting

1. Prepare analysis reports for Senior ADIB and ADIMAC Management on key findings as part of the Risk Management Framework / process
2. Provide appropriate and regular assurance reporting and awareness of new trends in relation to Fraud Risk to Senior Management.
3. Prepare Senior Management Fraud Risk Dashboard for consistent sight on the overall fraud risk profile of the organization
4. Set up a robust MIS deck that capture the fraud trends and tracks all fraud types.

3. Training and coaching

1. Work with HR and Management and provide Fraud and risk training and guidance to the team and the Organization
2. 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
3. Develop applicable training and learning programs to applicable units and teams to ensure there is adequate understanding across ADIMAC on AML Risks relevant to functions / roles / responsibilities which each individual holds
4. Ensure coordination of Fraud/AML training and detection across ADIMAC and merchants.

4. General Management

1. As agreed with Head of Acquiring Business participate in appropriate business meetings, forums and committees, including Management Committee and Executive Committee and ADIMAC Board meetings.
2. Identify opportunities to improve anti-Fraud/AMLrisk mitigating controls and reduce impact and likelihood of these and a-other risks.
3. Improve standards and promote innovative thinking/initiatives in relation to Risk and Compliance management
4. Assess emerging fraud risks, including those related to new products or significant processes/change
5. Work closely with line and business managers to understand the business, identify risk issues and promote solutions to management relevant fraud risks
6. Carry out other tasks that maybe assigned to him/her in consultation/direction from the ADIB Head of Fraud Risk Management, ADIB Chief Credit Officer Retail and/or General Manager Merchant Acquiring, ADIB Head of Operational Risk Management, ADIB Head of Compliance

5. Process Management

1. Periodic merchant review based on risk classification and recommendation of action based on reviews.
2. Merchant underwriting quality assurance and undertaking of daily AML/Fraud checks
3. Fraud risk process management, including merchant risk mitigation through extended onboarding and periodic review, fraud investigation and field visits implementation of preventive actions and reporting to management, payment schemes and regulators.
4. Fraud monitoring system functionality validation and UAT
5. Review ADIMAC Policies and SOPs pertaining to different business units in order to enhance controls and ensure that all the risks are identified and mitigated through respective controls, which are defined within such Policies and SOPs.

6. AML, KYC and Compliance Management

1. Develop and Implement AML/Compliance framework (AML, Compliance manual, etc.)
2. Create and maintain the compliance grid and ensure compliance to Central Bank regulations, Payment Scheme Mandates and Market Best Practices

Develop and conduct AML/Compliance Training to ADIMAC Staff. To ensure understanding of Compliance risks and mitigates

1. Develop ADIMAC Compliance Monitoring program and conduct compliance monitoring testing in order to test performance of compliance controls and identify any risks or issues which require mitigation or oversight
2. 5. Identification and Mitigation of AML/Compliance risks, 6. ensure alignment in ADIMAC policies with all Group Compliance Policies are rollout of such policies or changes in a timely manner.7. Report AML Suspicious Activities/Transaction to Group Compliance, including MIS to Group Compliance as and when required.
3. Identify, Assess and Monitor Payment Scheme Compliance requirements and Business practices and ensure that such practices are being followed by all relevant units within ADIMAC

7. Operation Risk Management

1. Understand, assess, implement and maintain ADIMAC Operational Risk Structure. Ensure all risks & incidents are reported on a timely manner through the appropriate systems/ channels.
2. Ensure control testing is conducted on periodic basis, in order to assess critical operational risks, performance of controls
3. Identify and report any Issues, Incidents associated with the operational risk to ensure there is an action plan for all identified issues and all Operational risks are mitigated accordingly

Specialist Skills / Technical Knowledge Required for this role:

• Superior problem solving and analytical abilities
• Very good interpersonal, communication and presentation skills (English). Arabic is an advantage
• Ability to communicate with and gain confidence of the Senior Management
• Ability to multi-task and work independently on initiatives
• Good working knowledge of technology systems, e-commerce, online/electronic payments, accounting/finance analytical skills with proven ability to identify and develop solutions to improve fraud risk mitigation, reduction and avoidance.
• Card fraud investigation and analysis skills
• Card fraud risk control awareness and competency with experience in Acquiring.
• Fraud risk monitoring system functionality, operation and parameters knowledge
• Knowledge of card issuing and acquiring related networks payments schemes and functionality
• Expertise and knowledge on market fraud trends
• 8 - 10 years relevant experience in Acquiring Risk and compliance

Keyskills :

About Company

Abu Dhabi Islamic Bank PJSC (Arabic: مصرف أبوظبي الإسلامي) is an Islamic bank based in Abu Dhabi city, in the United Arab Emirates.