Description

Role Name: Fraud Governance and Prevention

1. To design, govern, and oversee the Bank’s Fraud Risk Management framework, ensuring:

- strong enterprise-wide fraud governance and risk culture
- Regulatory compliance (RBI Fraud Directions, AML/KYC, etc.)
- proactive identification and mitigation of fraud risks for Commercial Banking

The role operates as a Second Line of Defence (SLOD) providing independent oversight, challenge, and governance to business and fraud operations.

2. Key Responsibilities

A. Fraud Governance & Framework Design

- Develop and maintain enterprise-wide Fraud Risk Management (FRM) framework, policies, and standards
- Ensure alignment with:
- RBI Fraud Risk Management Directions (2024)
- enterprise risk framework

- Define fraud risk appetite, thresholds, and tolerance limits

B. Fraud Risk Identification & Assessment

- Lead fraud risk assessments across products, channels, and processes
- Identify:
- emerging fraud typologies (digital, payments, lending, social engineering)
- internal vs external fraud risks

- Build frameworks for:

- Early Warning Signals (EWS)
- Red Flagging of Accounts (RFA)

C. Policy, Controls & SLOD Challenge

- Develop and review:
- anti-fraud policies
- control standards
- process controls across lifecycle

- Validate control design and operating effectiveness
- Provide independent challenge to FLOD (business/operations)

D. Fraud Intelligence

- Provide insights for:
- policy changes
- control enhancement
- strategic interventions

E. Incident Oversight & Root Cause Analysis

- Oversee significant fraud incidents at enterprise level
- Ensure:




- root cause analysis
- systemic remediation
- closure tracking

F. Governance, Committees & Board Reporting

- Present fraud risk insights to:
- Risk Committee / Board
- Senior management forums

- Track:

- fraud losses
- system effectiveness
- control gaps

G. Third-Party & Ecosystem Risk

- Oversee fraud risks arising from:
- vendors
- fintech partners
- outsourcing arrangements

- Ensure adequate third-party controls

3. Key Deliverables / Outcomes

- Ensuring adherence to Fraud Governance Framework including FRM Policy
- Oversight on Effective EWS / RFA system
- Reduced fraud loss ratios & improved detection rates
- Solid regulatory compliance track record
- Board-level visibility of fraud risk exposure
- Measurable control effectiveness improvement

4. Skills & Capabilities

Functional

- Fraud risk management (payments, lending, digital, identity)
- Risk frameworks (eg Operational Risk / COSO / Basel)
- Regulatory knowledge (RBI fraud directions, AML, KYC)

Analytical

- Data analytics / fraud pattern recognition
- Scenario thinking & risk assessment

Leadership

- Stakeholder management across business, tech, ops
- Ability to challenge constructively (SLOD independence)

Strategic

- Ability to balance:
- fraud risk mitigation
- business growth
- customer experience
- Business / Product teams (FLOD)
- Fraud operations
- Compliance / Legal
- Technology / Data

5. Reporting Structure

Reports to Head Fraud Risk Governance, Prevention and Investigation

Works with:

- Business / Product teams (FLOD)
- Fraud operations
- Compliance / Legal
- Technology / Data

📌 Team Member-Governance & Control Environment-SUPPORT SERVICES-Fraud Risk Management Unit (Mumbai)
🏢 Kotak Mahindra Bank
📍 Mumbai