This position is responsible for collaborating with teams within Financial Crimes Risk Management (“FCRM”) as well as external business units throughout SVB to design and develop mitigating controls related to enterprise wide fraud risks, along with laws and regulations as determined by FCRM Governance. The position will require individuals to maintain deep knowledge of multiple end to end business processes, partner with external business owners and FCRM stakeholders in the development of appropriate fraud controls. The individual in this role will assess the execution of fraud controls within the Financial Intelligence Unit (“FIU”) and work to ensure external business units are actively engaged in fraud prevention and detection.
This position is responsible for partnering with FCRM Governance and FCRM Strategic Solutions & Services to monitor control gaps related to fraud risk and participating in gap analysis, recommendations for modification and implementation plans. This position will work with FCRM Business Advisory Services to ensure the FIU is involved in new products and services to ensure fraud risk is documented, managed and proper control requirements are provided and met or have proper sign off of risk acceptance from appropriate business units.
The role will also be involved in completing root cause analysis related to instances of fraud to ensure gaps are determined, technology is updated and teams execute control recommendations for future use.
This position requires extensive fraud and banking knowledge, which includes both internal and external fraud risks. A high level of attention to detail is mandatory, along with strong communication skills to ensure strong partnerships with all areas within FCRM, external business units, IT Support and multiple levels of management. Must be able to work closely with team members, as well as work independently. The candidate in this role must maintain confidentiality and have the ability to exercise discretion with controls related to internal fraud monitoring.
This position is responsible for the following:
•Analyzing and improving current FIU Fraud controls related to SVB processes
•Reviewing risks related to current control gaps as reported by FCRM Governance
•Complete assessment of fraud control gaps
a. Provide recommendation for gap remediation
b. Validate execution of gap closure
c. Ensure procedural updates are completed as necessary for FIU and external business units
•Ensuring all laws and regulations reported by FCRM Governance are followed appropriately, and complete remediation plans for any gaps
•Reporting gaps to FCRM Management and Governance related to current FIU Fraud prevention processes, with high focus on areas in which money movement is impacted
•Assist FCRM Governance with fraud risk assessment process if/when needed
•Assist with project meetings related to new products and services and provide fraud requirements as needed
a. Ensure fraud risk is managed appropriately during projects
b. Validating sign off of business risk as necessary
c. Confirm requirements are tested and met
d. Validate procedural updates completed as needed
•Provide monthly team reporting related to project status
•Conduct fraud root cause analysis
a. Determine control gaps and provide recommendations for controls
b. Work with FIU and external business units as needed
c. Monitor open action items and validate appropriate closure of gap
Skills and Requirements:•7+ years banking or financial industry experience with 5-7 years fraud experience. Must have good understanding of payment and deposit transaction processing and regulatory guidelines as they relate to department functions.
•ACFE, ACAMS, Security, Fraud, SOX, Internal Audit, or other relevant certification preferred
•Solid understanding of financial industry regulations
•Online Banking Channel knowledge to determine associated online banking fraud risks
•Experience with malware
•Knowledge of COSO Integrated Framework
•Excellent written and verbal skills necessary to interact and communicate with various levels of management, business units and FCRM Governance
•Must have ability to write policy and procedure documents
•Ability to make independent decisions on risk and project requirements
•Strong communication skills and ability to work in cohesive team environment
•Must be able to compile, review, analyze information and data and determine potential control gaps
•Ability to complete comprehensive reports reporting on risk, gaps and suggested recommendations. Must also be able to document risk acceptance properly
•Firm understanding of Bank Secrecy Act, Sarbanes-Oxley Act, Securities and Exchange Commissions, Federal Financial Institutions Examination Council, Internal Controls Over Financial Reporting, Foreign and Corrupt Practices Act, Anti-Kickback Act, and other relevant governing bodies
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