VP, Manager, Enterprise Fraud Risk

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General Summary

The Manager of Enterprise Fraud Risk, under the Director of Enterprise Risk Management, is responsible for overseeing and directing the enterprise fraud risk management program. Key responsibilities consist of developing and implementing a Second Line fraud risk framework and methodology, including but not limited to fraud identification/detection, on-going risk assessments, collaboration on controls to prevent fraud losses, and leading the coordination of fraud investigations. This role also oversees the management and oversight of relevant software and other tools to facilitate risk identification, aggregation and reporting as part of reducing the Bank’s overall fraud risk exposure. Responsibilities include providing Second Line oversight to help inform decisions on disputed transactions and/or suspicious activity flagged for investigative review. Additionally, this role serves as the Second Line subject matter expert across the Bank with regards to the overall fraud risk management framework, fraud controls and reporting systems and relevant enterprise policies, standards, and procedures. Promotes training and communicates awareness of fraud risk and controls for enhanced knowledge share, transparency, decision-making, and risk management performance.

This role works closely with business line and executive management in conducting assigned duties. The individual performing this role must demonstrate independent judgment with a minimal amount of supervision and direction. Performs a wide range of responsibilities, some which are complex and confidential in nature.

Essential Functions

• Develop, implement, and execute enterprise strategies, policies, and processes to manage and mitigate financial loss from fraudulent activities while ensuring an appropriate balance between risk management and client experience.
• Establish and maintain robust fraud risk management procedures, including detective and preventative controls.
• Collaborate with Enterprise Risk Management, Compliance, First Line business unit management and Business Risk & Control Officers (BRCs) in performing periodic Risk and Control Self Assessments (RCSA) specific to internal and external fraud, associated with both new and existing activities, products, or services of the Bank.
• Identify and implement appropriate fraud detection tools and related procedures, addressing aspects of both effective fraud risk management and operational efficiency.
• Oversee the monitoring of fraud warning reports and supporting fraud risk management applications.
• Lead investigations of fraud incidents and collaborate with appropriate business stakeholders to identify and address root causes.
• Coordinate with appropriate business units, compliance and BSA/AML departments to ensure timely and appropriate responses to suspected fraud and appropriate Suspicious Activity Reports (SAR) are completed.
• Maintain relationships with regulatory and law enforcement sources, and other industry resources, as appropriate, to ensure timely application of relevant knowledge related to fraud trends, prevention & detection processes and risk management practices. Leverage relevant information and insights for continuous improvement of Bank’s fraud risk management practices.
• Develop performance metrics including Key Performance Indicators (KPIs) and Key Risk Indicators (KRIs), and reports summarizing fraud risk and trends for review by Bank management, ORM Committee (ORMC) and the Board Risk and Compliance Committee (RCC).
• Assist in developing and facilitating on-going fraud risk management training to key internal stakeholders to empower business unit leadership and BRC’s to identify manage risk and effective and consistent manner.
• Collaborate with internal stakeholders, such as business leaders and BRC’s, Compliance, and Internal Audit, to promote a culture of risk awareness and accountability.
  
  

Qualifications

Education:

• Bachelor’s or Master’s degree in Finance, Business Administration, Risk Management, or a related field; Advanced degree or professional certification (e.g., CFE, CFRM, etc.) preferred.
  
  

Experience

• 7+ years of experience in banking and similar financial services industry.
• 5+ years of commensurate fraud risk management responsibilities in either an operational (First Line) or oversight function (Second Line).
• Knowledge and experience encompassing a wide range of banking, financial services functions, and associated fraud risks.
• General understanding of principles banking regulation.
• Exposure to or experience interacting with federal and state regulators as well as internal and external auditors.
  
  

Skills/Ability

• Strong analytical skills to assess data, identify patterns/trends, and detect anomalies that may indicate fraudulent activities or potential financial risk.
• The ability to identify issues, analyze root causes, and develop effective solutions in writing is essential.
• Proficiency in general as well as specific fraud risk management principles and practices is important for assessing, mitigating, and managing various types of risks that could impact an organization's operations and financial health.
• Strong communication skills to effectively communicate with stakeholders, present findings, and raise awareness about fraud risks within the organization.
• Maintaining a strong sense of ethics and integrity is essential to make sound decisions, uphold ethical standards, and act in the best interests of the Bank and its clients.
• Proficiency in using data analysis tools, fraud detection software, and other technological solutions is important to effectively detect and prevent fraudulent activities.
  
  

Other Details

$119,000 – $141,400 / year

Pay determined based on job-related knowledge, skills, experience, and location.

Cathay Bank offers its full-time employees a competitive benefits package which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs which includes, coverage for medical insurance, dental insurance, vision insurance, life insurance, long-term disability insurance, and flexible spending accounts (FSAs), health saving account (HSA) with company contributions, voluntary coverages, and 401(k).

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Cathay Bank is an Equal Opportunity and Affirmative Action Employer. We believe in diversity, equity, and inclusion in the workplace. We welcome applications for employment from all qualified candidates, regardless of race, color, ethnicity, ancestry, citizenship, gender, national origin, religion, age, sex (including pregnancy and related medical conditions, childbirth and breastfeeding), reproductive health decision-making, sexual orientation, gender identity and expression, genetic information or characteristics, disability or medical condition, military status or status as a protected veteran, or any other status protected by applicable law.

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