Head of Acquiring Risk & Compliance

About This Role

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.

2. 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

3. 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.

4. 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.

5. Process Management

• Periodic merchant review based on risk classification.

• Chargeback analysis for ratio trends and reason codes compared to standards related to fraud. 

• Security / Collateral - review value of security against exposure.

• Review and fraud to sales in merchant and portfolio level, identify the risk and implement the mitigation accordingly.

• Review merchants’ websites manually and through web crawling system.

• Recommendation of action based on reviews 

• Provide merchant education and training on specific issues noted 

• Recommend for review of collateral to mitigate risk.

• Issuing of warnings and termination of merchants

• Recommend placement of merchants on probation, watch list or re-pricing based on risk issues noted.

• Merchant underwriting quality assurance. 

• Sample review of new merchants acquired to ensure compliance to merchants underwriting policies and procedures.

• Carry out sample fraud control checks at underwriting stage including Verification of documentation provided, Association negative database checks where applicable, World-check verification, Merchant site visits, Web site checklists for internet merchants Review of potential fraudulent transactions.

• Review of potential fraudulent transactions. 

• Sample review of fraud monitoring alerts reviewed by 24/7 merchant transaction monitoring team.

• Monitoring of merchant activities

• Periodic monitoring of merchant activities based on risk and AML triggers.

• Mystery shopping and suspicious activity on merchants

• Monitoring of dormant merchants and taking appropriate action.

• Fraud investigation and field visits. Analysis of account data compromise events and take preventive action and report to management, payment schemes and regulators.

• Merchant risk mitigation by floor-limit maintenance.

• Liaison with Law enforcement authorities, regulators and Payment schemes

• Liaison with card issuers and acquirers locally and internationally.

• Compliance review of merchants

• Fraud monitoring system functionality validation and UAT

• Provide recommendations for policy enhancements

6. AML, KYC and Compliance Management

• Develop and Implement AML/Compliance framework (AML, Compliance manual, etc.)

• Create and maintain the compliance grid and ensure compliance to Central Bank regulations

• Develop and conduct AML/Compliance Training

• Ensure that AML/Compliance risks are identified and managed

• Ensure all Group Compliance Policies are rolled out on a timely manner

• Report ML Suspicious Activities/Transaction to Group Compliance.

• Conduct enhanced due diligence and provide feedback to the operation on high risk rated cases along with other exceptional deviations from compliance perspective.

• Provide MIS to Group Compliance as and when required

• Develop and conduct Anti Bribery Training

7. Operation Risk Management

• Ensure all risks & incidents are reported on a timely manner through the appropriate systems/ channels

• Ensure the critical operational risks are identified and control tested on a periodic basis

• Ensure there is an action plan for all Operational Risks identified without controls.

• Ensure to handle RCSA, KRIs and BCM on timely manner.

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

• Ability to manage AML, Sanctions, KYC/ODD and relevant regulatory compliance activities.

• 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