Director of Fraud Operations

Who We Are
At Cross River, we’re building the best banking and technology products for fintechs, all through APIs. As venture-backed pioneers of the platform-based financial services model known as the sponsor, or partner, bank, we work closely with our partners to offer products such as payments rails and loan origination services to the latest in regulatory and compliance solutions. What drives us every day? A desire to innovate in the service of financial inclusion. Giving access to consumers, whether they are looking for credit or for a better way to pay has been in our DNA from day one. Our nimble, adaptive, one-step ahead culture is powered by our people, and as a result of their creativity, tech-forward thinking and collaborative spirit, we are experiencing explosive growth.

What we’re looking for
Cross River’s Compliance team makes sure that our business is always consistent with current regulations, and as Director of Fraud, you play a key role. The Director of Fraud is responsible for the implementation and maintenance of the Fraud program, operations and strategy, and will lead and manage the day-to-day operations of the Fraud Group. The Director will ensure the appropriate level of prevention, deterrence, detection and investigation is detailed, executed and validated to protect the company and its employees and customers from fraud, theft, embezzlement and operational losses

The Compliance team cares about results, not activity, and we have fun doing it. If you like challenging problems, are analytical, and a great team player—we want to hear from you!

Responsibilities:

• The ownership, responsibility and accountability for the design and execution of the controls that respond to and mitigate fraud risk.
• Responsible for annual refresh of the FM fraud program, articulating changes in the threat landscape, updates to controls and/or infrastructure, issue management and threats/gaps and investment requirements.
• Responsible for serving as a SME in Fraud, providing support, reporting and mentorship for BU’s developing supplemental Fraud Programs/strategies led outside of the FM.
• Accountable for providing mentorship, performance results, investment needs, etc. to First Line Business Partners.
• Relationship serves as a trusted partner in handling fraud exposure.
• Responsible for Fraud infrastructure – includes technology tool, roadmap, investment plan and model documentation / back testing and Third-Party Management oversight for outsourced Fraud activities.
• Establishment of Fraud Management organizational goals and performance criteria to evaluate staff in conjunction with established policy, the Bank’s liability and position regarding operational loss incidents.
• Ensure all direct staff members are dedicated to the mission of reducing the incidence of loss or fraud through prevention and education and by responding appropriately to alleged, suspected or detected loss and fraud incidents.
• Maintain ongoing training and performance management to ensure staff is knowledgeable with banking regulations, laws and codes as well as the legal application to protect the Bank’s assets.
• Perform quarterly budget forecasting for assigned areas.
• Establish metrics/tracking of all fraud prevention tools (software), applications, work processes and resource utilization, to track strategic efficiency and/or precision. Must actively participate in peer groups, industry forums and networking to assure awareness of what’s happening in the market (trend, risk, new tools) and to learn and apply standard methodologies.
• Provide management reporting and trend analysis identifying the source of significant operational risks, possible vulnerabilities or weaknesses, and recommendations for policy or procedural changes.
• Liaison with government agencies, and bank regulators, as well as internally with Audit, Legal, Employee Relations, Independent Fraud Risk Management, Operational Risk Management, Loss Recovery Unit, Corporate Security, the Financial Intelligence Unit and Business Line Management as required.
• Develop actionable reports for senior management, business unit partners, Operational Risk Management Committee, Americas Risk Management Committee, the Board and regular Regulatory updates – discussing performance, fraud threat, risk appetite, emerging risk and solutions to mitigate (balance risk/reward).

Qualifications:

• At 5 years of experience in fraud operations leadership positions.
• Must demonstrate experienced proficiency in leading prevention, detection & investigation strategies for the financial services sector; preferably banking.
• Experienced understating of Fraud prevention and detection tools.
• Experience in the analysis and interpretation of operational loss data to develop and strengthen fraud prevention countermeasure and assist the business partners in reduction of fraud loss, to improve profits.
• Must have broad and deep knowledge of Regulations that impact Fraud landscape, specific to Financial Institutions (e.g. Regulation E, FACTA, FFIEC, etc.)
• Outstanding written and interpersonal communication skills with the ability to influence and negotiate.
• Must have executive poise and presence to interface across functions and/or level.
• Licensed Fraud Certified Examiner preferred.

Cross River is an Equal Opportunity Employer. Cross River does not discriminate on the basis of race, religion, color, sex, gender identity, sexual orientation, age, non-disqualifying physical or mental disability, national origin, veteran status or any other basis covered by appropriate law. All employment is decided on the basis of qualifications, merit, and business need.