Job Description

MAIN DUTIES:

• Designing and implementing an overall Risk Management and Fraud Prevention frameworks and processes for the organization which also includes an analysis of financial impact on the company when fraud or risk occur.
• Conducting periodic risk assessments including MLTF conduct risk, product risk, department risk reviews and fraud risk assessments along with the internal auditors on an annual basis and submit the report to the Board of Directors/ Risk & Compliance Committee.
• Develop, Maintain and manage the centralized Risk Register for the entity. Ensure this contains risk items, descriptions, probability, impact, risk ranks, mitigation steps, contingency plans, Ownerships & Deadlines for implementing mitigation steps.
• To Develop, Maintain and Manage a Centralized Fraud Risk / Incidents Register for the whole organization. Ensure this contains Fraud occasions, descriptions, probability, impact, mitigation steps, and contingency plans & deadlines for implementing mitigation steps.
• To conduct the review on a quarterly basis and are updated with the upcoming, relevant risks, & appropriate mitigation measures.
• To conduct the review at the end of every financial year to identify the anti-fraud training needs.
• Evaluating the company's previous handling of risks & fraud occasions and comparing potential risk & fraud situations with criteria set out by the company such as costs and legal requirements.
• Conduct the Risk and Fraud prevention committee meetings on a quarterly basis with the Risk & Compliance Committee and ensure the outcomes, action plans point of discussions are recorded in minutes and are well communicated among all the relevant stakeholders.
• Ensure the annual review of the Risk & Fraud related polices/ procedures and update if deemed necessary.
• Ensure that Risk & Fraud Prevention quarterly reports are submitted to the Management and the Board of Directors explaining the actions implemented / initiated to mitigate the risks and fraud occasions.
• Facilitate the immediate reporting of fraud incidents to the RBI, Police Authorities, Financial Intelligence Department, & Other law enforcement agencies in coordination with Compliance Department and Management.
• Monitoring the recoveries of losses through legal action, insurance claims, disciplinary actions etc. with the concerned departments.
• Monitor the ongoing corrective actions to ensure that internal controls continue to operate effectively & ongoing updates to policies and procedures to reflect developments within the operational environment.
• Ensure to be the part of investigation team / committee along with the Internal Audit team in line with the investigation procedures. Ensure the person who is suspected in a fraud incident is not a part of the investigation team.
• Ensure that all employees have read, understood and complied with the Fraud Prevention Framework & Policy, Code of Conduct, and Conflict of Interest guidelines in support of Company's Fraud Prevention Activities and all the employees in the organization acknowledge an annual declaration.
• Ensure the training activities are conducted for Risk and Fraud related aspects.
• To review the adequacy of Fraud & Risk Management policies and procedures.
• Implementation of Business Continuity Management System across the organization.
• Ad hoc assignments as required by the immediate line of authority.

1. EDUCATION AND TRAINING:

• Bachelors degree in any stream
• Certifications in Risk Management is advantageous such as Certification in Risk Management Assurance (CRMA), Governance Risk & Compliance Professional (GRCP), Certified Fraud Examiner (CFE), ISO 31000:2018 Risk Management

2. EXPERIENCE:

- Minimum 8 years of experience in Risk Management aspects

- Project Management experience will be an added advantage

This experience ensures a strong understanding of industry regulations, risk management practices, and compliance frameworks.

Other Skills:

• - Professionalism & Honesty
• - Teamwork & Personal Integrity Strong writing and verbal communication skills
• Advanced proficiency in MS Office applications
• High attention to detail
• Strong work ethics and commitment to professional standards
• Excellent research, problem-solving, and negotiation abilities
• In-depth knowledge of the foreign exchange industry
• Profound understanding of regulatory compliance requirements and risk management principles.
• - Effective communicator
• - Analytical skills and Operational Awareness
• - Planning & Organizing Skills
• - Innovation
• - Numerical Skills and ability to understand the broader business issues
• - Multitasking
• - Ability to work under pressure and meet tight deadlines
• - Professional relationship with both internal and external customers
• - Business Communication English (Oral & Written),
• - Computer Proficiency: MS Word, Excel & Power point.

3. INDEPENDENT ACTION AND DECISION MAKING:

The job holder exercises independent judgment to oversee and manage the day-to-day function of his / her role. They are responsible for ensuring adherence to relevant laws, regulations, as well as the company's policies and procedures. This includes making decisions and taking actions to maintain compliance within the organization.

4. ACCOUNTABILITY FOR ACTIONS/RESULTS:

The job holder is tasked with implementing all necessary actions to achieve Risk objectives within Al Ansari Forex & Financial Services. This includes maintaining a high level of due diligence and ensuring that tasks are carried out in an effective and productive manner. Failure to address compliance issues poses significant risks to the company, including potential loss of reputation, revenue, and regulatory fines or penalties. Therefore, it is essential for the job holder to proactively address compliance concerns to mitigate these risks.

5. KEY RELATIONSHIPS:

• Internal Relationships:

Managers of each Department, Internal Audit and Al Ansari Forex & Financial Services management team.

• External Relationships/Contacts:
• Concurrent Auditors

6. CONFIDENTIAL INFORMATION:

The job holder is granted access to the company's compliance records, transaction data, customer data, financial data, contracts, and agreements. This access allows them to fulfill their responsibilities effectively and make informed decisions regarding compliance matters. It is essential that the job holder handles this information confidentially and in accordance with applicable data protection and privacy regulations.

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