Risk Intelligence

2 weeks ago

Jeddah, Makkah Province, Saudi Arabia Bupa Arabia Full time

Design a robust Fraud Risk Management Framework in line with regulatory and risk management standards in order to enforce the zero-tolerance approach against internal and external fraud & to continuously assess the framework.


  • Develop an internal network of good business conduct and fraud champions that would help in developing a culture of fraud awareness what would help in promoting and implementing the framework.
  • Provide expert guidance on the development of policies and roll out of training and awareness campaigns to enhance the control environment.
  • Implement 'best in class's tools and processes to manage and prevent fraud risks and minimize losses.
  • Build tracking and trending process of all fraud reports and other business misconduct to the Board, Committees, and members of senior management.
  • Roll out Fraud Risk assessment to enable Bupa Arabia to identify its high relevant fraud risks that are not properly mitigated and along with senior management to put in place a remediation plan and road map for implementation.
  • Support, along with Legal Affairs Department, the compliance department to ensure the effectiveness of the design and implementation of the Speak Up program, as a fraud detective tool.
  • Oversee relevant control monitoring and detection activities, including the development of IT solutions to monitor controls and detect potential fraud issues.
  • Oversees investigations processes and report results with respect to fraud allegations, recommend remedial activities and reporting lessons learnt.
  • Ensure documents, reports, tools, gadgets, computers, equipment, etc., involved purportedly in committing fraud are protected and preserved that would later be used as proof or evidence during investigation and legal proceedings.
  • Coordinate with Legal and Internal Audit Departments to ensure that the fraud case in determining the fraud case; escalate to the proper company authorities to obtain guidance on the next action to take such as referring the case to the police or the court.
  • Ensure designed penalties and disciplinary actions that are proportionate to the offense in situation where the case can be internally and amicably resolved.
  • Ensure independency, objectivity and conflicts of interest safeguarding during investigation even when fraud involves Senior or Executive levels (e.g., CET, board member, auditors, counsels, etc.)
  • Manage fraud incidents framework to support identification, escalation and reporting in a timely fashion via defined governance routes including executive management and the relevant committees
  • Coordinate with assigned investigators to investigate and resolve fraud risk incidents.
  • Provide assurance that all fraud critical Incidents are managed and reported in line with the Critical Incident Policy.
  • Liaison with Law Enforcement for all internal and external fraud investigations.
  • To advise on actions to take as appropriate to mitigate and manage financial, customer, regulatory and reputational impact from identified fraud incidents.
  • Manage the activities of insuring transferable fraud risks; provide advice and guidance as necessary.
  • Participate in the annual fraud risk funding/insurance program.
  • Assist the management of the annual insurance renewal process, ensuring the collection of accurate fraud risk exposure data in various part of the business & start the process of claims against fraud incidents and ensure proper recoveries.
  • Start the process of claims against fraud incidents and ensure proper recoveries.

Skills:

  • Intimate knowledge of internal business processes, specifically in the financial and or insurance services industry.
- intimate knowledge of internal business processes, specifically in the financial and or insurance services industry

  • Experience with reporting processes to board committees and corporate governance standards
  • General understanding of fraud risk factors affecting insurance companies & familiarity with fraud riskoriented regulations.
  • Leadership skills, including ability to manage fraud risk, compliance and control activities in a complex financial operation.
  • Ability to exercise oversight over governance, fraud risk, compliance and control arrangements, desirable in a complex financial operation.
  • Problemsolving and decisionmaking skills, with the ability to analyze complex information to identify the key issue/action and drive resolution.

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