Mobile Financial Services: Head of Risk / Fraud - Tigo Money
hace 5 días

Mobile Financial Services : Head of Risk / Fraud - Tigo Money

Country : Panama

Job Purpose

To protect MFS (Mobile Financial Services) revenues and bottom line through the identification, monitoring and mitigation of all risks associated with MFS.

Lead the effort to implement proactive risk management within MFS and coordinate with other stakeholders in order to implement risk management policies, controls and best practices.

Ensure that processes and controls are in place, documented and operated as designed to guarantee accurate processing of transactions, safeguard customer and company funds and mitigate the risk of fraud, error and regulatory non-compliance.

You will help design processes and controls to minimize current, new business and other emerging risks in the industry and market.

Reports To

Direct Line : Group Head of Revenue Assurance

Dotted Line : MFS CEO

Core Responsibilities

Risk guidelines and management

  • Define risk mitigation strategy and lead the implementation in all operations ensuring is aligned with overall business strategy
  • Support each market to proactively identify relevant MFS risks, define a road map and implement actions
  • Implement standardized MFS risk management practices across all markets
  • Develop effective risk management policies and procedures to ensure risks are mitigated
  • Review the End to End MFS processes within operations and ensure controls / alarms, reconciliations and analysis are in place to mitigate risk
  • Business controls and SOX

  • Ensure MFS business / finance processes and controls are efficient in managing risk and are well documented
  • Ensure robust, effective SOX and internal controls are implemented within MFS in an efficient manner in accordance with group guidelines
  • Ensure segregation of duties exists for key MFS tasks
  • Own the MFS Delegation of Authority matrix and ensure that operational procedures are in accordance with it
  • Automation

  • Promote the use and development of automated controls to improve efficiency, effectiveness and reduce the risk of fraud and error
  • Define the automation roadmap for risk together with operations and coordinate across operations for central solutions where applicable.
  • Operational Risk

  • Work with commercial and finance teams to review new product proposals. Highlight key risks that might impact the business as well as work with stakeholders to propose solutions to mitigate these risks.
  • Participate in the sign off process for new products, services and partnerships.

  • Review key reconciliations are operating as designed
  • Review commission schemes to ensure risks are mitigated in the design and operation.
  • Mitigate agent / partner risks such as unreconciled balances, AML / KYA risks, manipulation of commercial conditions (eg : direct deposits), fraud and forged cash / credit card risks etc.
  • through reconciliations, monitoring alarms, controls and audits.

    Transaction Assurance

  • Responsible to ensure transaction monitoring is in place to cover all transaction related risks including Fraud, Leakages, AML / CFT and credit risks.
  • Work with revenue assurance, treasury, business and IT stakeholders to implement continuous automated monitoring systems, alarms and analysis of MFS transactions to identify transactional anomalies, unusual transactions, unusual, erroneous and potentially fraudulent transactions etc.
  • Put in place systems to monitor products, agents, channels or user profiles to identify high risk areas and associated risks including merchants, customers, employees and any associated accounts
  • Continually update monitoring processes to ensure alignment with best practices
  • Ensure mobile financial services systems are audited and reviewed to help businesses identify system loopholes, bugs, system errors, transaction errors, process weaknesses etc.
  • Consumer protection

  • Work with all relevant stakeholders to ensure customer funds are protected and access to customer information and accounts are limited.
  • Review and design the sim-swap process to ensure adequate measures are in place to protect customer accounts while ensuring ease of customer access to the service.
  • Work with relevant stakeholders to ensure AML / CFT and KYC requirements are met, and systems are in place to prevent and identify potential risk areas
  • Work with the treasury team to ensure customer funds are adequately protected and funds in trust meet required guidelines.
  • Regulatory compliance

  • Working with the legal and regulatory teams to ensure complete understanding of local and international laws and regulations and their application to the MFS business
  • Ensure systems are in place to comply with legal and regulatory requirements
  • Fraud Risk

  • Ensure customer, partner, third party and employee fraud risks are mitigated through adequate controls / alarms.
  • Information security and platform stability
  • Ensure compliance to SOX IT General Controls for MFS systems
  • Coordinate with the central commercial and factory teams to ensure risk considerations including controls and processes are included in implementation of new billing / charging systems
  • Ensure risks due to platform performance and stability is monitored and mitigated where necessary. Coordinate with IT and procurement for central solutions
  • Coordinate with IT and security teams to establish an information security program to ensure that vulnerabilities are identified, and MFS information assets are adequately protected.
  • Credit Risk

  • Work with relevant stakeholders to define acceptable credit risk levels and criteria for offering credit.
  • Ensure adequate credit scores are defined and systems are in place to adequately monitor credit and lending products for collection, default and bad debt risks.
  • Coordinate knowledge sharing workshops, mentoring projects and sharing of best practices and cases across operations
  • Prepare monthly reports and dashboards on risk KPIs and performance of the risk function.
  • Key Interfaces

  • Works with external partners and suppliers to ensure all MFS risk requirements are met for the development of products, systems and projects
  • Liaise with Millicom central Business controls, Revenue Assurance, Treasury, Finance, Risk, Tax, Compliance and IT security teams to ensure all risk considerations are considered for the MFS business
  • Liaise with central procurement, commercial and factory teams to ensure MFS Risk requirements have been considered in centrally developed products / services and centrally procured systems.
  • Keeps central stakeholders informed of project status through periodic status reporting and project updates
  • Qualifications :

  • Bachelor’s degree in the Technical / IT-Computer science / Finance fields
  • Operational understanding of risk within Banking, Payments or Mobile financial services industry
  • Technical Expertise- Knowledge of Database and Query Tools
  • Financial Skills - Audit, Numerical and Analytical Skills
  • Fluent in English and Spanish
  • Experience

  • Over 10 years’ experience out of which 3 years in financial services, money transfer, mobile / online banking industry
  • Senior, established risk and controls specialist
  • Over 5 years of relevant management experience
  • Previous exposure in the Telecommunications Industry is desirable
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