Description
The VP of Compliance and Fraud Risk at Fort Bragg Federal Credit Union is a senior leadership role responsible for developing and implementing comprehensive compliance and fraud risk management strategies and programs. This position plays a pivotal role in safeguarding the financial interests of our members by identifying, assessing, and mitigating fraud and compliance risks across all credit union operations.
Responsible for implementing and maintaining an effective compliance program that covers all aspects of credit union operations. Responsible for overseeing all credit union-wide fraud and non-fraud dispute metrics, reporting and trends, recommending strategies and projects to manage credit union fraud and dispute risk, and leading employee and member education and communication.
Primary Duties and Responsibilities:
Develop and execute the credit union's compliance and fraud risk management strategy, aligning it with the overall risk management framework and organizational goals.
Develop and maintain robust fraud prevention and detection policies, procedures, and controls in compliance with industry regulations and best practices.
Lead a team of fraud analysts and support specialists, providing direction, coaching, and mentorship to ensure effective fraud prevention and response.
Oversee the implementation of advanced fraud detection tools and technologies. Lead investigations into complex and high-profile fraud cases, coordinating with law enforcement agencies as necessary.
Prepare regular and ad-hoc reports for executive management and regulatory authorities, summarizing compliance issues and deficiencies, fraud incidents, losses, trends, and mitigation efforts.
Develop and deliver fraud awareness and prevention training programs for employees and members to enhance vigilance and awareness.
Disseminates information, reviews disclosures, answers questions, and be a subject matter expert for the credit union on all compliance-related issues.
Assesses risk potential of current procedures and assists with instituting new procedures that minimize loss exposure. Oversees the implementation of regulatory changes.
Ensure that all fraud prevention and detection activities are in compliance with industry regulations, laws, and credit union policies.
Oversee relationships with third-party vendors providing compliance and fraud detection services, ensuring their effectiveness and compliance with contractual agreements.
Leads all fraud and non-fraud dispute research and investigations, across all products and channels (e.g., ACH, ATM, branch, call center, card, check, digital banking platform, P2P, wire)
Coordinates with card vendor to identify debit card fraud trends, oversee process to write new card fraud rules, test rules, and execute rules to prevent debit card fraud while maintaining a low false positive ratio
Serves as the ID Theft/Red Flag Administrator
Builds and optimizes rules and metrics used in fraud detection software to identify suspicious member transactions.
Oversee the monitoring and analysis of various credit union reports for risk to include but not limited to: identity theft, check fraud, anti-money laundering, debit card transactions, and credit card transactions.
Provide input regarding any compliance/risk management concerns relevant to proposed and current products and services offered by the credit union.
Monitor, communicate and report developing trends and changes in regulatory compliance, risk management, and fraud trends
Reviews and updates policies and procedures for compliance with regulations as well as safeguarding all credit union assets.
Collaborate with other departments to ensure compliance risk assessments are integrated into business strategies.
Requirements
Minimum Qualifications:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the minimum level of knowledge, skills and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Education and Training:
Bachelor's degree in finance, risk management, business, or a related field or a combination of equivalent experience and education.
In-depth knowledge of fraud detection technologies, industry trends, and regulatory requirements.
Strong analytical and problem-solving skills.
Exceptional leadership and team management abilities.
Excellent communication and interpersonal skills.
Detail-oriented with a commitment to accuracy and data integrity.
Ability to handle sensitive and confidential information with discretion.
Previous banking or credit union experience, specifically in a compliance or risk management capacity
CFE, CFCS, or CAFP certification highly desired
Prior Experience:
5+ years of progressive experience in compliance and fraud risk management, with at least 2 years in a leadership role.
