The Director of NA Fraud Analytics and Reporting will develop and implement analytical techniques to identify fraud trends and patterns, and develop strategies to mitigate risk on BMO NA Personal and Business Banking products across the enterprise.
The Director of NA Fraud Analytics and Reporting will lead the development of fraud models, strategies, and controls to mitigate the fraud loss in channels while balancing customer experience, operations and product P&L impacts. Accountabilities include reporting on overall fraud losses and trends including reconciling numerous metrics and creating summaries for Executives and Businesses.
The role will drive reductions in fraud losses through effective rule and model management, analytics and the application of advanced machine leaning techniques. The role will ensure that NA Fraud data, analytics and models fulfill the requirements of NA Fraud analytics and reporting, and customer investigations.
The role incumbent will define the short and long term vision for analytical solutions to drive our business forward to facilitate fast, analytically derived, connected customer and fraud prevention decision making.
The role has leadership and management responsibilities for the Director, NA Fraud Analytics and Reporting team who are accountable for data management, analytics, reporting, and modeling. The role and its team provide oversight and leadership for the management of critical analytics and reporting, the development and maintenance of data management processes, and the design, development, and testing of fraud models.
List and describe the major components of work (e.g., z, governance, people management, analysis) and the approximate percentage of time spent on each. What action does the job take (e.g., own, execute, support, co-ordinate)? What results or outcomes are expected? Provide examples to explain the impact to BMO. Is there anything unique and important to know about what this job accomplishes?
Oversight of Data, Analytics and Modeling
- Provide leadership and oversight over all NA Fraud critical applications by ensuring effective change management processes are followed, solutions are properly identified and designed, effective testing is performed, and implementations are properly planned and documented.
- Evaluate the effectiveness of models and controls following implementation and provide recommendations for improvements.
- Oversee the implementation of monitoring processes or feeds for new products and services to ensure data elements captured will accurately support the development of models within systems.
- Oversee the development and execution of modeling and reporting methods and develop strategic plans to address changes and coordinate model validation.
- Lead the application of sophisticated modeling techniques and an understanding of the latest advances in fraud analytics and predictive/analytical models to a wide range of products and services across the NA P&BB customer base in order to continually identify and understand new and emerging patterns of fraud and create up-to-date and effective models to be used to intercept and interrupt fraud.
- Provide direction to, and participate with, the inference analytics team to scope, understand and appropriately document fraud risk, developing requirements and longer term strategies to mitigate this risk across products and services where possible.
- Ensure monitoring of existing fraud models/strategies and ensuring that they meet false-positive and detection rate criteria; explains variances and recommends remedial actions; mines customer, account and transactional data to develop segmentation to improve fraud detection and minimize impact to legitimate transactions.
- Developing, implementing, monitoring and providing performance tracking of transactional and account level management of fraud strategies and fraud mitigation tools, including monetary and non-monetary events.
- Conducting ongoing analysis to identify root cause of fraud trends.
- Identify emerging fraud risks proactively through data analysis and internal/external stakeholders. Provide risk assessment and mitigation action plans to Management.
- Work with peers and Management to evaluate new fraud prevention and detection tools and/or processes to address fraud trends as required.
- Accountable for financial loss performance and customer experience generated by Fraud strategies.
- Provide direction and leadership for data mining and analytical assignments for ad-hoc Fraud projects as required.
- Attend industry meetings to keep abreast of fraud trends, industry standards and new technologies to enhance fraud process and influence the industry on new initiatives.
- Develop models and strategies to eliminated unnecessary client friction & improve the overall experience
- Leverage new and existing models that can help the team identify and deliver powerful insights resulting in fraud avoidance while improving client experience
- Develop, model and build predictive analytics in large data sets
- Perform pre and post implementation and benchmarking analysis for various related initiatives.
Change and Innovation
- Lead new development and/or enhancements to NA Fraud analytics, models, and reporting.
- Lead the operationalization of change initiatives within the function to ensure the optimal effectiveness and efficiency.
Operational Effectiveness / Risk Management
- Maintain current knowledge of the regulatory environment and changes across the Bank through constant collaboration and communication with relevant control functions and businesses. Identify the potential impact of regulatory and environmental changes on NA Fraud analytics processes and procedures.
- Ensure all activities are carried out in full compliance with regulatory requirements, Risk Management Framework and internal BMO FG Policies and Policy Standards.
- Identify potential risk and control gaps and provide recommendations to improve data acquisition, database transformation, report creation and delivery.
- Stay current with evolving and competitive trends and initiatives for BMO’s businesses and assess their implications for fraud risk controls.
- Work with business partners across BMO FG and Technology & Operations to understand requirements and achieve alignment between the analytics, business and technical sides of NA Fraud strategies to improve performance and effectiveness
- As part of the senior leadership team contribute to the development of optimal NA Fraud strategic alternatives by identifying and presenting opportunities for the effective deployment of analytics to support NA Fraud in its mandate.
- Strong partnership with fraud detection effectively managing the oversight of workflow queue alert prioritization and effectiveness based on ROI.
- Collaborate with Fraud Operations to deliver requirements for implementation of new fraud strategies.
Leadership and Management of a High-Performing Team
- Recruit, lead, manage and develop a diverse team using effective training, performance assessment and coaching techniques.
- Provide planning, leadership and direction to employees in order to align tasks and assignments with NA Fraud and Bank goals and objectives.
- Provide leadership and oversight in the recruitment, selection, retention, rewarding and development of employees.
- Ensure compliance with all Human Resources policies and procedures.
- Apply the Bank's performance management system to subordinates, including establishing goals and objectives, assessing skills and knowledge gaps, allocating resources to achieve objectives and close gaps, and assessing personal effectiveness.