Director, US Fraud Risk Management

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US Risk Management (RM) is led by the US Chief Risk Officer and is accountable on matters relating to the independent oversight of the management of risks inherent to CIBC’s activities in the US. These risks include, but are not limited, to ensuring that effective processes are in place for the identification, measurement, mitigation and monitoring of operational, reputation and legal, market, credit, investment and liquidity risk, collectively “CIBC Risk”, incurred by CIBC’s businesses, infrastructure and corporate governance groups.

Global Operational Risk Management (GORM), within Risk Management, is responsible for providing oversight of CIBC’s global operational risk exposures and provide effective independent challenge to the operational risk management risk activities. GORM is the owner of the Operational Risk Management Policy and Control Framework.

US Operational Risk Management department is responsible for providing oversight and second line of defense challenge of operational risk exposures within all business units across the US Region.

JOB PURPOSE

As the second line of defense, the Director, US Fraud Risk Management’s primary purpose is to:

• provide leadership in the deployment of fraud risk management practices in the US Region
• engage with senior leadership on the strategic direction of second and first line of defense fraud programs assess the US Fraud Risk Management function against industry practices and regulatory expectations ensure independent effective challenge over fraud risk maintain a fraud governance structure that is appropriate for the bank’s size, complexity, and risk profile monitor fraud risk against risk appetite

KEY ACCOUNTABILITIES

The Director, US Fraud Risk Management will be responsible for, but not limited to the following activities:

US Fraud Risk Management Program Sustainment

• Set US Fraud Risk Management’s annual work plan
• Attend industry consortiums to gain insight into second line of defense fraud programs across the industry and adjust US Fraud Risk Management’s program, as appropriate
• Fraud Risk Policy and Programs
• Chair US Fraud Risk Council
• Sustain US Fraud Risk Management’s Target Operating Model
• Escalate top fraud risks to the Head of US Operational Risk Management
• Sustain the US Supplement to the Fraud Management Policy and provide input into Fraud Management Policy refreshes
• Ensure an annual fraud awareness and training work plan is established and executed against
• Ensure the Fraud Stop Champion Program is operational and there is team member awareness of the program
• Provide independent effective challenge over reporting exercises
• Develop reports for CIBC Canada committees
• Develop the US Region Annual Fraud Risk Report
• Form Interaction Models with fraud stakeholders (e.g. Corporate Security, Fraud Management, Model Risk Management)
• Support GORM Fraud Risk Management on Operational Risk Taxonomy refreshes
• Attend US Region Committees (e.g. US Operational Risk Committee) to socialize the US Region fraud experience and perspectives on the fraud control environment, issues, programs
• Attend CIBC Canada Fraud Council Working Group meetings

Fraud Governance and Consulting

• Lead the independent effective challenge function over Change Initiative Risk Assessments, Risk and Control Self-Assessments, External Event Reviews, and Incident Reports
• Establish annual Fraud Risk Review plan and ensure reviews are relevant and meaningful for the US Region
• Perform independent effective challenge over fraud investigation data
• Ensure independent effective challenge submissions are provided to Enterprise Risk Management
• Monitor issues with a fraud nexus and consider themes for Fraud Risk Reviews
• Monitor fraud key controls against expected volume and appropriate classification of fraud sub-risk events
• Acquire industry intelligence to understand top line and emerging fraud risks
• Engage with first line of defense personnel on the management of Third-Party Risk Assessments
• Provide feedback/input on the continuous enhancements to fraud risk practices
• Stay current with the regulatory requirements related to fraud risk

Fraud Risk Measurement and Oversight

• Provide independent effective challenge over Risk Appetite Statement and non-Risk Appetite Statement metrics developed to monitor the US Region’s fraud experience
• Develop reporting mechanisms (e.g. dashboards) that appropriately convey the US Region fraud experience

Fraud Initiatives

• As a business partner to the US Region, provide value added fraud risk advice on initiatives that require significant engagement to influence, direct, review, and challenge activities. These may result from risk assessments; incidents; new or modified products or services; and fraud program changes.

People Management

• Set priorities for the US Fraud Risk Management team and provide leadership in achieving deliverables.
• Ensure competent staff is recruited, retained, developed, trained, motivated and rewarded fairly.
• Ensure roles and responsibilities of all team members are in line with business strategy and the team has role clarity.
• Manage performance by providing fair and accurate formal and informal feedback, identify and remove obstacles to performance and explain how performance expectations align with business priorities

Conduct and Culture Risk

Our CIBC risk culture is based on employees striving to exceed the expectations of ourselves and our leadership’s identification and mitigation of risks in their daily responsibilities, not just in quarterly or annual monitoring/assessments. We are all accountable for managing risk. As an employee, I must conduct myself (and foster an environment for others) in a manner consistent with our strong risk culture. This includes:

• Following all aspects of the CIBC Code of Conduct, as well as all applicable CIBC policies, frameworks, guidelines, processes and controls
• At all times acting in accordance with our Purpose and shared values, to achieve our Bank’s strategic goals
• Understanding and following the qualitative and quantitative components of our Risk Appetite Statements
• Completing all annual Corporate Mandatory Training and Testing modules, as well as any additional business-specific modules, as required and employing the learnings in daily activities and undertakings
• Escalating matters through one of the appropriate channels identified in the CIBC Code of Conduct (i.e., HR, management, Ethics Hotline, Whistleblower, etc.) upon observing activities that may be inconsistent with CIBC’s policies, frameworks, guidelines, processes and controls
• Speaking up if witnessing behaviors that drive poor or unfair outcomes for clients, team members or other stakeholders
• Escalating matters that can result in adverse market practices and outcomes, thereby negatively impacting CIBC’s reputation as a leading financial institution

CROSS-FUNCTIONAL RELATIONSHIPS

Internal relationships include: members within GORM; risk associates from the second line of defense (e.g. Compliance, Anti-Money Laundering) groups in the US Region; Internal Audit; and first line of defense representatives (e.g. Fraud Management, Corporate Security).

COMPLIANCE REQUIREMENTS/RESPONSIBILITIES

• Must comply with all applicable CIBC and Line of Business policies, standards, guidelines and controls.

AUTHORITIES/DECISION RIGHTS

• This job has the authority to recommend and execute changes to related business processes in order to mitigate fraud risk exposure.

KNOWLEDGE AND SKILLS

• College Degree in a related area (e.g. Criminal Justice, Criminal Science, Criminology)
• Fraud related designation preferred (e.g. CPP, CFE)
• Minimum of 10 years’ experience in Banking and Risk Management
• Familiar with a variety of fraud risk management topics, concepts, and practices
• Prior management/supervisory experience
• Excellent analytical, communication and interpersonal skills;
• Solid understanding of regulatory expectations and best practices of the financial industry;
• Good understanding of industry practices specific to fraud risk management and fraud controls;
• Ability to demonstrate CIBC’s core values (e.g. trust, teamwork, and accountability);
• Team player;
• Organized;
• Good conceptual thinker;
• A relationship builder; and
• Ability to manage multiple projects and/or initiatives simultaneously under tight deadlines.

WORKING CONDITIONS

Normal office environment; however, the environment is fast-paced and demanding. Incumbent may be required to work outside normal working hours to meet tight timelines and multiple deliverables.

At CIBC, our people are our greatest asset. You’ll become part of a diverse community that acknowledges everyone’s unique talents and empowers teams to do what’s right for the client and to do it well. As part of our team, you will:

• Thrive: Benefit from an open and approachable culture that provides the flexibility and support you need to integrate your life at work and home.
• Connect: Work in a place where the right technology and infrastructure foster innovation, collaboration, and creativity.
• Develop: Grow your skills and career through our best-in-class onboarding experience, ongoing learning opportunities, individual development planning, and comprehensive product training.
• Prosper: Share in our collective success with a competitive salary, incentive pay, banking benefits, health benefits programs, retirement savings, and more.

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What CIBC Offers

At CIBC, your goals are a priority. We start with your strengths and ambitions as an employee and strive to create opportunities to tap into your potential. We aspire to give you a career, rather than just a paycheck.

• We work to recognize you in meaningful, personalized ways including a competitive salary, incentive pay, banking benefits, a benefits program*, a vacation offering, wellbeing support, and MomentMakers, our social, points-based recognition program.
• Our spaces and technological toolkit will make it simple to bring together great minds to create innovative solutions that make a difference for our clients.
• We cultivate a culture where you can express your ambition through initiatives like Purpose Day; a paid day off dedicated for you to use to invest in your growth and development.

*Subject to plan and program terms and conditions

What you need to know

• CIBC is committed to creating an inclusive environment where all team members and clients feel like they belong. We seek applicants with a wide range of abilities and we provide an accessible candidate experience. If you need accommodation, please contact [email protected]
• You need to be legally eligible to work at the location(s) specified above and, where applicable, must have a valid work or study permit.
• We may ask you to complete an attribute-based assessment and other skills tests (such as simulation, coding, MS Office). Our goal for the application process is to get to know more about you, all that you have to offer, and give you the opportunity to learn more about us.