Fraud and Risk Management Functional Consultant

Cogency Inc; Pune District; On-site; INR 1,200,000 - 1,800,000; Full time

Job summary

Cogency Inc. is seeking a Fraud and Risk Management Functional Consultant for on-site Pune.

You will lead the design, implementation, and integration of fraud risk management strategies within financial institutions, partnering with business and technical teams to define requirements and translate them into effective solutions. You will drive governance around AML/KYC processes, implement detection systems, and ensure compliance with PCI-DSS, GDPR, and related regulations.

Qualifications

• 5 years of Fraud Risk Management experience in the financial services industry.
• Hands-on experience in AML, KYC, and transaction monitoring.
• Proven track record of implementing and integrating fraud management systems (Actimize/ACI/SAS).
• In-depth knowledge of PCI-DSS, AML, and GDPR compliance.
• Strong communication and analytical problem-solving skills.

Responsibilities

• Lead design and implementation of Fraud and Risk Management strategies for financial institutions.
• Translate requirements into functional specs for fraud prevention tools and integrations.
• Oversee system configuration, customization, and data migration for fraud platforms.
• Develop real-time fraud detection alerts and management reports.
• Ensure regulatory compliance and best practices in fraud risk management.

Skills

Fraud Risk Management

Functional Consulting

Transaction Monitoring

Regulatory Knowledge

Communication Skills

Analytical Skills

Data Management

Tools

Actimize

ACI

SAS

SQL

Job description

Position: Fraud and Risk Management Functional Consultant

Location: Pune

Resource Availability: On-site Availability, F2F Interview at

Key Responsibilities:

• Fraud Risk Management Strategy: Lead the design and implementation of Fraud and Risk Management strategies for financial institutions, ensuring effective identification, detection, and prevention of fraud activities. Assist in setting up risk models, fraud detection frameworks, and procedures to minimize financial loss and business exposure to fraud-related activities. Collaborate with key stakeholders to align fraud risk policies with organizational objectives.
• Solution Design & Customization: Work closely with business and technical teams to define business requirements for fraud prevention systems and solutions. Translate business requirements into functional specifications for implementing fraud risk management tools, integrating them with existing systems. Provide expertise on Fraud Detection Systems, including tools for transaction monitoring, anti-money laundering (AML), and KYC (Know Your Customer) procedures.
• Implementation & Integration: Lead the implementation of fraud management solutions, including system configuration, customization, and integration with existing enterprise systems (ERP, CRM, etc.). Support integration of fraud detection systems with payment gateways, financial systems, and other critical infrastructures. Assist in data migration, ensuring the smooth transfer of fraud-related data between legacy systems and new fraud management platforms.
• Fraud Monitoring & Reporting: Implement continuous monitoring of fraud risk metrics and incidents, ensuring timely detection and resolution of issues. Develop and configure real-time fraud detection alerts and reporting systems to keep business stakeholders informed of risks and incidents. Provide regular updates and reports on fraud metrics, incident analysis, and mitigation strategies.
• Regulatory Compliance & Best Practices: Ensure compliance with regulatory requirements related to fraud risk management, such as PCI-DSS, GDPR, and AML regulations. Advise on industry best practices for fraud risk management and cybersecurity to strengthen the organizations fraud prevention measures.
• Post-Implementation Support & Continuous Improvement: Provide post-implementation support, including system maintenance, troubleshooting, and resolution of fraud-related issues. Analyze system performance, identify potential gaps or inefficiencies, and recommend process improvements and new features. Conduct user training and knowledge transfer to ensure operational teams are well-equipped to manage fraud-related tasks effectively.

Required Skills and Qualifications:

• Experience: 5 years of experience in Fraud Risk Management in the financial services industry, with a strong background in functional consulting.
• Functional Expertise: Hands-on experience in designing, implementing, and managing fraud detection and prevention solutions, including AML, KYC, and transaction monitoring.
• Solution Implementation: Proven experience in implementing and integrating fraud management systems, including familiarity with major fraud detection platforms and technologies (e.g., Actimize, ACI, SAS, etc.).
• Regulatory Knowledge: In-depth knowledge of compliance requirements related to fraud management (e.g., PCI-DSS, AML, GDPR, etc.).
• Communication Skills: Strong ability to communicate complex fraud and risk concepts to both technical and non-technical stakeholders.
• Analytical Skills: Excellent problem-solving and analytical skills to identify risk areas and propose effective mitigation strategies.
• Data Management: Knowledge of data migration, data security, and the ability to manage fraud-related datasets within various enterprise systems.

Preferred Skills (Good to Have):

• Experience with Advanced Fraud Detection Tools: Familiarity with machine learning and AI-based fraud detection tools for predicting and identifying potential fraudulent activities.
• Certifications: Professional certifications such as CFE (Certified Fraud Examiner), CAMS (Certified Anti-Money Laundering Specialist), or FRM (Financial Risk Manager) would be a plus.
• Technical Proficiency: Basic understanding of SQL, data analytics, and reporting tools for analyzing fraud patterns and trends.
• Cybersecurity Knowledge: Familiarity with cybersecurity concepts and tools as they relate to fraud management.

Candidate Profile:

• Industry Experience: Strong background in fraud and risk management in the financial services, banking, or insurance industry, with a deep understanding of fraud detection methodologies and regulatory compliance.
• Problem Solving: Demonstrated ability to identify, analyze, and mitigate fraud risks through the implementation of appropriate systems, processes, and technologies.
• Leadership & Communication: Ability to lead cross-functional teams and interact effectively with clients, stakeholders, and executive leadership to implement fraud management strategies.