Risk & Fraud Officer - Fintech Services

Midland States Bank•Chicago, IL

7d•Hybrid

About The Position

The Risk and Fraud Officer – Fintech Services is a crucial leadership role within our Banking as a Service (BaaS) line of business. This position reports directly to the Senior Manager - Fintech Services and serves as an advisor to the Director of Financial Crimes, and Chief Digital Officer and the executive management. This position is a leadership role responsible for overseeing and enhancing the bank's fintech and third-party fraud management programs, developing and implementing risk and fraud management strategies, and ensuring alignment with regulatory requirements and industry standards.

Requirements

Bachelor's degree in finance, risk management, business administration, or a related field preferred.
8+ years of experience in banking compliance with a strong emphasis on fraud management.
Minimum of 5 years of experience leading teams with demonstrated success coaching and motivating team members.
Comprehensive understanding of federal and state banking regulations with specific expertise in fraud prevention.
Compliance professional certifications are required with a focus on fraud management (e.g., CFE - Certified Fraud Examiner).
Excellent oral, written, and interpersonal communication skills with the ability to instruct others, interpret documents, and write reports and correspondence.
Excellent organizational and time management skills.
Ability to deal with complex problems involving multiple facets and variables in non-standardized situations.
Maintain compliance with all applicable regulations including, but not limited to, the Bank Secrecy Act (BSA).

Nice To Haves

Experience in Banking as a Service (BaaS) and Fintech is highly desirable.
Ability to travel up to 10% to various locations, company branches, and third-party sites nationwide.

Responsibilities

Manages a team of professionals in a customer-centric culture to excel in a fast-paced environment.
Coaches, develops, and conducts performance management activities with direct and indirect reports.
Identifies high-potential employees for advanced training and development opportunities.
Effectively manages poor performers.
Provides leadership and promotes MSB Core Values and best practices through the management of the Fintech services department.
Ensures all team members are trained and aware of their responsibilities related to risk and fraud management.
Leads the development and implementation of fraud detection and prevention strategies for the Bank's BaaS offerings.
Provides strategic guidance on fraud management for new and existing Fintech products and services.
Oversees the compliance and fraud management processes, ensuring adherence to regulatory requirements and best practices aligned to the second line of defense requirements.
Conducts thorough investigations of suspicious activities and ensure timely reporting and resolution.
Maintains proficient knowledge regarding best practices for fraud detection, prevention, and loss mitigation.
Addresses applicable regulatory changes that impact business units and ensure timely and accurate Suspicious Activity Report submission.
Monitors and analyzes third-party vendor performance to detect and mitigate fraud risks.
Utilizes tools and software such as Verafin and Cable to enhance monitoring capabilities and ensure effective BSA/AML compliance.
Maintains detailed logs and reports of ongoing monitoring activities, including transaction alerts, investigation results, and any corrective actions taken.
Serves as a primary risk and fraud liaison between Fintech partners and the Bank, ensuring effective communication and collaboration.
Partners with management on the integration of new technologies and innovative approaches to enhance the Bank's BaaS offerings.
Reports any identified risks, issues, or incidents to the second line of defense and senior management.
Manages and coordinates across various functions including compliance, fraud management, and deposit operations aligning with the bank's strategic objectives.
Oversees the implementation of first-line defense methodologies for Bank Operations, Risk, Compliance, and Fraud Management of our third-party partners.
Participates in and leads project management-related duties for various BaaS initiatives.
The role requires occasional travel for training and team meetings, and willingness to travel periodically, to locations within market as needed.
May require work in a Midland office to ensure collaboration and support of internal and external customers.
Maintain compliance with all applicable regulations including, but not limited to, the Bank Secrecy Act (BSA).
Other duties as assigned.