Funeral Insurance Fraud Prevention Manager

3 weeks ago

Johannesburg CBD, South Africa Rand Mutual Admin Services Full time

Job Summary:


We are seeking a highly skilled and experienced Funeral Insurance Fraud Prevention Manager to join our team at Rand Mutual Admin Services. This role is responsible for proactively preventing and detecting suspicious and fraudulent activities in the funeral insurance space.


About the Role:



  • Conduct risk assessments to identify potential fraud risks within the RML space
  • Capture and analyze data to detect fraudulent activities and identify trends or irregularities within the industries and channels that RML operate, predominantly in the funeral space
  • Collaborate across various teams to assess fraud risks in business processes and recommend corrective actions
  • Contribute to the Due Diligence process before new funeral parlors or other partners are onboarded
  • Ensure that expenditure is incurred within the limits of the sanctioned budget
  • Ensure that new risks are identified, reported to risk for monitoring and that mitigating controls are implemented
  • Develop, implement, and monitor fraud prevention programs, initiatives, and establish mitigating controls for all RML stakeholders
  • Create and enforce policies and procedures aimed at minimizing the risk of fraud for RML and our partners
  • Educate internal and external RML stakeholders on fraud prevention strategies, including conducting fraud awareness training sessions
  • Assess and report any vulnerability on the business systems
  • Provide an independent opinion on fraud weaknesses and gaps within RMA, to avoid fraud risk
  • Represent RML LRC team at various risk forums and interact with other stakeholders
  • Monitor and analyze transactions and activities within RML, for signs of fraud or suspicious behavior
  • Conduct extensive field investigation to gather information on claims syndicates and with collaboration with the Hawks, SAPS, Department of Home affairs, Foreign Affairs, Insurance Crime bureau, SABRIC and other external stakeholders
  • Partner with RMA group investigations teams on fraud cases that affect RML
  • Maintain a database of incidents and outcomes for future reference and risk analysis
  • Ensure all fraud risk management practices are compliant with relevant regulations and standards
  • Prepare and present detailed reports on fraud risks, incidents, and prevention measures to senior management and partners/stakeholders on a monthly basis
  • Keep up-to-date with the latest fraud prevention techniques, technologies, and regulatory requirements
  • Review and enhance existing fraud prevention tools, techniques, and frameworks
  • Foster and drive culture of integrity and awareness within all teams in RML, to minimize fraud risks
  • Build a detection model with the data analysis obtained through past investigations and incidents and ensuring that the information gathered through investigations is embedded into the detection model
  • Proactively report on key insights and use these to identify opportunities for continuous improvement and innovation

Requirements:


We are looking for a certified professional with a proven track record of at least 15 years of experience within risk and/or fraud investigations. The ideal candidate should have a minimum of 6 years of experience in a fraud/forensic investigations role within the insurance industry and a minimum of 3 years in a managerial position.


The successful candidate will possess strong analytical skills, good presentation skills, and the ability to interact with internal and external stakeholders and partners at all levels. They should also have knowledge of business policies, processes, and procedures, as well as understanding of due diligence, accreditations, and policy onboarding processes.


A competitive salary package and various benefits are offered to the successful candidate, including flexible work arrangements (combination of remote and in the office). We value teamwork and collaboration and offer great opportunities for personal and professional development in a stable company that is 130 years strong.


Salary Range: R 1,500,000 - R 2,000,000 per annum


Language: English

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