Director of Financial Security plays a critical role in safeguarding the institution’s assets and ensuring regulatory compliance related to financial activities. Here’s a brief overview of this portfolio:
Director of Financial Security: Role Overview
- Risk Management & Compliance:
- Oversees the implementation of policies and procedures to protect against financial crime, including fraud, money laundering, and terrorist financing.
- Ensures compliance with national and international financial regulations, such as anti-money laundering (AML) laws and the Bank Secrecy Act (BSA).
- Security Strategy:
- Develops and enforces financial security strategies to detect, prevent, and respond to threats.
- Collaborates with other departments (e.g., Compliance, IT Security, Internal Audit) to integrate security measures across the bank’s operations.
- Regulatory Reporting:
- Responsible for timely and accurate reporting of suspicious financial activities to regulatory authorities.
- Monitors transactions for anomalies and investigates potential violations.
- Training and Awareness:
- Leads training programs for bank staff on financial security protocols, fraud detection, and reporting procedures.
- Educates clients on best practices for safeguarding their accounts.
- Audit and Continuous Improvement:
- Regularly audits the bank’s security practices and updates procedures to mitigate emerging risks.
- Conducts internal investigations related to breaches or suspicious activities and implements corrective actions.