Managing Director, Fraud Risk Management

Your Opportunity

The Managing Director for Fraud Risk Management (FRM) is responsible for the assessment, measurement and oversight of Firm-wide fraud risk and prevention, policies, conducting fraud investigations, and filing regulatory required Suspicious Activity Reports (SARs) for Schwab’s multiple entities.

The MD will manage a team of approximately 180 client-facing employees with seven direct reports, responsible for conducting all Fraud Investigations, and Senior & Vulnerable Investors Surveillance and Investigations.  The MD is a high visibility representative of Schwab, serving as a primary liaison with regulators and international, federal, and state law enforcement. They will also act as an essential component of Schwab’s governance framework, and interact with Schwab senior leadership including IS, AS, CSB, CSPB, RPS, Audit, and Legal.

Key Outcomes:

• Effectively manage multiple teams conducting Fraud Investigations, Visa Check Fraud, Advisor Services Investigations, Senior & Vulnerable Investors Surveillance and Investigations, and eCrimes Oversight.
• Provide 1LOD Senior Management critical external Fraud risk advice and oversight on a day-to-day basis. Identify fraud mitigation opportunities, resolution of fraud incidents with clients, SAR reporting, liaising with law enforcement & peer financial institutions, and reviewing business line escalations and/or other referrals of potential suspicious activity.
• Engage senior management in business lines (IS, AS, CSB, CSPB, RPS), Legal, Compliance and risk on client issues, current and emerging fraud risks, ongoing management and evaluation of the Firm’s Fraud Prevention Program and best practices. Provide insight to business leaders on the escalation of increasingly complex fraud attempts as volume continues to increase.
• Ensure Fraud program meets the regulatory requirements and expectations including adherence to Regulation E, NACHA (National Automated Clearing House Association) and U.C.C. (Uniform Commercial Code) and internal compliance standards.
• Serve as a member of FCRM Senior Leadership Team, a voting member of the Fraud Risk Subcommittee and Operational Risk Oversight Committee, member of the SAFE ELT, and a participant of the AS, Retail and BTS Risk Committees. Provide the annual fraud update to the Board Risk Committee.
• Lead important risk decisions designed to protect the firm from legal, regulatory, and reputational risk.
• Refine and lead programs focused on protecting the client experience and safeguarding the Schwab Brand. Continue to evolve and innovate the fraud program to protect the firm and maintain client trust.   
• Implement a variety of scale and efficiency initiatives, including improvement of workflows, new technology and adoption of AI tools.
• Effectively partner in the strategy and design of data governance and centralization efforts currently underway both in FCRM and Corporate Risk Management.

What you have

Key Experiences & Ideal Profile

• Bachelor’s Degree required. JD or other advanced degree a plus.
• 10+ years of financial services experience including fraud, risk management, audit, or similar function in an environment of similar scale and complexity. Strong knowledge of Title 18 and 21 of the United States Code dealing with federal crimes and criminal procedures.
• Significant background in complex investigations to include fraud and managing investigators who serve in client and peer-facing roles.
• Experience in leading an operationally focused organization with the ability to act decisively in making informed judgment calls in response to unexpected fraud risks and the day-to-day business issues that arise.
• Proven ability to anticipate the downstream implications of criminal activity and balance prevention against client impact.
• Proven ability to collaborate effectively and build relationships across Schwab.
• Deep understanding of the regulatory requirements and expectations within a diversified financial services environment. Extensive experience working with the Federal Reserve a plus. 
• Clear, effective communicator with a comprehensive understanding of Schwab’s business and strategy.
• Experience in effectively assessing, selecting, and developing talent; adept at providing balanced, direct, and actionable feedback to employees.
• Exercise sound judgement in the selection and implementation of innovative technologies to include Machine Learning, AI and model governance to ensure the firm’s tools evolve with the fraud risk.