VARUNDEEP DUTT PADAKANDLA
Chennai
Summary
Dynamic Business Risk and Controls Analyst with a proven track record at CITI Bank, specializing in operational risk and controls monitoring. Enhanced transaction accuracy by 15% through strategic process improvements and effective communication. Expertise in fraud detection analysis and internal controls drives impactful results in risk mitigation and compliance. Methodical professional in quality control, known for high productivity and efficient task completion. Skilled in statistical analysis, process improvement strategies, and regulatory compliance. Excel at problem-solving, critical thinking, and effective communication to ensure quality standards are met and exceeded.
Overview
7
7
years of professional experience
Work History
Business Risk and Controls Analyst II
CITI Bank
Chennai
09.2024 - Current
- Part of First Line of Defense in operational risk and compliance (Risk and Management Domain) - Controls testing in Finance.
- Perform control walkthroughs, evaluate end to end procedures, perform and assess Design and Operational effectiveness of the controls and document issues for finalization with business management.
- Conducted comprehensive risk assessments for business processes, identifying potential vulnerabilities and recommending controls to mitigate risks.
- Developed, implemented, and maintained internal control frameworks in line with organizational policies and industry standards.
- Analyzed operational risks and collaborated with cross-functional teams to design and monitor risk mitigation strategies.
- Assisted in the preparation of risk reports and dashboards for senior leadership, highlighting key risk areas and control performance.
- Analyze documentation and processes to ensure monitoring execution checkpoints are properly addressed.
- Perform the review of Remediation plans for the control gaps identified.(On an Ad-hoc basis assisted the Front Line Issue Verification Team)
- Perform quality reviews on monitoring to ensure risk policies are executed and any exceptions are escalated for remediation.
- Identify trends, themes, tendencies that indicate emerging operational risk for CRS/ Brands Collections and Recovery.
- Analyzed and mitigated operational risks within cash management processes, leading to a 15% increase in transaction accuracy and compliance.
- Drove business transformation initiatives by implementing strategic controls in digital operations, resulting in a 30% reduction in potential audit discrepancies.
Lead Fraud and Claims Representative
Wells Fargo
Chennai
09.2023 - 09.2024
- Test systems, processes and procedures for efficiency and to identify gaps.
- Work with the internal partners and line of business teams to assist with procedure.
- Lead and assist with developing, defining and editing procedures and/or correspondences for projects.
- Led a team in analyzing and resolving over 1,000 fraud and claims cases monthly, ensuring compliance with regulatory standards and mitigating potential financial losses.
- Collaborated with cross-functional teams, including legal and compliance, to develop and implement enhanced fraud detection mechanisms, reducing false positives by 20%.
- Conducted fraud risk assessments across retail lending products, identifying high-risk segments and recommending mitigation strategies.
- Analyzed portfolio performance to identify early warning signals related to fraud-induced delinquencies.
- Partnered with credit underwriting teams to enhance fraud detection within decisioning processes.
- Monitored real-time fraud trends, recommending updates to credit policy and risk appetite frameworks.
- Conducted root cause analysis on fraud losses, refining fraud controls in underwriting and post-disbursement monitoring.
- Automated fraud reporting dashboards, providing insights into fraud trends and risk exposure.
- Monitored real-time fraud trends, recommending updates to credit policy and risk appetite frameworks.
- Conducted root cause analysis on fraud losses, refining fraud controls in underwriting and post-disbursement monitoring.
- Automated fraud reporting dashboards, providing insights into fraud trends and risk exposure.
Senior Fraud and Claims Representative
Wells Fargo
Chennai
03.2022 - 09.2023
- Resolved customer's disputes like Zelle transfers, online transfers and bank to bank transfers by performing activities such as reviewing claims and performing investigations and determining the error category and reimbursing funds.
- Kept records of customer interactions or transactions, recording details of inquiries, complaints, or comments, as well as actions taken.
- Investigated prior losses and other information on file and orders reports as needed at the direction of adjusters and management.
- Assisted adjusters with more complex claim handling, analyses documentation and settle basic, straight-forward, and routine claims quickly and efficiently.
- Service DDA, Savings, Credit Card, Money Movement, Fraud Claims, Fees, Online Banking, Fraud Block Verification inquiries and more.
- Research complex inquiries in a timely manner
- Collaborate with departments to assist in handling request.
- Mitigate risk by following and implementing policies and procedure.
- Worked claims and reviewed correspondences that were submitted for review prior to being sent to our customers.
- Successfully managed and resolved fraud claims for high-value accounts, improving claim resolution times by 25% and recovering over half million in fraudulent transactions.
Fraud and Claims Operation Representative
Wells Fargo
Chennai
07.2019 - 03.2022
- Handle, investigate and resolve the customer's fraud disputes on their bank accounts such as Savings account, Checking account, Credit Card, Personal Line Of Credit.
- Handled and trained in products like Online Transfers, Zelle Transactions (with in the bank and Inter-FI).
- Regulation E and banking guidelines are followed in the analysis of clear investigations.
- Good understanding about the process, SME for the current process in Wells Fargo both in Chennai and Hyderabad locations.
- Analyzed and resolved over 1,000 fraud and claim cases monthly, contributing to a 15% increase in case resolution efficiency through enhanced investigation techniques and collaboration with cross-functional teams.
Associate Fraud and Claims Operation Representative
Wells Fargo
Chennai
06.2018 - 07.2019
- Handle, review, investigate and resolve the customer's fraud disputes on their ATM/Debit cards.
- Analysis of debit card claims by researching on all disputes inquiries and respond to issuer disputed through VISA.
- Regulation E and banking guidelines are followed in the analysis of clear investigations about the disputes.
- Contributed my part in various idea projects (Project VFMP) and resulted in saving the bank a good amount of USD and time.
- Handled and cross-trained in various processes like Credit recoveries, missed opportunities, Visa fraud monitoring project (VFMP).
- Training and coaching new team members on process procedures and policies.
- Established and executed enhanced training procedures for fraud claim management, achieving a 30% reduction in processing time and ensuring 95% accuracy in resolutions, which contributed to improved operational efficiency.
Education
B.COM - Computers
Sree Vidyanikethan Degree College
Tirupati, India04.2017
Skills
- Card Transaction Management
- Fraud Detection Analysis
- Payments
- Risk compliance
- Controls monitoring
- Business Transition
- Internal controls
- Operational risk
Awards
- Played a key role in successful internal and external audits with minimal compliance findings.
- Ensured 100% compliance with regulatory requirements by strengthening internal controls.
- Identified and mitigated excess credit issues and prevented potential financial/reputational loss.
- Awarded for effectiveness in cross-functional collaboration in risk mitigation projects.
- Awarded for driving the continuous improvement of risk controls, which resulted in significantly lower instances of non-compliance and strengthened control structures across multiple business units.
Timeline
Business Risk and Controls Analyst II
CITI Bank
09.2024 - Current
Lead Fraud and Claims Representative
Wells Fargo
09.2023 - 09.2024
Senior Fraud and Claims Representative
Wells Fargo
03.2022 - 09.2023
Fraud and Claims Operation Representative
Wells Fargo
07.2019 - 03.2022
Associate Fraud and Claims Operation Representative
Wells Fargo
06.2018 - 07.2019
B.COM - Computers
Sree Vidyanikethan Degree College
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