At SentiLink we are uniquely successful because we have a uniquely rigorous approach to cultivating the deep understanding of our Fraud Intelligence Team. Not only is this a core value of SentiLink, but it is an essential element of a high caliber Risk function within any organization.
In this post, we will offer best practices for assessing and up-leveling your onboarding practices for new Risk analysts.
Before we dive into the details of setting up new analysts for success, let’s first look at SentiLink’s perspective on deep understanding.
Company wide, we focus on knowing the true characteristics of fraud – as experts in detecting and deterring identity fraud, we ascribe to the following behaviors in exhibiting deep understanding:
All SentiLink employees are well equipped to apply these behaviors from day one by way of mandatory training in the account opening fraud landscape and the tools we use to support our partners. Our commitment to deep understanding enables our team to create and sell best-in-class solutions.
As you scale your Risk function, here are several guidelines we have learned along the way that we recommend to ensure your new analysts bolster your team’s effectiveness.
Day One: Along with the typical company-wide onboarding, set up your new analyst with a checklist of expectations for their role in Risk. This checklist should clearly define the research, testing, and learning activities the analyst can expect to engage within the first four to six weeks of joining the team. We recommend the Risk team lead meet with a new analyst daily for the first two weeks to answer questions and ensure the path to success is clear (or if you haven’t reached enough scale for a manager, a senior member of the team can do this).
New Risk team members should also receive an overview of all responsibilities of the Risk function from a senior analyst – who can also serve as a mentor and resource for the new analyst going forward. As an example, our analysts focus on reviewing applications for several queues, so we familiarize each new analyst on these three categories of manual review work:
While the roles and responsibilities for your Risk team are specific to your business needs, the main takeaway is that each incoming analyst should be briefed on the functional responsibilities of the Risk team.
Month One: If your goal is to ramp up your new Risk team members quickly, you will need rigorous, well-supported training. The first month of training is crucial for instilling the level of consistency required to sustain a high-performance Risk team. New analysts should be introduced to the Risk team toolset on their first day, after which we recommend a two to four week training course that builds and tests core skills and understanding needed to perform the role of a risk analyst.
As an example, all new SentiLink employees see the SentiLink Dashboard in their first session of a two week course we refer to as our Fraud Intelligence Training Program. Our Risk team completes the intensive version of this training along with new members of the Data Science, Sales and Partner Success teams (all other new employees take the lite version of the course over the same two week period). The initial sessions of the course consist of live training with experienced Fraud Intelligence Analysts and sequestered blocks of focused self-study. Due to the detail-oriented nature of the role, new analysts continue collaborating with senior analysts to label cases during the latter two weeks of the first month to ensure they follow the high fidelity labeling conventions of the Fraud Intelligence Team.
New analysts who join the SentiLink team can count on their colleagues for help with nuanced cases during their first month and beyond, until they are able to review and apply labels autonomously. However, ensuring the stickiness of the training during this intensive time is not guaranteed, so we recommend building structured resources and ensuring accessible support into the training program so that the first month is as empowering as possible.
Equip new analysts with a wealth of resources that are stored in an easy to find (or bookmark) and easy to navigate repository. Here are potential resources to include:
In addition to the central repository of resources, new analysts will also need continuous access to the wisdom and experience of the team. Here are practical ways to build support into the ramp process:
Take great care to measure all of your risk analysts using the same high standards for labeling accuracy while also building a diverse group with different industry backgrounds – recognizing the valuable, unique knowledge each Risk team member has to share. Fostering deep understanding within your Risk team requires encouraging new analysts to ask several questions and equipping senior members to answer those questions. An established quality assurance process ensures cases labeled by new risk analysts are reviewed by their manager and feedback is given immediately, further setting them up for success in the role. The QA should not stop once a new analyst is fully ramped, but rather all analysts should engage in regular QA sampling such that high standards for labeling accuracy are perpetuated.
Our Fraud Intelligence Team has over 80 years of combined fraud experience in multiple industries. From this expansive knowledge trust, we teach all the details surrounding fraud: synthetic fraud, identity theft, first-party fraud, friendly fraud, elder abuse, etc. We make certain that after completing the Fraud Intelligence Training Program, everyone (Fraud Intelligence Analysts and the other SentiLink teams) are able to review and label applications without help. The guidance given here will ensure your team is also well prepared for success.