Principal - Supervision (Insurance) - Hamilton, United Kingdom - Bermuda Monetary Authority

Bermuda Monetary Authority

Verified Company

Hamilton, United Kingdom

2 weeks ago

Posted by:

Tom O´Connor

beBee Recruiter

Description

Description:

Principal

Supervision (Insurance) Department

The Bermuda Monetary Authority (Authority or BMA) is seeking the services of a skilled and capable individual to work as a Principal in our Supervision (Insurance) Department.

Reporting to an Assistant Director, the Principal will lead a team responsible for regulatory supervision activity, including monitoring the insurer's performance, regulatory reporting and undertaking appropriate supervisory actions in line with legislation and/or strategic business goals.

This is a key role for the Authority and the post-holder will be responsible for but not limited to:

Undertaking on-site reviews and analysis of selected businesses and their respective capital models by utilising various risk assessment methodologies to evaluate compliance with existing laws, regulations, policies, plans and procedures and/or identifying risk issues and formulating reports on findings for submission and discussion with management
Developing agendas and schedules and attending prudential meetings with financial entities to discuss findings of the review, minute discussions/decisions and developing corrective action plans as appropriate
Monitoring the financial market with a specific focus on developments in the insurance industry (local and international), regulatory bodies/regimes, and accounting standards, as well as marketing information on insurance companies via monitoring of key indicators, newspapers, periodicals, media and relevant websites
Close monitoring of companies with compliance issues, ensuring timely followup with company representatives and ensuring appropriate supervisory action(s) is taken
Reviewing documents/reports/recommendations from staff on regulatory or operational matters and determining the appropriate course of action
Participating in local and international meetings, conferences, and seminars with other regulatory bodies, governmental agencies and the financial services industry
Providing managerial direction, leadership and supervision to the assigned team member(s), in addition to providing support for technical and administrative issues
Monitoring the performance of individual team members, providing routine mentoring and feedback and preparing formal performance appraisal reports as prescribed by the performance management process
Identifying training needs of direct reports in conjunction with core competencies and 'learning and development' established programmes for their development by way of formal training courses, special projects or onthejob exposure
Performing other related work and special projects as assigned by management in accordance with competencies normally associated with the post

This position requires a proven technical and business background.

Therefore, the post-holder must have:

A master's degree or equivalent qualification in a financial or accounting discipline from a recognised institution or professional body
A minimum of seven (7) years relevant experience, of which at least (3) years should be at a senior level working within a regulated financial services business, preferably in longterm insurance, or as a financial services regulator
Experience conducting or participating in forensic investigations or inspections would be beneficial

The Bermuda Monetary Authority is the integrated regulator of Bermuda's financial services sector. We offer the opportunity for broad exposure to international regulatory issues, special projects and a variety of work experiences.

Bermuda Monetary Authority is an Equal Opportunity Employer.

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