Senior Manager - Supervision

The FSRA is responsible for the regulation of Financial Services providers at Abu Dhabi Global Market and for the supervision of regulated activities.

The Supervision Division consists of the Supervision Department and the Markets Department.

The Supervision Department is responsible for the supervision of banks, insurance companies, money service providers and capital markets. The Supervision Department follows a holistic, proactive risk-based approach to supervision of financial service providers.

The Senior Manager Supervision is a role within the Supervision Department. The role holder is responsible, in close liaison with the Supervision Director, for the delivery of the supervision of a portfolio of Asset and Wealth Management Sector financial institutions in line with FSRA’s regulations, FSRA’s risk appetite and international best practices. These Firms include, but are not limited to, Asset Managers, Fund Managers, Trust Services Providers and Fund Administrators.

The role holder is expected to contribute towards the continued development of FSRA supervisory approach following international regulatory developments as well as the continued enhancement of supervisory procedures and regulatory framework, rules and policy initiatives. The role holder will be expected to be a point of supervisory expertise and reference to the rest of the team across a variety of sectors. The Senior Manager may be assigned direct reports for line management purposes. The role works closely with the Director and other peers within the Supervision Department and across FSRA.

Operational responsibilities

• Responsible for supervising financial institutions’ compliance with relevant rules and regulations and developing a risk-based supervisory plan, using all relevant information and the FSRA Risk/Impact Assessment methodology.
• Make appropriate use of supervisory tools such as reviews, third parties reviews, information requests etc.
• Complete the periodic risk assessment of firms, the drafting and execution of the supervisory work plan, including the planning and executing of supervisory reviews and drafting and communication of recommendations, in liaison with the Director.
• Review regulatory submissions made by relevant financial institutions
• Conduct ongoing analysis Asset Management Firms and associated entities (as well as any other Firms as assigned) conduct of business as well as financial crime prevention activities.
• Responsible for taking prompt action against deficiencies and non-compliances identified
• Conduct periodic implementation controls/progress reports in areas where deficiencies have been identified.
• Build and manage relationships with senior stakeholders among market participants and other relevant ADGM staff.
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• Deliver additional tasks that may be delegated from the Director (e.g. ad-hoc projects, spot reviews, investigation)
• Adhere to all internal policies, procedures, standards and behaviours.
• Assist in developing and implementing policies, rules and processes, including appropriate documentation for all assigned institutions.
• Deliver additional tasks that may be delegated from the Senior Executive Director / Director - Supervision.
• Liaise and collaborate with other internal stakeholders such as Authorisation and/or other FSRA groups to deliver effective supervision.
• Manage, or participate in and deliver on projects as allocated.
• Act as a subject matter expert and a point of supervisory expertise and reference across the FSRA.

Managerial

• Where applicable, manages assigned team with full accountability for achieving overall agreed objectives
• Fosters an environment where team members consistently drive to improve performance.
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• Manages by effectively empowering team members.
• Takes responsibility for development of staff working with them / reporting to them as may be applicable.
• Reviews performance of team and addresses performance issues quickly through clear decisions as may be applicable.
• Review and assess colleagues’ recommendations for approval of financial services provider applications and approve or escalate as necessary.
• Contribute to the development and production of sectoral reports and management information

Strategic responsibilities

• Contribute to the development of and responsible for implementation of the short term and long term objectives for the Supervision section.
• Assist in developing, enhancing and implementing the framework, policies, rules and procedures for governing and supervising Asset Management firms and associated entities.
• Assist in executing strategic direction

Information Security related

• Understand, adopt, adhere and practice responsibilities or controls as per ADGM Information Security policy and as per best practices explained in the induction and awareness sessions.
• Maintain confidentiality, Integrity and availability of the ADGM Information at all times i.e. within as well as outside ADGM.

Education

• Bachelor’s / Master’s Degree

Work Experience

• Min 10-12 years of experience in financial services regulatory supervision in a comparable supervisory body and /or Industry experience in Financial Services compliance / risk management / internal audit, preferably in Asset and Wealth Management and / or Fund Management
• Demonstrable line management experience.
• Experience in planning and executing risk assessments of Financial Services firms including both desk based and onsite.
• Considerable knowledge of conduct of business and asset / fund management regulations and international market practices.
• Considerable knowledge of AML / CFT and TFS regulation.
• Experience of the assessment of risks to identify trends and future regulatory requirements
• Expertise in the implementation of regulatory policies.
• Well-developed communications skills both in writing and orally.
• Strong internal and external stakeholder management skills
• Good influencing and negotiation skills.
• Demonstrate strong teamwork, working collaboratively with a team of diverse professionals.
• Demonstrate planning, organisation and analytical skills
• Demonstrate a strong sense of responsibility and impeccable integrity.
• Fluent in business English.

Desirable:

• Professionally qualified in one of the following disciplines: Asset or Wealth Management, Finance, Banking and Accounting, Risk Management, Law or related disciplines.
• Knowledge of international finance and corporate laws and regulations.
• Proficient in Arabic or other language(s) and understanding of the Arabic culture.