Senior Manager - Supervision

Overview

The FSRA is responsible for the regulation of Financial Services providers in the ADGM and for the supervision of regulated activities. The Supervision Division consists of the Supervision Section and the Markets Section. The Supervision Department is responsible for the supervision of banks, insurance companies, money service providers and capital markets intermediaries. It follows a holistic, proactive risk-based approach to supervision of financial service providers within its remit.

Role

The Senior Manager, Actuary, Insurance Supervision is responsible, in close liaison with the Supervision Director, for supervising a portfolio of insurance institutions in line with FSRA's regulations, risk appetite and international best practices. The role contributes to the development of FSRA's supervisory approach in response to international regulatory developments and to the ongoing enhancement of supervisory procedures, regulatory framework, rules and policy initiatives. The Senior Manager, Actuary serves as a point of supervisory expertise and reference on insurance and prudential supervision and actuarial queries, working closely with the Director and peers across the Supervision Department and FSRA.

Responsibilities Strategic responsibilities

• Implement 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 financial institutions.
• Assist in executing strategic direction.

Operational responsibilities

• Responsible for effective supervision of financial institutions within the FSRA risk-based supervisory plan, through effective use of supervisory tools.
• Develop a supervisory plan/strategy appropriate for the firms assigned thereto together with line manager/back-up to mitigate identified areas of supervisory concerns.
• Lead and assist in periodic risk assessments and thematic reviews of firms, including planning and executing supervisory reviews, actuarial and prudential assessments, and drafting and communicating recommendations.
• Lead meetings with Actuarial Function Holders and other senior management of supervised insurance undertakings.
• Review periodic reports and returns on an ongoing basis.
• Conduct ongoing analysis of prudential condition and conduct of business of financial institutions, including financial crime prevention activities.
• Conduct periodic implementation controls/progress reports for areas with deficiencies identified.
• Build and manage relationships with senior stakeholders among market participants and ADGM staff.
• Take prompt action against deficiencies and non-compliances identified.
• Deliver additional tasks delegated by the Director, including participation in and leadership of projects.
• Adhere to internal policies, procedures, standards and behaviours.
• Assist in implementing policies, rules and processes, with appropriate documentation for all assigned institutions.
• Liaise with internal stakeholders such as Authorisation and/or other FSRA groups, as appropriate.
• Participate and deliver on projects that may be allocated thereto.
• Act as a point of supervisory expertise and reference for the insurance sector and prudential supervision.
• Provide training to other insurance supervisors within the Insurance and Pensions Supervision team on technical matters.

Managerial

• Create an environment where team members consistently strive to improve performance.
• Where applicable, manage the team with full accountability for achieving overall agreed objectives.
• Manage by empowering team members.
• Take responsibility for the development of staff working with them or reporting to them, as applicable.
• Review team performance and address performance issues promptly through clear decisions, as applicable.
• Contribute toward a positive team culture within the Supervision team.

Information Security related

• Understand, adopt and adhere to ADGM Information Security policy and best practices from induction and awareness sessions.
• Maintain confidentiality, integrity and availability of ADGM information at all times, inside and outside ADGM.

Education

• Bachelor's / Master's Degree in Actuarial Science, Mathematics, Statistics, Economics, or another numerate discipline.

Work Experience

• Minimum 10 years of experience in insurance supervision or related financial services roles, with at least five (5) years as a qualified actuary.
• Deep understanding of regulatory standards and framework for insurance, including prudential risks and requirements; knowledge of life and non-life reserving techniques and risk quantification.
• Significant knowledge of insurance sector regulations, products, services, and market practices.
• Experience in assessing risks to identify trends, concerns, remedial action and future regulatory requirements.
• Expertise in implementing regulatory policies.
• Strong written and spoken communications skills.
• Strong analytical and quantitative skills with attention to detail.
• Strong internal and external stakeholder management skills.
• Good influencing and negotiation skills.
• Demonstrated teamwork and collaboration with a diverse professional team.
• Demonstrated planning, organization and analytical skills.
• Strong sense of responsibility and integrity.
• Proactive approach, with ability to manage own workload and deliver results.
• Fluent in business English.

Desirable

• Professional qualification in finance, accounting risk or related area.
• Industry experience in Financial Services in risk management, compliance or internal audit.
• Knowledge and experience of other financial sectors.
• Proficiency in Arabic or other languages and understanding of Arabic culture.

About Us

The FSRA was established to advocate a progressive financial services environment and uphold the integrity of ADGM. The FSRA's policies are aligned with internationally recognised standards and ensure that financial entities operate with certainty, market participants thrive in an equal level-playing environment, and the interests of investors are safeguarded.

About The Team

Abu Dhabi Global Market is an award-winning international financial centre located in the capital of the United Arab Emirates. Established by UAE Federal Decree, ADGM's jurisdiction extends across 114 hectares of Al Maryah Island. ADGM's three independent authorities-the Registration Authority (RA), the Financial Services Regulatory Authority (FSRA) and ADGM Courts-work together to ensure a business-friendly environment aligned with international best practices recognized by major financial centres worldwide.

Job code: EX-4E8C7346

Job type: Full-time

Location: ADGM

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