Senior Manager - Supervision

ADGM limited; Abu Dhabi; On-site; AED 250,000 - 300,000; Full time

Job summary

A financial regulatory authority in Abu Dhabi is seeking a Senior Manager, Actuary, for supervising insurance institutions in alignment with regulations. The ideal candidate will have at least 10 years of experience in insurance supervision, contributing to the development of supervisory policies and regulatory frameworks. Strong analytical skills and stakeholder management are crucial. This position offers an opportunity to lead strategic initiatives within the financial sector and enhance supervision practices.

Qualifications

• Minimum 10 years of experience in insurance supervision or relevant industry experience.
• Deep understanding of regulatory standards for insurance.
• Strong analytical, communication, and stakeholder management skills.

Responsibilities

• Supervise a portfolio of insurance institutions.
• Contribute to the development of FSRA's supervisory approach.
• Lead risk assessments and regulatory reviews.

Skills

Regulatory standards knowledge

Analytical and quantitative skills

Stakeholder management

Team collaboration

Negotiation skills

Fluent in business English

Education

Bachelor’s / Master’s Degree in Actuarial Science, Mathematics, Statistics, Economics

Job description

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. The Supervision Department follows a holistic, proactive risk-based approach to supervision of financial service providers falling under its remit.

The Senior Manager, Actuary, Insurance Supervision role within the Supervision Department is responsible, in close liaison with the Supervision Director, for the supervision of a portfolio of insurance institutions in line with FSRA’s regulations, FSRA’s risk appetite and international best practices. The Senior Manager, Actuary, 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 Senior Manager, Actuary, will be expected to be a point of supervisory expertise and reference to the rest of the team on matters of insurance and prudential supervision and actuarial queries. The role works closely with the Director and other peers within the Supervision Department and across FSRA.

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 / backup to mitigate identified areas of supervisory concerns.
• Lead and assist in the periodic risk assessments and thematic reviews of firms in line with Supervisory work plan, including the planning and executing of supervisory reviews, actuarial and prudential assessments, and drafting and communication of recommendations.
• Leading 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 of financial institutions and their conduct of business as well as financial crime prevention activities.
• 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.
• Take prompt action against deficiencies and non-compliances identified.
• Deliver additional tasks that may be delegated from Director, including participating in and leading projects.
• Adhere to all internal policies, procedures, standards and behaviours’.
• Assist in implementing policies, rules and processes, including appropriate documentation for all assigned institutions.
• Liaise with other 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 to the rest of the team for the insurance sector and prudential supervision.
• Provide training to the other insurance supervisors within the Insurance and Pensions Supervision team in respect of technical matters.

Managerial

• Create an environment where team members consistently drive to improve performance.
• Where applicable, manage the team with full accountability for achieving overall agreed objectives.
• Manage by effectively empowering team members.
• Take responsibility for development of staff working with them / reporting to them as may be applicable.
• Review performance of team and addresses performance issues quickly through clear decisions as may be applicable.
• Contribute towards a team culture within the Supervision team.

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 in Actuarial Science, Mathematics, Statistics, Economics, or another numerate discipline.

Work Experience

• Minimum 10 years of experience working in insurance supervision or related Industry experience in Financial Services roles and a minimum of five (5) years as a qualified actuary.
• A deep understanding of all technical aspects of regulatory standards, and framework for insurance, in particular prudential risks and requirements. Detailed understanding of life and non-life reserving techniques and how risk is quantified.
• Considerable knowledge of insurance sector regulations, products, services, and market practices.
• Experience of the assessment of risks to identify trends, identify concerns, consider appropriate remedial action and future regulatory requirements.
• Expertise in the implementation of regulatory policies.
• Well-developed communications skills both in writing and orally.
• Strong analytical and quantitative skills with good attention to detail.
• 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.
• Demonstrate a proactive approach, ability to manage own workload and a strong commitment to delivering results.
• Fluent in business English.

Desirable:

• Professionally qualification in finance, accounting risk or other related specialism.
• Industry experience in Financial Services for example, in risk management, compliance or internal audit.
• Knowledge and experience of other financial sectors.
• Proficient in Arabic or other language(s) and understanding of the Arabic culture.