Associate Supervisor, Insurance and Takaful Supervision Department (JP3)

Bank Negara Malaysia; Kuala Lumpur; On-site; MYR 150,000 - 200,000; Full time

Job summary

A prominent financial institution in Kuala Lumpur is looking for an Associate Supervisor to oversee the supervision of financial institutions. The role involves ensuring compliance with regulations and assessing financial stability. Candidates should have a relevant degree and experience in the financial sector is preferred.

Qualifications

• Master/Bachelor Degree or equivalent qualifications in actuarial science, insurance/risk management, accounting, or finance.
• Experience in financial sector or risk management is advantageous.

Responsibilities

• Plan and execute supervision of assigned financial institutions.
• Assess compliance with legal and regulatory requirements.
• Identify and propose solutions for regulatory issues.

Skills

Analytical skills

Risk management

Financial analysis

Regulatory compliance

Collaboration

Education

Master/Bachelor Degree in relevant field

Job description

Associate Supervisor, Insurance and Takaful Supervision Department (JP3)

Plan, organise and execute supervision of assigned insurer/takaful operator/financial group on a consolidated basis to ensure the financial institutions (FIs) operate in a safe and sound manner with no unanticipated amber FIs, stability of the insurance/takaful sector as well as FIs’ compliance with the applicable laws and regulations. This role entails assisting Senior Supervisorto identify material risks and vulnerabilities within the FI/financialgroup early and initiate prompt preventive or remedial actions.

Administer legal and regulatory requirements through timely processing of applications, and consistent enforcement of laws and regulations, e.g., Financial Services Act 2013 (FSA 2013), Islamic Financial Services Act 2013 (IFSA 2013), as well as policies and standards issued by Bank Negara Malaysia.

Principal Accountabilities

• Perform regular surveillance of assigned institution in accordance with approved supervisory processes/framework: Analyse and assess the financial condition, performance, business model, risk profile and risk management control functions, culture and governance as well as business conduct and market practices of FIs for early detection of emerging supervisory concerns. The assessment shall cover insurance, credit, market, strategic and operational risks as well as risk management capacities, including IT and security controls, governance practices and culture that are supporting key significant activities.
• Assess FIs’ compliance with legal and regulatory requirements as well as any additional requirements specified by the Bank, via review of regulatory reporting and submission, and institute remedial actions for breaches/non-compliances.
• Escalate/communicate supervisory concerns and provide recommendations on supervisory/intervention/resolution measures to be imposed on FIs/financial group.
• Understand emerging issues facing FI, implications of FI's conduct and market practices on overall financial stability.
• Identify, assess and propose appropriate solutions with regard to FI, intra/inter group, inter-linkages/inter-connectedness and implications on FI/financial group.
• Assess applications from FI/financial holding companies to ensure compliance with applicable laws and regulations and provide appropriate recommendations to Management on a timely manner, in accordance with internal SOP and approving authorities of the Bank.
• Maintain strong collaboration internally and externally to exchange views, provide input, identify new developments and best practices to enhance the supervisory methodology and processes.
• Undertake administrative functions and other ad-hoc assignments.
• Self development to meet corporate and personal goals.
• Maintain professional working relationship with home/ host supervisors and other domestic regulators (SC, PIDM, Labuan FSA).

Qualification / Experience

• Academic Qualifications: Master/Bachelor Degree or professional qualifications in actuarial science, insurance/risk management, accounting, economics, banking, finance, business studies or commerce.
• Experience: Experience in financial sector, auditing or risk management, is an added advantage.

ONLY SHORTLISTED CANDIDATES WILL BE NOTIFIED