Associate Supervisor, Insurance & Takaful Supervision

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

Job summary

A national monetary authority in Malaysia is seeking candidates to assist in supervising financial institutions. The role involves financial assessments, compliance management, and collaboration with regulators. Candidates must hold a relevant degree and have at least 2 years of experience in finance or risk management. Opportunities for development and professional growth are provided.

Qualifications

• Must obtain 5 credits in Sijil Pelajaran Malaysia (SPM) including Bahasa Melayu, English and Mathematics.
• Minimum CGPA of 3.00 or Second Class Upper in related degrees.
• At least 2 years working experience preferred.

Responsibilities

• Assist Senior Supervisor in supervising financial institutions.
• Administer legal and regulatory requirements.
• Perform regular surveillance and assessments of assigned institutions.

Skills

Analytical skills

Risk assessment

Regulatory compliance

Communication skills

Collaboration

Education

Master/Bachelor Degree in relevant fields

Professional accountancy qualification (ACCA, MICPA)

Job description

ROLE PURPOSE:

Assist Senior Supervisor to:

• 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 Supervisor to identify material risks and vulnerabilities within the FI/financial group 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:

1. 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.
2. 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.
3. Escalate/communicate supervisory concerns and provide recommendations on supervisory/intervention/resolution measures to be imposed on FIs/financial group.
   • 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).

CRITICAL SUCCESS FACTORS :

• Accurate assessment of FIs’ areas of vulnerabilities
• Timely identification of potential vulnerabilities and emerging risk in FIs/financial group
• Adequate supervisory and operational infrastructure, and effective implementation of Supervisory Risk Framework.
• Clear line of reporting and escalation of pertinent information and issues to senior management to ensure well‑informed decision making
• Good working relationship with FIs, other regulators as well as other relevant departments in the Bank and external stakeholders
• Adequate supervisory resources including competent team members, and effective support from immediate supervisors/DDs
• Ability to assess issues, identify solutions and communicate/escalate concerns clearly and effectively.
• Targeted, comprehensive and timely training.

SKILLS / KNOWLEDGE:

• Candidate must obtain 5 credits in Sijil Pelajaran Malaysia (SPM) for subjects including Bahasa Melayu, English and Mathematics.
• Candidate must possess at least a Master/Bachelor Degree or professional qualifications in actuarial science, insurance/risk management, accounting, economics, banking, finance, business studies or commerce. with a minimum CGPA of 3.00 and above or Second Class Upper or any relevant professional qualifications.

OR

• Professional accountancy qualification (ACCA, MICPA etc) from a reputable academic institution
• At least 2 years of working experience
• Experience in financial sector, auditing or risk management, is an added advantage

ONLY SHORTLISTED CANDIDATES WILL BE NOTIFIED