Manager, General Insurance and Domestic Capacity (FDI)

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

Job summary

A national financial institution in Kuala Lumpur seeks a Manager for the General Insurance and Domestic Capacity unit. The role involves formulating and executing strategies to strengthen the regulatory framework of the insurance sector. Candidates should have a degree in finance or related fields and extensive experience in the financial or insurance sectors. Strong leadership skills are required to engage with stakeholders and manage a cohesive team, ensuring goals align with national financial objectives.

Qualifications

• Bachelor’s Degree or professional qualification in accounting, economics, banking, risk management, law, actuarial science, computer science or finance.
• Preferably 5 years of working experience in finance, economics or insurance with good understanding of central bank functions and specifically the insurance sector.

Responsibilities

• Manage formulation and execution of policies and strategies to modernize the general insurance regulatory framework.
• Lead monitoring and assessment of domestic and global trends in the insurance market.
• Collaborate with stakeholders to support initiatives improving financial services.

Skills

Advocacy and Advisory

Analysis and Policy Development

Diagnosis and Risk Assessment

Knowledge of Financial System and Interlinkages

Project Stewardship

Legal and Regulatory Requirements

People Management

Foresight

Communication

Data Science

Change Management and Agility

Education

Bachelor’s Degree in relevant field

Job description

Manager, General Insurance and Domestic Capacity (FDI)

Manager of General Insurance and Domestic Capacity unit in Financial Development and Innovation Department (FDI)

ROLE PURPOSE

Manage the formulation and execution of policies, strategies and solutions to modernize the general insurance regulatory framework, drive progressive sector development while ensuring alignment with financial stability objectives.

PRINCIPAL ACCOUNTABILITIES

• Formulate, recommend and execute policies, strategies and solutions relating to the development of existing and new financial institutions, intermediaries and technology players (including those that may not be currently directly supervised by the Bank), delivery channels, infrastructure and systems to improve efficiency and effectiveness of the insurance sector and its long-term development in line with the changing needs of the economy and financial stability objectives.
• Formulate, recommend and execute policies, strategies and solutions for the review and modernization of the general insurance regulatory framework.
• Lead the monitoring and assessment of domestic and global trends and insurance market development to guide the formulation of policies for the insurance sector in Malaysia.
• Lead research efforts to provide subject matter expertise and to serve as a credible voice on new and emerging areas relating to insurance sector development, reinsurance sector and support the growth of digital insurers.
• Lead, direct, influence, supervise and monitor efforts initiated/jointly initiated with the industry to address developmental concerns and promote a more orderly and efficient systems and market infrastructure.
• Collaborate with internal as well as external stakeholders to support the Government to undertake initiatives to elevate the effectiveness or efficiency of financial services and in alignment with industry needs.
• Manage and develop a cohesive and effective team, including by providing direction, guidance and feedback to staff, delegating responsibilities effectively and initiating staff development plans.

NATURE OF ACCOUNTABILITIES AND COMPETENCIES

Job Complexity and Problem Solving

The Manager primarily operates at the tactical level with oversight over operational responsibilities of First Level Executives. This role is critical in navigating challenges during strategy implementation. The role involves solving structured and semi-structured problems and coordinates across teams to implement initiatives, leveraging diverse sources of information to apply analytical thinking and sound judgment in resolving issues. The role also demands conceptual and innovative thinking to connect the dots, clearly identify underlying problems, and develop well-rounded policy proposals.

Leadership and Stakeholder Management

This role involves supervising team members, ensuring the successful delivery of projects, and actively supporting staff development. The Manager is responsible for engaging and managing a diverse range of stakeholders, including internal teams, project stakeholders and external engagements based on needs. This requires the ability to balance routine updates and manage moderately complex stakeholder engagements, supported the ability to navigate dynamic challenges effectively.

QUALIFICATIONS / EXPERIENCE

Bachelor’s Degree or professional qualification in accounting, economics, banking, risk management, law, actuarial science, computer science or finance.

Experience:

Preferably 5 years of working experience in finance, economics or insurance with good understanding of central bank functions and specifically the insurance sector.

PREVALENT & EMERGING SKILLS

Prevalent Skills

• Advocacy and Advisory: Communicates the Bank’s agreed stance and supports advocacy through policy articulation.
• Analysis and Policy Development: Conducts analysis and drafts policy proposals for review and implementation.
• Diagnosis and Risk Assessment: Assess risks in projects and policy proposals and recommends mitigation.
• Knowledge of Financial System and Interlinkages: Uses financial system insights to inform project and policy work.
• Project Stewardship: Manages project timelines, resources and stakeholder coordination.
• Legal and Regulatory Requirements: Understands legal frameworks and regulatory requirements relevant to assigned work and some understanding of regulatory requirements across the Bank.
• People Management: Ability to customise different approaches to managing diverse stakeholders effectively (e.g. Government agencies, management of ITOs, agents, public, interest groups).

Emerging Skills

• Foresight: Ability to identify and draw upon emerging trends to anticipate the next stage of development or emerging risks, or undertake scenario analysis.
• Communication: Ability to communicate clearly with various stakeholders both internally and externally, as well as negotiate effectively to advance the Bank's interest.
• Data Science: Applies data science techniques to support analysis and policy development. Leverages tools to uncover insights from complex datasets.
• Change Management and Agility: Applies understanding of new technologies to improve project delivery, keeping abreast of technological developments relevant to financial innovation.