Senior Manager - Supervision

Role Overview

Senior Manager - Supervision at ADGM, located in Abu Dhabi Global Market. The role is responsible for the supervision of a portfolio of insurance institutions in line with FSRA's regulations, risk appetite and international best practices.

Company Overview

The Financial Services Regulatory Authority (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 supervises banks, insurance companies, money service providers and capital markets intermediaries, following a holistic, proactive risk-based approach.

Role Purpose

The Senior Manager, Actuary, Insurance Supervision leads the supervision of insurance institutions within the Supervision Department. The role contributes to the development of FSRA's supervisory approach, enhancement of supervisory procedures and regulatory framework, and serves as a point of supervisory expertise and reference on insurance and prudential supervision matters. The Senior Manager works closely with the Director and peers across the Supervision Department and FSRA.

Key Responsibilities

Strategic Development

• Implement 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.
• Contribute towards the continued development of FSRA supervisory approach following international regulatory developments.
• Contribute towards the continued enhancement of supervisory procedures and regulatory framework, rules and policy initiatives.

Supervision & Risk Management

• Own effective supervision of financial institutions within the FSRA risk-based supervisory plan through effective use of supervisory tools.
• Develop a supervisory plan and strategy appropriate for assigned firms together with line manager and backup to mitigate identified supervisory concerns.
• Lead and assist in periodic risk assessments and thematic reviews of firms in line with supervisory work plan.
• Plan and execute supervisory reviews, actuarial and prudential assessments.
• Draft and communicate recommendations from assessments.
• Conduct ongoing analysis of prudential condition of financial institutions and their conduct of business.
• Conduct ongoing analysis of financial crime prevention activities.
• Conduct periodic implementation controls and progress reports in areas where deficiencies have been identified.
• Take prompt action against deficiencies and non-compliances identified.

Stakeholder Engagement & Reporting

• Lead meetings with Actuarial Function Holders and other senior management of supervised insurance undertakings.
• Review periodic reports and returns on an ongoing basis.
• Build and manage relationships with senior stakeholders among market participants and other relevant ADGM staff.

Technical Leadership & Advisory

• 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 other insurance supervisors within the Insurance and Pensions Supervision team in respect of technical matters.

Coordination & Policy Implementation

• Assist in implementing policies, rules and processes, including appropriate documentation for all assigned institutions.
• Liaise with other internal stakeholders such as Authorisation and other FSRA groups as appropriate.
• Participate and deliver on projects allocated thereto.
• Deliver additional tasks delegated from Director, including participating in and leading projects.

Team Management

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

Information Security

• Understand, adopt, adhere and practice responsibilities and controls as per ADGM Information Security policy and best practices.
• Maintain confidentiality, integrity and availability of ADGM information at all times, both within and outside ADGM.

Governance

• Adhere to all internal policies, procedures, standards and behaviours.

Qualifications & Experience

• Bachelor's or Master's Degree in Actuarial Science, Mathematics, Statistics, Economics, or another numerate discipline.
• Minimum 10 years of experience working in insurance supervision or related industry experience in Financial Services roles.
• Minimum 5 years as a qualified actuary.
• 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 in the assessment of risks to identify trends, identify concerns, consider appropriate remedial action and future regulatory requirements.
• Expertise in the implementation of regulatory policies.

Skills & Competencies

• 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.

Additional Information

Desirable Qualifications & Experience

• Professional 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.