Assistant Director

3 weeks ago

Hamilton, United Kingdom Bermuda Monetary Authority Full time

**Description**:
Assistant Director - Conduct Regulation, Banking

Supervision (Conduct Regulation) Department

Bermuda Monetary Authority (Authority or BMA) is seeking the services of a skilled and capable individual to work as an Assistant Director, Conduct Regulation in the Supervision (Anti-Money Laundering/Anti-Terrorist Financing) and Conduct Regulation Department. Reporting to the Director, the post-holder will be responsible for assisting the Authority in executing and enhancing the risk-based regulatory framework for conduct across the Banking sector. The primary focus will be on the supervision of businesses in the Banking sector. The post-holder will also assist with ongoing engagement with the Ministry of Finance, Department of Consumer Affairs, industry participants and other stakeholders in Bermuda, together with international standard-setting bodies to assert and maintain a focus on customer protection. The post-holder will proactively identify conduct issues in Bermuda through data collection and analysis from the local market and deep-dive reviews of our current supervisory framework, informed by international developments/trends, and propose appropriate responses through policy or framework changes or other actions to enhance the breadth and depth of the conduct regulatory regime.

This is a key role for the Authority and the post-holder will be responsible for but not limited to:

- Executing the general market conduct supervision framework for the Banking sector, covering: licensing, conduct risk profiling, ongoing supervision including escalation to Enforcement Department when necessary and customer complaint analysis
- Collaborating closely with the sectoral Prudential supervisory team(s) to coordinate the execution of all aspects of the supervision framework with the Prudential team. Partnering with the Prudential supervisory team(s) to draft supervisory reports arising from on-sites or other reviews for review by the Director. Presenting the findings to the On-site Review Committee. Delivering reports to advise directors, company senior management and auditors of market conduct review findings as they relate to identified areas of non-compliance with market conduct standard practices
- Continuously improving the conduct supervisory regime for the Banking sector. Proactively identifying conduct issues in Bermuda through data collection and analysis from the local market, ongoing engagement with the Department of Consumer Affairs and other stakeholders and deep-dive reviews of our current supervisory framework. Remaining informed about international developments/trends in both conduct framework developments and specific issues or cases. Leveraging this intelligence to propose appropriate responses through policy or framework changes or other actions to enhance the breadth and depth of the conduct regulatory regime
- Providing regular management reports regarding supervision activities undertaken, domestic complaints analysis and international scanning
- Coordinating escalations to the Enforcement Department for possible regulatory or enforcement action
- Supporting the Director in the design and development of customer and company material designed to educate and protect the public and promote industry compliance with set standards
- Actively exercising key external relationships with the Department of Consumer Affairs, Industry and other stakeholders to ensure consistent communication and co-operation
- Enhancing knowledge and staying current with principles, practices, techniques, methods of supervision and regulations, laws and rulings and company practices
- Performing other related work and special projects as assigned by management in accordance with competencies normally associated with the post

This position requires a proven technical and business background. Therefore, the post holder must have:

- A Master’s level degree from a recognised institution in a business or finance-related field OR equivalent professional qualification(s) from a recognised professional body in tandem with relevant work experience suitable to the responsibilities of the position (e.g. ICA, ACAMS, CFA, FRM)
- Minimum of ten (10) years experience within the banking sector or in a banking regulatory role of which at least five (5) years should be at a senior level..
- Proven experience in the evaluation of corporate governance structures, risk management frameworks and/or internal controls
- Knowledge of relevant local and international regulatory standards

Bermuda Monetary Authority is the integrated regulator of the financial services sector in Bermuda. We offer the opportunity for broad exposure to international regulatory issues, special projects and a variety of work experiences.

Bermuda Monetary Authority is an Equal Opportunity Employer.

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