Assistant Director, Recovery and Resolution Planning (Insurance) - Financia

at  Bermuda Monetary Authority

FINANCIAL STABILITY AND RESEARCH DEPARTMENT

Bermuda Monetary Authority (Authority or BMA) is seeking the services of a skilled and capable individual to work as an Assistant Director of Recovery and Resolution Planning (Insurance) in our Financial Stability and Research Department. Reporting to the Deputy Director, the Assistant Director of Recovery and Resolution Planning (Insurance) will be responsible for providing appropriate technical advice to the Authority regarding recovery and resolution planning matters for the insurance sector. In addition, the post-holder will assist in the continuous design, enhancement and delivery of Bermuda’s resolution regime.

APPLICANTS FOR THIS POSITION ARE REQUIRED TO HAVE A TECHNICAL AND BUSINESS BACKGROUND. THEREFORE, THE POST-HOLDER MUST HOLD:

• A master’s degree or equivalent qualification in law, business, finance or related discipline from a recognised institution or professional body
• A minimum of ten (10) years’ relevant experience of which at least five (5) years should be at a senior level managing a team in the financial services industry and/or working experience with a financial services regulator
• Knowledge and experience with the range of legislation and regulations associated with insurance recovery and resolution, applying legislation to policies and procedures and assessing compliance
• Understanding of review, analysis and assessment principles, practices and tools (e.g., diagnostic, monitoring, assessment), along with a solid understanding of financial institution business structures, operations and governance to establish credibility of recovery plans
• Familiar with regulatory perimeter and governance, inclusive of legislative and regulatory requirements.
• Demonstrated history of project management experience, particularly in planning, leading projects, and managing risks and issues.
• Excellent organisational skills and the ability to prioritise multiple tasks, projects and assignments using effective time management skills
• Knowledge of relevant current developments in the national and international recovery and resolution frameworks.
• Forward-thinking leadership ability with a collaborative approach, effectively consulting with key constituents and being recognised as a valuable resource
• Strong written, verbal and presentation skills, along with a strong executive presence
• Strategic thinking skills with the ability to anticipate future changes in the broader environment
• Dynamic/flexible demeanour with exceptional stakeholder relationship management and client service skills and the ability to adapt communication strategies to the needs of the audience (e.g., simplifying complex messages)
• Research, risk assessment and analytical skills to review recovery planning, resolution practices and experiences in other jurisdictions to determine the most effective framework for Bermuda
• Experience resolving a financial institution will be beneficial
  The Bermuda Monetary Authority is the integrated regulator of Bermuda’s financial services sector. We provide various opportunities for broad exposure to international regulatory issues, special projects, and work experiences.
  If you are looking for a challenging opportunity in a team environment, we invite you to submit your application online via our ‘Careers at BMA’ page at www.bma.bm. Applications for this position must be received no later than 4 November 2024.
  Bermuda Monetary Authority is an Equal Opportunity Employer
  Individual Excellence…Collective Strength

• Leading and coordinating alignment efforts between the Financial Stability and Research Department (FSRD) and the Insurance Supervision Department (ISD) with regards to insurance sector recovery planning matters
• Acting as the Subject Matter Expert by providing ISD with appropriate technical input and support for the review and analysis of recovery and resolution plans
• Providing technical advice and guidance to the supervisory team on the interpretation and application of the recovery and resolution regime
• Carrying out annual thematical reviews of recovery plans
• Representing the department in various Colleges and Crisis Management forums
• Contributing to the ongoing development, enhancement and coordination of the recovery and resolution planning framework
• Contributing to the ongoing development, enhancement, and coordination of activities for resolvability assessments
• Creating and delivering internal training to supervisory teams on insurance recovery and resolution planning
• Delivering thought leadership and serving as a champion and subject matter expert for insurance recovery and resolution planning
• Coordinating and collaborating with other BMA departments on the development of the resolution framework
• Researching or analysing international trends in recovery and resolution
• Performing other related work and special projects associated with the Financial Stability and Research Department’s remit as assigned