Senior Specialist of Prudential Supervision at Pinyon

Riyadh, Riyadh Region, Saudi Arabia -

Full Time

Start Date

Immediate

Expiry Date

29 Jun, 26

Salary

0.0

Posted On

31 Mar, 26

Experience

5 year(s) or above

Remote Job

Yes

Telecommute

Yes

Sponsor Visa

Skills

Prudential Supervision, Risk-Based Supervision, Financial Analysis, Actuarial Data Synthesis, Risk Monitoring, Regulatory Returns Analysis, Solvency Calculations, ORSA Reports Review, Financial Statement Review, Risk Exposure Assessment, Benchmarking, Early-Warning Indicators, Onsite Inspections, Capital Management, Investment Risk, Mentoring

Industry

Description

Job Overview This role is conducted within the vision, mission, and strategic plan of the Insurance Authority. The Senior Specialist of Prudential Supervision safeguards the financial resilience, governance integrity and regulatory compliance of locally licensed and foreign reinsurers under the Authority’s jurisdiction. Reporting to the Manager of Prudential Supervision, the role delivers comprehensive offsite analysis, onsite assessments and risk-monitoring activities that underpin the Authority’s Risk-Based Supervision Framework. By synthesising financial, actuarial and risk data into actionable insights and escalation recommendations, the position enables timely supervisory interventions, proportionate enforcement measures and strategic portfolio oversight. The incumbent also advances continuous-improvement initiatives and external stakeholder collaboration to strengthen prudential standards and foster a stable, competitive reinsurance sector. Responsibilities and Tasks * 'Analyse quarterly and annual regulatory returns, solvency calculations and Own Risk & Solvency Assessment (ORSA) reports, validating data quality and highlighting emerging capital-adequacy issues for management escalation. * Review reinsurers’ financial statements, actuarial valuation reports and credit-risk exposures, preparing concise assessment memoranda in accordance with the Authority’s Supervisory Review Methodology. * Benchmark individual reinsurers’ key ratios against peer groups and international standards, identifying outliers and recommending targeted supervisory actions. * Maintain the department’s early-warning indicators dashboard, updating risk metrics and flags within agreed timelines and ensuring completeness of documentation on the Prudential Supervision System (PSS). * Prepare periodic supervisory-risk profiles and contribute inputs to the Integrated Risk Committee, enabling informed prioritisation of onsite examinations and thematic reviews. * Draft clear, data-driven briefs and management-information packs for the Manager, supporting evidence-based decision-making and regulatory correspondence. * Plan logistics for focused onsite inspections, compile pre-inspection information requests and coordinate with reinsurers to secure timely submissions. * Participate in onsite reviews as a work-stream lead for capital-management and investment-risk areas, conducting file testing, interviewing key personnel and documenting findings in line with inspection manuals. * Track closure of supervisory recommendations and remedial-action plans, following up with entities and updating the central issues-tracking register. * Review requests for dividend distributions, capital injections, portfolio transfers and other prudential approvals, ensuring compliance with Prudential Rulebook thresholds before drafting recommendation notes. * Support the drafting of warning letters, penalties and supervisory agreements by compiling evidence, legal citations and quantitative impact analysis. * Liaise with the Legal Affairs Section to ensure enforcement actions are procedurally robust and properly recorded in the Enforcement Management System. * Contribute to the periodic refinement of prudential-reporting templates and data-validation scripts, driving efficiency and consistency across filings. * Mentor junior Specialists by sharing analytical techniques, Authority policies and best-practice documentation standards, fostering a learning culture within the team. * Perform other job duties as assigned. The Insurance Authority (IA), the insurance regulator of the Kingdom of Saudi Arabia was established by royal decree No. 85 dated 28/01/1445 H. IA has a clear mandate to become the dedicated regulator for the Kingdom’s insurance sector. The IA aims to regulate, supervise and control the insurance sector in the Kingdom in a way that supports and enhances its effectiveness, works to develop insurance awareness, protect the rights of the insured and beneficiaries, stabilize the insurance sector, contribute to financial stability, promote and develop the insurance sector, and work to consolidate the principles and pillars of the insurance contractual relationship. The Talent Acquisition at IA is dedicated to attracting and hiring talented individuals who share our commitment to excellence and innovation. We ensure an efficient and candidate-friendly hiring process, offering timely responses and a seamless experience. Our team is committed to fostering a diverse and inclusive work environment, where every new team member can thrive and contribute to our success. Join us to be part of a dynamic organization that values growth, collaboration, and continuous development.

Responsibilities

This role involves safeguarding the financial resilience and regulatory compliance of licensed reinsurers by delivering comprehensive offsite analysis, onsite assessments, and risk-monitoring activities under the Risk-Based Supervision Framework. Key tasks include analyzing regulatory returns, reviewing financial data, benchmarking performance, and preparing actionable insights and escalation recommendations for timely supervisory interventions.