Senior Manager, Insurance Supervision

JOB PURPOSE:Consistent with the Dubai Financial Services Authority’s (DFSA’s) strategic and business objectives, the Senior Manager’s role is to supervise reinsurers, captives, insurance and reinsurance intermediaries and managers/underwriters, operating in and from the Dubai International Financial Centre (DIFC). The Senior Manager acts as the primary interface with individual regulated entities in the DIFC and is expected to deliver effective and efficient risk-based supervision consistent with the DFSA’s Board of Directors statements of risk tolerance and to contribute to the achievement of the DFSA’s strategic and business objectives.KEY RESPONSIBILITIES:Supervision of Authorised FirmsA Senior Manager will spend the majority of their time dealing with allocated work streams for regulated entities. These allocated work streams will vary in terms of impact and complexity. A Senior Manager is expected to:Gather, organise and analyse data for Authorised Firms and industry to enable risk-based and proportionate supervision in line with DIFC and DFSA Laws, Rules and Regulatory Policy.Identify emerging risk trends, which could have a material impact on regulated entities, in order to take appropriate actions and inform the line manager accordingly.Conduct professional discussions with management of firms to gather and corroborate information.Monitor and assess risks of Authorised Firms and ensure they comply with supervision service standards, processes and procedures.Perform desk-based reviews and onsite examinations, thematic and event-driven reviews, analysing firm-specific financial and non-financial data through internal and external sources; write clear and concise memorandums and reports.Deal with firm related matters, such as Authorised Individual reviews including fit and proper interviews, Changes in Control reviews, and reviews of license or scope variations.Draw conclusions from supervisory engagements, recommend as well as follow up on corrective actions, as appropriate and support enforcement referrals, as necessary.Provide technical advice and guidance to firms on relevant matters in order to ensure delivery of effective and efficient risk-based supervision.Technical GuidanceAct as a technical expert in insurance risk, including underwriting, reserving, solvency and risk-based capital requirements pertaining to (re)insurers, and provide internal training as needed.Lead and participate in conducting specialised reviews such as actuarial valuation reports, captivebusiness models and run-off plans.Monitor developments in relevant international and regional regulatory standards and in the financial services industry (particularly that of the International Association of Insurance Supervisors (IAIS)) and provide inputs and updates.Assist in policy setting and in developing prudential related regulations.Educational BackgroundBachelor’s degree in a relevant field such as Business, Finance, Economics, Actuarial/Data Science,Law, Accounting or Risk Management.A post graduate degree in similar fields would be considered as an advantage. Or equivalent length of experience in the insurance industry dealing with regulatory issues.Evidence of continuing professional education relevant to the target position.Professional qualifications in insurance, such as CII, CPCU, ARM, Chartered Actuary, etc. would be considered as a plus.Professional ExperienceAt least 10 years of recent regulatory experience with a broadly equivalent financial services regulator with insurance background.Experience in practically supervising general insurers and/or reinsurers, preferably as part of an internationally active insurance group and/or operating in the field of commercial/industrial insurance or in the London Market, and also in dealing with their Board Directors and Senior Executives.Experience in dealing with financial services regulators, standard setters (particularly those relating to the IAIS on insurance supervision or other relevant international standard setters e.g. the FSB, IFSB).Additional experience in dealing with captive insurers, ILS, Lloyd’s syndicates, takaful undertakings and insurers in run-off would be considered as a significant advantage.Also, experience in the development and implementation of regulatory standards, policy analysis or insurance data analytics/dashboard development would be considered as an advantage.Knowledge, Skills & AttributesRobust understanding of the responsibilities/role of the regulator and appreciation of what it means to be a risk-based regulator/day-to-day supervisor.An in-depth knowledge of the financial services industry, particularly the international and regionalreinsurance sector, and its unique characteristics with proven understanding of the sector’s key risks, both at macro- and micro-prudential levels.Deep understanding of current and emerging risk management trends/issues as they relate to the insurance industry.Knowledge of the financial and/or non-financial performance indicators, data and risks, and the information and techniques used in the measurement and management of those risks.Working knowledge and experience in one or more of the following areas would be highly valued: Solvency II, IFRS 17 on Insurance Contracts, IAIS Insurance Core Principles (ICPs) and Insurance Capital Standard (ICS)Excellent research, analytical and problem-solving skills, with ability to apply judgment.Good people, organisation and time management skills embodied in a professional, diplomatic and ethical attitude.Excellent communication and presentation skills.Strong stakeholder management skills, including ability to engage effectively and confidently with international counterparts.Influential skills and ability to lead meetings and deliver difficult messages, where necessary.Be able to take initiative and to work flexibly, autonomously and co-operatively in a collaborative team environment.Capacity to deliver high quality work to demanding timescales.