Associate Supervisor, Insurance and Takaful Supervision Department

Associate Supervisor, Insurance and Takaful Supervision Department

Bank Negara Malaysia
Kuala Lumpur
0 - 3 Years
Not Specified

Job Description

ROLE PURPOSE:

Assist Senior Supervisor to:

  • Plan, organise and execute supervision of assigned insurance/takaful operator/group on a consolidated basis to ensure the Financial Institutions (Fis) operate in a safe and sound manner with no unanticipated amber FIs, stability of the insurance/takaful sector as well as FIs’ compliance with the applicable law and regulations. Identify material risks and vulnerabilities within the FIs and initiate prompt preventive or remedial actions.
  • Administer legal and regulatory requirements through timely processing of applications from FIs, and consistent application of laws, policies and standards.
  • Undertake enforcement actions for breaches and non-compliance with FSA 2013, IFSA 2013, and other relevant laws and regulations.


PRINCIPAL ACCOUNTABILITIES

  • Analyse and assess the financial condition, performance, risk profile, risk management control functions and culture as well as the business conduct and market practices of FIs for early detection of emerging supervisory concerns of the FIs/financial group.
  • Assess applications from FIs/financial holding companies to ensure compliance with applicable laws and regulations, and provide appropriate recommendations to Management in a timely manner.
  • Assess applications received from FIs/financial holding companies in accordance with internal SOP and approving authorities of the Bank.
  • Escalate/communicate supervisory concerns and provide recommendations on supervisory/intervention/resolution measures to be imposed on FIs/financial group. Execute supervisory processes in accordance with approved supervisory framework.
  • Assess FIs’ compliance with the relevant acts and regulatory requirements issued by BNM, via review of regulatory reporting and submission, and institute remedial action for breaches/non-compliance.
  • Understand emerging issues facing FIs, implications of FIs’ conduct and market practices on and overall financial stability. Able to identify, assess and propose appropriate solution with regards to intra/inter group, inter-linkages/inter-connectedness and implications on FIs/financial group.
  • Maintain strong collaboration internally and externally to exchange views, provide input, identify new developments and best practices to enhance the supervisory methodology and processes.
  • Undertake administrative functions and other ad-hoc assignments.
  • Maintain professional working relationship with home/host supervisors and other domestic regulators (SC, PIDM, Labuan FSA ).
CRITICAL SUCCESS FACTORS
  • Good working knowledge on insurance/takaful business and operations
  • Accurate assessment of FIs‘ areas of vulnerabilities
  • Timely identification of potential vulnerabilities and emerging risk in FIs/financial group
  • Adequate supervisory and operational infrastructure, and effective implementation of Supervisory Risk Framework.
  • Clear line of reporting and escalation of pertinent information and issues to senior management to ensure well-informed decision making
  • Good working relationship with FIs, other regulators as well as other relevant departments in the Bank and external stakeholders
  • Adequate supervisory resources including competent team members, and effective support from immediate supervisors/DDs
  • Ability to assess issues, identify solutions and communicate/escalate concerns clearly and effectively.
  • Targeted, comprehensive and timely training.
KEY CHALLENGES

  • Application of principle based regulations to various FIs considering differences in risk profile, and complexity
  • Balancing between ensuring effective supervisory intervention while considering need for proportionality, and the Bank’s development agenda
  • Keeping abreast with developments/changes in markets and practices, and supervisory/regulatory landscape
  • Identifying and understanding emerging risks from financial innovation and technology
  • Availability of accurate and current data/info to support assessments
  • Complexity of Group-wide/cross border supervision of financial groups with entities/subsidiaries located in Malaysia and other jurisdictions with different levels of regulatory/supervisory expectations
  • Developing/retaining an adequate pool of competent staff
  • Meeting challenges brought about by liberalisation, legislative changes and international developments
QUALIFICATION/EXPERIENCE

• Academic Qualifications: Master’s/Bachelor’s Degree or professional qualifications in actuarial science, insurance/risk management, accounting, economics, banking, finance, business studies or commerce with a CGPA of at least 3.00 or Second Class Upper or its equivalent, and Sijil Pelajaran Malaysia (SPM) or its equivalent with at least credit in five subjects including Bahasa Melayu, English and Mathematics.
• Experience: Experience in financial sector or auditing is an added advantage.

COMPETENCIES
TECHNICAL/FUNCTIONAL SKILLS
  • Legal and regulatory requirements
  • Financial analysis
  • Knowledge of business
  • Risk assessment of FIs

BEHAVIORAL

  • Self-confidence
  • Executive maturity
  • Drive performance excellence
  • Build team capability
  • Empowerment with accountability
  • Leverage strategic relationships
  • Organisational understanding
  • Engage and influence stakeholders
  • Holistic collaboration
  • Environmental awareness
  • Integrated thinking
  • Act for greater good


Bank Negara Malaysia, the nation's central bank, plays a key role in economic development, institutional building and in transforming the financial sector. The Bank also places greater emphasis in human capital management and development.

The Bank invests heavily in nurturing our talent to enhance their performance and realising their potential. Targeted talent development and career growth opportunities, continues to be given focus to drive performance.

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