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Associate Supervisor, Insurance and Takaful Supervision

Salary undisclosed

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Position: Associate Supervisor - Insurance and Takaful Supervision Department

ROLE PURPOSE:

  • Plan, organise and execute supervision of assigned insurer/takaful operator/financial 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 laws and regulations. This role entails assisting Senior Supervisor to identify material risks and vulnerabilities within the FI/financial group early and initiate prompt preventive or remedial actions.
  • Administer legal and regulatory requirements through timely processing of applications, and consistent enforcement of laws and regulations, e.g., Financial Services Act 2013 (FSA 2013), Islamic Financial Services Act 2013 (IFSA 2013), as well as policies and standards issued by Bank Negara Malaysia.

PRINCIPAL ACCOUNTABILITIES:

  • Perform regular surveillance of assigned institution in accordance with approved supervisory processes/framework:
  • 1. Analyse and assess the financial condition, performance, business model, risk profile and risk management control functions, culture and governance as well as business conduct and market practices of FIs for early detection of emerging supervisory concerns. The assessment shall cover insurance, credit, market, strategic and operational risks as well as risk management capacities, including IT and security controls, governance practices and culture that are supporting key significant activities.
  • 2. Assess FIs’ compliance with legal and regulatory requirements as well as any additional requirements specified by the Bank, via review of regulatory reporting and submission, and institute remedial actions for breaches/non-compliances.
  • 3. Escalate/communicate supervisory concerns and provide recommendations on supervisory/intervention/resolution measures to be imposed on FIs/financial group
  • Understand emerging issues facing FI, implications of FI's conduct and market practices on overall financial stability. Able to identify, assess and propose appropriate solution with regard to FI, intra/inter group, inter-linkages/inter-connectedness and implications on FI/financial group.
  • Assess applications from FI/financial holding companies to ensure compliance with applicable laws and regulations and provide appropriate recommendations to Management on a timely manner, in accordance with internal SOP and approving authorities of the Bank.
  • 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.
  • Self development to meet corporate and personal goals.
  • §Maintain professional working relationship with home/ host supervisors and other domestic regulators (SC, PIDM, Labuan FSA).

CRITICAL SUCCESS FACTORS:​

  • Accurate assessment of FI's areas of vulnerabilities.​​
  • Timely identification of potential vulnerabilities and emerging risk in FI/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.​

QUALIFICATIONS / EXPERIENCE:

  • Candidate must obtain 5 credits in Sijil Pelajaran Malaysia (SPM) for subjects including Bahasa Melayu, English and Mathematics; and
  • Candidate must possess at least a Bachelor's Degree in Actuarial Science, or Professional Qualifications in Actuarial Science, Insurance/Risk Management, Accounting, Economics, Banking, Finance, Business Studies or Commerce with a minimum CGPA of 3.0 AND Second Class Upper.
  • At least 2 year(s) of working experience.
  • Experience in financial sector, auditing or risk management, is an added advantage.

ONLY SHORTLISTED CANDIDATE WILL BE NOTIFIED