Chief Analyst
Reporting to the Deputy Head (“DHOD”), the Chief Analyst, directs and supervises the work of an assigned team to ensure that the activities and records of licensees are in compliance with regulatory requirements (as detailed within the Regulatory Handbook, the Insurance Act, 2010, and Monetary Authority Act, and conducts complex research and project management to ensure best regulatory practices are employed. In addition, the Chief Analyst is responsible for monitoring an assigned portfolio of licensees and participating in risk-focused on-site inspections, as well as providing guidance and overseeing the work of a team of Senior Analysts. Effectively manage risk in the execution of responsibilities, including the identification and communication of potential risks to their HODs/DHODs.
RESPONSIBILITIES:
The successful candidate:
• Plans, delegates and evaluates the off-site monitoring process (this process includes amongstother things, licensing entities; responding to requests from other regulatory bodies; assessing and approving business plan changes from licensees; reviewing and assessing the financial statements of licensees),to ensure divisional goals and objectives are achieved and that licensee activities and strategies are in line with regulatory requirements;
• Manages and/or carries out on-site inspections of licensees, both locally and overseas, reviews and/or prepares inspection reports, reviews and/or determines recommendations for improvementbased on findings, and follows up to ensure compliance with recommendations;
• Liaises with the Legal and Compliance Divisions and acts as the primary point of contact forinsurance industry associations and other local regulators on insurance related matters;
• Monitors those licensees which are out of compliance with the insurance act &/or regulations andsupervise their implementation of the prompt resolution i.e. ensuring Analysts and Senior Analystsfollow-up on any outstanding corrective action, as agreed with the Authority;
• Assess and review for appropriateness (re)insurance programmes and other risk factors of insurerlicence applicants and make recommendations to the Head of Division;
• Identifies and conducts investigations on complex and serious regulatory or risk managementissues of licensees (such as potential enforcement referrals), determines recommendations forimprovements, and follows up to ensure compliance with recommendations;
• Attends and chairs (and sets the agenda in the absence of the HOD and DHOD) meetings withlicensees and representatives of the insurance industry and represents CIMA at internationalregulator meetings, conferences and industry events;
• Manages, delegates, and supervises the work of an assigned team to ensure all activities andfunctions are carried out in accordance with regulatory requirements as detailed within theRegulatory Handbook or pertinent acts (such as the Regulatory Handbook, the Insurance Act, andMonetary Authority Act;
• Ensures divisional goals and objectives are achieved by clearly planning, directing andcommunicating performance expectations;
• Manages staff performance by addressing and/or coaching and directing Senior Analysts to dealwith performance deficiencies when they arise – escalates serious and on-going performance issuesto the DHOD or HOD;
• Assesses and conducts the probationary assessments and annual performance appraisal inconsultation with the Senior Analysts, and develops and implements the individual learning anddevelopment plans;
• Participates in the recruitment and selection process;
• Manages and completes projects to ensure divisional regulatory practices and policies are alignedwith international standards and best practices (as detailed within the Insurance Core Principles ofthe IAIS);
• Prepares and delivers relevant and informative internal/external presentations;• Provides recommendations about legislation, regulations, rules, guidance and supervisory practicesapplicable to the supervision of the Insurance Industry to ensure that they are aligned withinternational standards and best practices (as detailed within the Insurance Core Principles of theIAIS);
• Ensures the development and maintenance of procedure manuals and participates in theproduction of industry statistics; and
• Prepares and delivers relevant and informative statistical information with respect to changingdevelopments and policies and procedures.
REQUIREMENTS:
• A Bachelor’s degree from an accredited institution in a Finance related field;
•Six (6) years of cumulative experience in the insurance/reinsurance/risk management industry -3 years relevant prior management experience and 3 years of Insurance/Reinsurance Supervisionexperience;
• Professional insurance qualification through the Chartered Insurance Institute or its equivalentwould be an asset;
• Specialised knowledge of accounting principles and analytical skills to analyze the implications offinancial statements as they relate to insurance and reinsurance companies;
• Significant knowledge of the Cayman Islands’ Insurance Act, regulations, relevant rules, guidance,policies and procedures relating to the supervision of insurance companies or the ability andwillingness to quickly acquire such knowledge;
• Specialised knowledge of insurance and reinsurance theory and practices and emerging insurancesupervisory techniques, and up to date knowledge of domestic and international financial andeconomic events; and
• Proficiency in Microsoft Office applications, especially MS Excel, Word and PowerPoint.
Caymanians, persons possessing Caymanian Status, Permanent Residency, or Residency Employment Rights Certificate need only apply.
Direct applicants only. Applications received from agencies will not be accepted at this time.
Salary: CI$92,446 - $114,843 per annum
(Only shortlisted candidates will be notified)
Application for Employment
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