The FSRA is responsible for the regulation of Financial Services providers at Abu Dhabi Global Market and for the supervision of regulated activities. The Banking & Insurance (B&I) Supervision unit of FSRA is responsible for monitoring the safety and soundness of banks, insurers and other institutions it supervises. The unit undertakes impact/risk assessments of individual financial institutions which will drive the frequency and intensity of the supervisory approach. The unit utilizes a risk-based supervisory approach.
Strategic responsibilities (one-off and on-going strategic responsibilities for the development and running of the function)
- Implement the short term and long term objectives for the B&I Supervision.
- Assist in developing, enhance and implement the framework, policies, rules and procedures for governing and supervising financial institutions.
- Assist in executing strategic direction.
- Responsible for supervising financial institutions’ compliance with relevant rules and regulations and developing a risk-based supervisory plan, using all relevant information and the FSRA Risk/Impact Assessment methodology.
- Make appropriate use of supervisory tools such as reviews, third parties reviews, information requests etc.
- Execution of the work plan, including the planning and executing of supervisory reviews and drafting and communication of recommendations.
- Conduct ongoing analysis of financial condition of financial institutions (capital, liquidity, risk concentrations etc.).
- Conduct periodic implementation controls/progress reports in areas where deficiencies have been identified.
- Build and manage relationships with senior stakeholders among market participants and other relevant ADGM staff.
- Responsible for taking prompt action against deficiencies and non-compliances identified.
- Deliver additional tasks that may be delegated from the Director or Associate Director- B&I Supervision (e.g. ad-hoc projects, spot reviews, investigation, etc…).
- Adherence to all internal policies, procedures, standards and behaviours’.
- Assist in implementing policies, rules and processes, including appropriate documentation for all assigned institutions and tasks.
- Work collaboratively with a supervisor/team of supervisors on specific on-site reviews to ensure appropriate execution of work plan.
- Participate in the development of the supervision team by providing coaching and training.
- Embed the culture and vision in B&I by role-modelling the organisational behaviours through sharing of knowledge with the team.
- Considerable knowledge of banking and insurance sector regulations and market practices.
- Experience in supervising banks and/or insurance companies, specifically leading regulatory on-site reviews.
- Experience of the assessment of risks to identify trends and future regulatory requirements
- Expertise in the implementation of regulatory policies.
- Well-developed communications skills both in writing and orally.
- Strong internal and external stakeholder management skills
- Good influencing and negotiation skills.
- Demonstrate strong teamwork, working collaboratively with a team of diverse professionals.
- Demonstrate planning, organisation and analytical skills
- Demonstrate a strong sense of responsibility and impeccable integrity.
- Fluent in business English.
- Professionally qualified in one of the following disciplines: Finance, Banking and Accounting, Risk Management, Law or related disciplines.
- Knowledge of international finance and corporate laws and regulations.
- Industry experience in Financial Services for example, in risk management, compliance or internal audit.
- Proficient in Arabic or other language(s) and understanding of the Arabic culture.