Deputy Director, Long-Term and Financial Risk - Supervision (Actuarial Services)
Description
Deputy Director – Long-Term and Financial Risk
Supervision (Actuarial Services) Department
The Bermuda Monetary Authority (Authority or BMA) is seeking the services of a qualified and experienced individual to perform the duties and responsibilities of Deputy Director – Long-Term and Financial Risk within our Supervision (Actuarial Services) Department. Reporting to the Chief Actuary, the post-holder will be responsible for undertaking professional actuarial services in relation to the effective supervision of regulated entities focusing on underwriting, reserving, risk aggregating processes and the assessment of capital requirements.
The post-holder will be responsible for but not limited to:
• Supporting the Supervisory team with onsite inspections, particularly as it relates to establishing the appropriateness of insurer reserving practices, solvency self-assessments and compliance with applicable legislation, codes and guidance
• Supporting the Department in the assessment of applications for approval of an internal capital model for setting regulatory capital requirements, including project management of applications, as requested
• Supporting the Department in the development and application of statistical and financial analytics
• Supporting the Licensing and Authorisations Department in relation to insurer applications and authorisation requests
• Developing industry benchmarks for methodologies and assumptions used to research and develop best practices for regulatory analytics
• Assisting with the ongoing development of the Bermuda supervisory regime, particularly in relation to the Economic Balance Sheet and capital requirements
• May be required to represent the Authority at various local and international meetings, conferences and seminars involving meetings and information exchanges with regulatory bodies, government agencies and the financial services industry and to manage, develop, and maintain key relationships whilst keeping abreast of industry trends
• Assisting other managers within the Supervision Department to identify training needs of employees and establish programmes for their development by way of formal training courses, special projects or on-the-job exposure. This will also include the delivery of training as requested
• Providing routine mentoring and feedback/development advice to staff as appropriate within the Supervision Department
• Undertaking any other assigned duties commensurate with qualifications and experience, as requested
This position requires a proven technical and business background. Therefore, the post-holder must have:
• A master’s degree or equivalent qualification in actuarial science, mathematics, statistics, finance or related quantitative field. FSA, FIA, FCIA, or similar professional credentials are preferred
• Minimum of twelve (12) years relevant experience, of which at least five (5) years should be at a senior level in the long-term lines of business, preferably including recent practical experience in building and/or validating internal capital models
• Knowledge of and experience with insurance and reinsurance actuarial issues, including reserving, capital modelling, pricing and risk management
The Bermuda Monetary Authority is the integrated regulator of Bermuda’s financial services sector. We offer the opportunity for broad exposure to international regulatory issues, special projects and a variety of work experiences.
If you are looking for a challenging opportunity in a team environment, we invite you to submit your application online via our ‘Careers at BMA’ page at www.bma.bm. Applications for this position must be received no later than 23 December 2024.
Bermuda Monetary Authority is an Equal Opportunity Employer.
Individual Excellence…Collective Strength