Bank & Trust Analyst II

JOB TITLE:                Ana lyst II (Exa m iner II) DEPARTMENT:                                     Bank and Trust LOCATION:                       Providenciales

JOB SUMMARY

Conduct analysis, monitor regulatory/supervisory activities, and conduct risk assessments on a portfolio of financial institutions - which may include investment licensees (investment dealers, advisors, mutual funds and wealth management funds), trust companies, banks, credit unions, and/or money transmitters - to ensure compliance with relevant ordinances, regulations, guidelines and international and regional best practice standards, and to assess the financial strength of the entity.

Serve as examiner in charge for onsite examinations of assigned licensees and organise and conduct meetings with the licensees.

The officer may also be responsible for reviewing and assessing regulatory applications, including license applications to establish a financial institution based on the relevant ordinances, regulation, code, guideline and/or international standards. Provide assistance in

the developing policies and procedures to enhance the regulation of the financial sector.

EDUCATION

i)          BSc. Degree or an equivalent qualification in accounts, finance, economics, business or a related discipline; or

ii)         Certification as a Financial Risk Manager (FRM); or iii)            Certified Financial Analyst (CFA)

iv)        Other relevant or comparable professional qualifications/certifications.

EXPERIENCE:

At lea st three yea rs working experience as a fina ncia l sector reg ula tor/supervisor with experience/exposure in the following a rea s:

i)          Analysing, monitoring, and supervising a portfolio of financial institutions, to assess regulatory compliance and financial strength, and reporting on the findings.

ii)         Analysing financial data and statements to determine the viability and strength of financial institutions, particularly assessing the capital, asset quality, management/corporate governance, earnings, and liquidity.

iii)        Planning, organising and conducting onsite examinations at financial institutions, in the role of Examiner-in-Charge, and drafting examination reports.

iv)        Assessing the macro-economic environment to determine the possible impact on financial instruments, products/services and the overall condition of financial institutions and/or any of its product, service or operation.

v)         Conducting market risk analysis to determine the risk exposure to financial investment products. Assessing credit risk of loans and investment products, underlying instruments, and of the issuers.

vi)        Applying  risk  based  supervisory  techniques  to  risk  assess  significant  activities, identifying and assessing inherent risks, and assessing the quality of risk management, corporate governance, and other oversight functions, including the internal audit function at a financial institution.

vii)       Working knowledge of value at risk models and/or similar models to quantify risks in investment products.

viii)      Working knowledge of the valuation of different financial investments (securities)

instruments, products, and the correct accounting treatments.

ix)      Assessing money laundering and financing terrorism risks of licensed financial institutions.

x)         Reviewing   and   assessing   financial   license   applications   and   other   regulatory request/application, and making recommendations based on relevant legal, policy and/or international standards.

SPECIFIC KNOWLEDGE REQUIRED:

i)          Sound financial/analytical skills to read and interpret financial data and financial statements, and effectively draft financial analysis reports.

ii)         Sound knowledge of the laws, rules and best practices governing the financial sector, such as investment dealers and mutual funds ordinances and regulations, Banking Ordinance and Regulations, Trustees Licensing Ordinance, Proceeds of Crime Ordinance, Companies Ordinance, Money Transmitters Ordinance, Basel Core Principles on Banking, the Basel II Accord and other related policies and international supervisory standards.

iii)        Sound knowledge of accounting principles and standards (IFRSs and IASs), inclusive of the new IFRSs, particularly as they relate to the recognition and measurement of financial assets, liabilities, and financial instruments.

iv)        Sound  knowledge  of  investment,  banking  or  trust  companies’  operations  and practices, and developments in the financial sector.

v)         Working understanding of the most popular investment instruments, and products including derivatives, and equity instruments. A working knowledge of hedging and hedging strategies to be able to assess risk level.

vi)        Sound understanding of IT systems and the use of such technologies in the financial services industry.

vii)       A working knowledge of Fintech products, virtual assets and digital currencies will be an asset

viii)      A working knowledge of stress testing would be an asset

SPECIALISED TECHNIQUES/SKILLS:

i)          High level conceptual, interrogative, and critical thinking analytical skills;

ii)         Sound  interpretative and  quantitative analytical  skills  in  assessing financial  data, statements, and economic indicators;

iii)        Ability to communicate effectively (orally and written);

iv)        Ability to work on own initiative with minimal supervision;

v)         Ability to work under pressure;

vi)        Ability to work well as part of a team;

vii)       Ability to operate computers using applications such as the Microsoft Office Suite;

WORKING CONDITIONS:

i)          Occasionally required to work outside of normal working hours

ii)         Travel to regulated institutions to conduct reviews or attend meetings iii)            International travels for training, meetings and conferences

JOB DESCRIPTION

REPORTING AND ORGANIZATIONAL RELATIONSHIPS

Reports To:                                                    Nature of Supervision Received: Directly:

Director

Supervisor/Analyst III                                     Periodic     supervision                                                                        based         on                                                                        broad

procedures (Weekly or Monthly Review)

Supervision     Given To:                              Nature of Supervision Given:

Directly:

N/A

Indirectly:

Analyst I, Statistical Clerk

LIAISES WITH:

Internally:

i) Licensing Committee

ii) Companies Registry

iii) AML Supervision Department

iv) Administration and Finance Departments

v) Policy and Legal Units

vi) Insurance Department

Externally:

i) Relevant licensees/supervisees

ii) Ministry of Finance, Statistics Department and other relevant government agencies

iii) Regional Regulators and Central Banks

iv) International Regulators

v) Caribbean Group of Banking Supervisors

DUTIES & RESPONSIBILITIES:

1. Conducts off-site monitoring of a portfolio of assigned licensees:

i) Review and monitor submissions of monthly, quarterly, and annual returns, including audited financial statements, internal audit and compliance reports, etc.

ii) Assess  returns  for  completeness,  accuracy,  and  compliance.  Liaise  with licensees to address queries and inconsistencies observed.

iii) Compile  and  analyse  data  and  information  from  licensees  to  determine compliance with guidelines, regulations, laws and international best practice standards.   This involves an examination of ratios and trends, and identification of potential risks.

iv) Prepare and keep current risk assessment documents based on the risk based supervisory framework adopted by the Commission; identifying and assessing risks and making recommendations on the stage rating and necessary supervisory intervention.

v) Conduct  relevant  research  to  be  able  to  assess  the  macroeconomic environmental factors, both local and globally, impacting assigned licensees.

vi) Conduct industry/sector analysis to determine the impact of any changes on assigned licensees, and assess licensees perform relative to their peers.

vii) Maintain up-to-date profiles on assigned licensees, which involves gathering sufficient current information to ensure current knowledge of the business profile.

viii) Assess licensee operation to determine significant activities and inherent risks.

ix) Gather sufficient information to assess and rate inherent risks in the significant activities.

x) Assess the quality of risk management and corporate governance to determine their adequacy in mitigating risks and meeting local, regional, and international standards.

xi) Prepare quarterly (or as assigned) risk assessment reports, annual supervisory letters, and the annual supervisory plans for assigned entities.

xii) Prepares financial analysis and risk assessment/monitoring reports as required, in the department’s prescribed format for review by the Supervisor.

xiii) Conducts ongoing monitoring of assigned entities and advises the Supervisor of any breaches in regulations or any problems or potential problems observed, with recommendations for their solution.

xiv) Assess the assigned entities money laundering and financing of terrorism risk and report on using prescribed format or format as agreed with the Supervisor.

2.         Examiner in Charge of on-site examinations of assigned licensees or as assigned. This involves:

a) Determining the scope for an onsite examination based on offsite monitoring and the risk assessment.

b) Preparing onsite examination plan and letter for review

c) Conducting pre-on-site assessments of the institution based on the scope of the examination, which may include assessment of the licensee’s significant activities, risk management framework, capital adequacy, asset quality, earnings quality, liquidity, market risk sensitivities, IT systems framework and overall corporate governance, utilising risk focused examination techniques as necessary, to determine the need for additional documentation or changes to the scope and focus of the examination.

d) Planning and organising the examination process, which includes preparing pre-examination letters to the licensee, and organising and conducting meetings with officers from the licensees. Examining files, Board Minutes and other documents to determine compliance/non-compliance with internal policies and procedures and relevant laws, regulations and supervisory standards (best practices).

e) Obtaining  sufficient  relevant  evidence  during  examinations  to  support findings.

f) Collating examination findings and preparing draft reports that highlight risks, trends and issues, and presenting recommendations and conclusions to supervisor.

g) Compiling and filing on-site notes, evidence and supporting documentation. h)            Completing after examination remediation and follow-up.

3. Meet with licensees on an annual or semi-annual basis, or as need be, based on risk assessment and the supervisory plan, to discuss performance, strategic changes within the organisation, initiatives and/ or outstanding issues, etc, as guided by the Supervisor.

4. Review, assess and draft recommendations on licensee applications and requests requiring regulatory approval, based on the relevant legal and/or regulatory requirements. Conduct the relevant and appropriate fit and proper assessment for officers and officials of the licensees.

5. Conduct  relevant  research,  draft  correspondence  and  conduct  other  regulatory assessments as assigned.

6. Undertakes special projects as assigned.

7. Keeps abreast of relevant economic and political events (locally and internationally) to liaise with the assigned institutions at an informed level and to properly assess risk and update the risk assessment document (RAD).

8. Maintains electronic and manual files in relation to work done for assigned institutions, including working papers, correspondence, regulatory approval, records of financial statements and returns, etc, in an orderly manner to allow for transparency, review, and ease of retrieval