Head, Licensing and Approvals

Head, Licensing and Approvals

Applications are invited from suitably qualified professionals for the position of Head, Licensing and Approvals Department, Financial Institutions Supervisory Division. 

 The successful candidate will report to the Deputy Division Chief, Regulations and Policy, Financial Institutions Supervisory Division and will be responsible for:

1. Planning, directing and coordinating the operations of the Licensing and Approvals Department.
2. Assessing a licensee’s suitability and capacity to offer deposit-taking services and making recommendations for submission to the Supervisory Committee for consideration on the refusal or issuance of a license, including appropriate conditionalities.
3. Assessing and making recommendations to inform the Supervisory Committee’s decisions on the granting or refusal of licenses regarding the establishment of subsidiaries, branch operations and representative offices, corporate and group restructuring, changes in ownership of licensees; and amalgamations, mergers and acquisitions.
4. Assessing and making recommendations to inform the Supervisory Committee’s decisions on applications in relation to new business or products, new delivery channels for existing businesses or products, strategic alliances, joint venture, co-branding initiatives and any other matters in relation to which the Supervisor determines that prior notification is required.
5. Operationalising the licensing and approvals  framework and managing the application of the relevant criteria to ensure consistency and integrity of the processes;
6. Assessing the suitability of persons to act as agents for licensees, to include, operating capacity and financial soundness of a prospective agent and whether the person is a fit and proper person and is compliant with tax and other statutory requirements.
7. Liaising with senior management of the DTIs and other licensees and overseeing the preparation and managing the communication of supervisory responses/decisions, regarding the granting or refusal of licences and approvals, within the specified timeline and requirements.
8. Contributing to the deliberations of governing committees of the Supervision Division including the Committee of Bank Supervision, Supervisory Committee and the Financial Regulatory Council, through attendance at meetings and provision of technical input on relevant regulatory issues in furtherance of the objective of the FISD.
9. Making appropriate recommendations for consideration by the Supervisory Committee where a person’s share acquisition in a licensee would result in them becoming a ‘substantial shareholder’ of the licensee;
10. Reporting to the Head, Policy and Regulations on the findings and recommendations emanating from assessments of proposed activities of licensed institutions.
11. Maintaining an updated record of the grant, refusal and/or revocation of licences by the Supervisory Committee and providing timely updates to the Division Chief on the status of pending approvals/licenses assessments; 
12. Preparing correspondence to the ‘home supervisor’, in the case of foreign banks seeking to establish a branch or subsidiary, to establish no objections, prior to the issuance of a licence.
13. Making recommendations to inform the design and scope of examinations relating to specific product services of licensees;
14. Reviewing Incorporation documents for licensees to ensure compliance with the BSA and the conditionalities of license.
15. Performing any other duties consistent with the nature and functions of the job.

QUALIFICATION AND EXPERIENCE

Postgraduate degree in Accounting, Finance, Management, Risk Management or other related discipline plus seven (7) years relevant experience with three (3) years at the managerial level.
                                                                       OR                                              

Undergraduate degree in Accounting, Finance, Management, Actuarial Studies or related discipline plus eight (8) years relevant working experience with four (4) years at the managerial level. 

Exposure to and participation in supervisory/regulatory related training, seminars and/or conferences would be an asset.

SPECIFIC KNOWLEDGE AND SKILLS REQUIRED

The Job Holder should possess:

• Knowledge of the Bank of Jamaica Act, Banking Services Act, other relevant legislation.
• In-depth knowledge of international anti-money laundering standards, related local legislation and regulations, as well as supervisory evaluation procedures.
• Knowledge of the work of the Basel Committee on Bank Supervision, Basel Core Principles and international supervisory standards.
• Sound knowledge of IFRS accounting, auditing and financial management.
• Sound knowledge of the banking systems of overseas jurisdictions to inform discussion and policy concerning cross border supervisory issues.
• In-depth knowledge of information technology and the risks involved in the application of technology.
• Emotionally intelligent.
• Demonstrates proficiency in planning, decision-making, problem solving, and coordination, analytical, interpretative and interrogative skills.
• Excellent communicator with highly developed oral and written communication and presentation skills.
• Ability to be entrusted with confidential information arising from discussions/decisions of the Bank’s Board and Executives.
• Sound business acumen demonstrated as the ability to understand the business implications of decisions and be aware of business issues, processes and outcomes and their impact on customers’ and the organization’s (FISD/Bank) business needs.
• Conceptual thinker, bringing key facts and ideas together by using innovative, creative and inductive thinking.
• Demonstrates concern for order by reflecting the drive to reduce uncertainty in the surrounding environment, monitoring and checking work/information and insisting on clarity of roles and functions, etc.
• Identifies a problem, obstacle or opportunity and takes appropriate action to address current or future problems/opportunities and acts proactively.
• Results oriented - demonstrates concern for surpassing a standard of excellence.
• Ability to work co-operatively within the team/work group and across the organization to achieve group and organizational goals.
• Is determined to improve business processes, shows good judgment about how to evaluate, and knows how to take and handle risks.
• Demonstrates the maturity to delegate authority, enabling others to act with purpose and accountability.

SPECIAL CONDITIONS ASSOCIATED WITH THE JOB

• Ability to work beyond normal working hours, when necessary, in order to meet deadlines.
• Exposed to highly confidential information.
• Requires a high level of integrity and professionalism.
• Exposed to extended periods of concentration on exacting detail.
• Exposed to unpredictable work demands related to developments beyond the control of, and external to the Division.

Interested persons who meet the above requirements should complete the application form with cover letter and full resume no later than Friday, 20 October 2023.