Manager-Insurance

Are you a passionate professional with a background in insurance, sound knowledge of financial services and a strong interest in regulatory matters? Is this your opportunity?

Background and context

Profiles Caribbean Inc. is working collaboratively with our client, Financial Services Commission, to select suitable candidates for the role of Manager, Insurance. The Financial Services Commission of Barbados was established on April 1, 2011, by an Act of Parliament. The FSC regulates and supervises non-bank financial institutions including credit unions, insurance firms, and intermediaries, securities firms, mutual funds and occupational pension plans. The FSC supervises non-bank financial institutions licensed to conduct business within the jurisdiction as well as institutions conducting business in the international financial sector.

Job Summary

The Manager, Insurance, is responsible for providing direction and leadership in the operations of the Insurance Division to enable the regulation and supervision of the insurance sector.

Duties and Responsibilities Summary (Key Tasks include but not limited to):

• Responsibility for ensuring the regulation, on-going supervision, and monitoring of the insurance industry in accordance with legislation, regulations, and the organisation’s supervisory approaches.
• Coordinating and assisting in research and analysis to develop and enhance appropriate and effective early warning and other risk indicators, supervisory frameworks, and risk-based supervisory plans for the sector
• Scanning for and evaluating emerging trends and opportunities with the potential to impact the insurance industry
• Maintaining and overseeing implementation of early warning and other risk indicators, supervisory framework, and risk-based supervisory plans for the sector.
• Overseeing the conduct of assessments of trends in the sector and individual regulated entities; the monitoring of key indicators of each institution; the detection of signs of financial weakness or non-compliance, or other emerging risks.
• Monitoring developments in the sector for improper practices and managing actions needed, including interventions to correct or reduce the risk.
• Evaluating potential changes in key economic variables that may introduce changes to systemic risk or change the risk profile of key entities.
• Overseeing the implementation, delivery and enhancement of programmes established to assess potential licencees and registrants, other relevant persons, and various supervisory approvals; and facilitating the development of such programmes.
• Monitoring and evaluating the requirements of regional and global standard-setting authorities to ensure compliance with mandates for harmonisation of regulatory approaches and adherence to established principles-based supervision and regulation.
• Representing the organisation and participating in domestic, regional, and international forums including those at which standards and regulatory initiatives are developed, and assisting in monitoring, evaluating, and facilitating the application, adoption and/or compliance with relevant standards and initiatives.
• Representing the organisation, cooperating, and liaising with local and regional and other regulators as appropriate, to provide support and input to the evaluation of complex financial conglomerates.
• Supervising registrants and licencees; for the purpose of developing best practices and gathering relevant supervisory intelligence.
• Collaborating and building relationships with external stakeholders including facilitating and/or leading stakeholder meetings.
• Recommending and assisting in the formulation of policies, guidelines, circulars, processes and procedures, and recommendations for legislative amendments.
• Supporting and assisting leadership in formulating and implementing strategy for the organisation, developing goals and objectives and tactics to accomplish the goals, providing strategic advice on Division plans, priorities, issues, and challenges.
• Managing and supervising the day-to-day operations and activities of the Division and its staff; including:
• providing information related to the operations of the Division and supervision of the insurance sector including performance metrics for the Division and,
• supervising and ensuring that staff conduct comprehensive reviews and analyses of various forms of applications.
• overseeing staff in conducting regular assessment of regulated persons.
• overseeing the adequacy of evaluation and financial analyses conducted by staff and providing necessary guidance.
• building a strong team, including participating or leading recruitment, onboarding, training, and coaching of staff, developing, and implementing effective performance standards, conducting performance reviews, managing performance, and fostering continuous learning and self-development.
• monitoring and taking steps to foster compliance with the organisation’s policies, procedures, and standards while fostering innovation and continuous improvement.
• Delivering on other assigned ad hoc or related tasks.

Requirements re: Experience and Qualifications

• Professional qualification in Accounting, Finance, Risk Management or Insurance,

OR

• Post-graduate degree in Accounting, Finance, Risk Management, or related discipline and three years' experience at leadership or management level in insurance, or related field.
• Experience in developing and delivering strategies to mitigate the risk of harm posed by financial institutions' business models and culture.
• Experience in the insurance sector and/or a financial regulatory authority is key
• Extensive qualitative and quantitative analytical experience.
• Experience with engaging stakeholders and developing strategic relationships would be an asset
• Proven people management skills with the ability to develop, lead, coach, and build team motivation and collaboration.
• Strong financial analysis and evaluation skills.
• Strong oral and written communication skills.
• Excellent organisational and administrative skills.
• Proficient in use of relevant technology tools and applications including Microsoft 365.
• Proven leadership skills with the ability to implement effective and efficient structures, strategies, and methodologies, and to effectively manage change.
• Proven ability to assimilate information quickly and clearly draw out key implications from a broad and varied range of information.
• Demonstrated ability to manage a range of work across multiple entities simultaneously.

If you meet the requirements outlined above, and you are ready for a senior role that enables you to utilize your full range of strategic, managerial, and professional knowledge and skills, this may be your ideal opportunity. Please email your cover letter and CV or Resume for the attention of Rohan Malone, Senior Associate – Talent Acquisition. 

Closing date for applications is August 13^th, 2023.