Head, Examination Department IV, Financial Institutions Supervisory Division

Summary

Applications are invited from suitably qualified professionals to resource the position of Head, Examination Department IV, Financial Institutions Supervisory Division.

Responsibilities

Reporting to the Division Chief, Examinations Sub-Division, Financial Institutions Supervisory Division, the successful candidate will be responsible for:

• • In collaboration with the Division Chief, Examinations Department, determine the overarching strategic priorities for the Examination division and developing the operational plans and quantifiable objectives for the department in keeping with FISD’s strategic plan.
• • Planning, directing and coordinating the operations of the Examination Department to ensure the effective execution of the department’s objective; including identifying resourcing needs, knowledge gaps, and the execution of strategies to close identified gaps.
• • Ensuring the effective coordination, management and execution of ongoing assessment of the safety and soundness of assigned licensees through utilization of the Bank’s risk focused supervisory methodology as well as monitoring these licensee’s compliance with the requirements of the Banking Services Act, other relevant legislation and Bank of Jamaica supervisory policy/directives.
• • Ensuring the coordination, management and execution of on-going monitoring of supervised financial institutions from a group perspective to ensure conformity with rules and regulations governing established relationships between parent, subsidiaries and other related companies and assessing risk and management thereof on a consolidated basis in keeping with the requirements of the Banking Services Act.
• • Reviewing and approving the underlying risk assessment documents, for each DTI and DTI group and presenting the supervisory strategy and multi-year supervisory plan for these entities to the Division Chief, Examinations Division for sign-off.
• • Ensuring the review, and in some instances sign off, of timely, incisive and analytically sound management letters, management reports and routine surveillance reports on the overall assessment of the risk profile of assigned licensees, highlighting any prudential concerns and required ameliorative actions tor the senior management and board of assigned licensees.
• • Presentation of the findings of onsite and offsite surveillance as well as supervisory developments relating to assigned licensees to the Examination Division’s Review Committee, Committee of Bank Supervisors and the Supervisory Committee.
• • Reviewing and sign-off on the recommended regulatory actions to be applied in accordance with the Banking Services Act, as well as required actions to be implemented by the deposit taking institutions or financial holding companies to address examination findings.
• • Liaising with the legal and enforcement team to provide the necessary information to ensure the implementation of recommended sanctions/enforcement actions for assigned licensees.
• • Facilitating collaboration and co-operation with local and regional regulators by liaising with their senior officers on any material developments that impacts the financial groups for which Bank of Jamaica is the Home/Host regulator.
• • Ensuring the preparation and finalization, and in some instances sign off, on correspondence to the board and management of licensees and local and regional supervisors on matters relating to examination findings, offsite surveillance, emerging developments, queries and/or request for information and recommendations for supervisory actions.
• • Contributing to the development of regulatory policy positions by identifying and referring to the Policy and Methods Department, the need for new or revised regulatory positions, guidance and legislation based on the emerging risks, practices and operational insights gleaned from ongoing supervisory work,
• • Reviewing regulatory positions, policy papers and supervisory guidance to provide feedback prior to their submission to the Supervisor and Deputy Supervisor.
• • Ensuring the assessment of the Crisis Management and Recovery plans developed by each assigned deposit taking institution to identify any weakness in the plan/framework to be addressed and contribute to the operationalization of these plans, by supporting the resolution authority should a licensee require such intervention.
• • Liaising with the board and senior management of licensees on an on-going basis in relation to supervisory matters, queries and emerging issues of supervisory concern.
• • Keeping abreast of new and emerging international standards as well as market developments in the financial and commercial environment, both locally and internationally to inform meaningful dialogue and enhancements to supervisory policy and procedures.
• • 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.
• • Participating in meetings on supervisory policy and practice with external bodies including licensees and their legal / accounting and other advisors, representatives from international financial institutions and consultants as necessary

Required Skills

• • Intimate knowledge of the Bank of Jamaica Act, Banking Services Act and any other relevant legislation, BOJ directives and regulations.
• • Sound knowledge of accounting principles and standards, particularly as they relate to the recognition and measurement of financial assets and liabilities.
• • Sound knowledge of auditing and financial management.
• • Sound understanding of the securities, insurance and other non-deposit financial sectors and related governing legislation.
• • Sound knowledge of risk based supervisory (RBS) principles.
• • Understanding of IT systems and the use of such technologies in the financial services industry.
• • Sound knowledge of economics, business and finance practices.
• • Sound knowledge of banking operations and practices.
• • Thorough knowledge of banking and commerce sub-sectors.
• • Knowledge of the developments in the financial sector.
• • Basic understanding of the financial systems of overseas jurisdictions including Canada, USA, Britain and the CARICOM area to inform cross border supervision issues.
• • Thorough knowledge of the work of the Basle Committee on bank supervision including the Basel Core Principles and other international supervisory standards.
• • Managerial and supervisory skills.
• • Excellent analytical, conceptual and interpretative skills.
• • Good written and oral communication skills.
• • Good interpersonal skills.
• • Report writing skills.
• • Ability to perform under pressure.
• • Ability to work well as part of and effectively lead a team.
• • Ability to interpret and analyse financial statements and economic indicators

Qualifications

• • Postgraduate degree in Accounting, Finance or related discipline or professional certification(s) such as ACCA, CPA, CFA, FRM, ACIB or equivalent qualification with seven (7) years’ experience. At least three (3) to four at the management level.
OR
• • Undergraduate degree in Accounting, Finance or related discipline or professional certification(s) such as ACCA, CPA, CFA, FRM, ACIB or equivalent qualification with eight (8) years’ experience. At least four (4) years’ at the management level.
• • Exposure to and participation in specific Financial Supervision related training, seminars or conferences would be an asset.

Additional Information and Instructions

• Specific Conditions Associated With The Job:

  • • Exposed to highly confidential and sensitive information.
  • • Unpredictability and timing of issues arising, which may require urgent attention, and the need to exercise proper judgment in prioritizing the issues for action.
  • • Required to display a high level of integrity and professionalism.
  • • Extended period of concentration on exacting details.
  • • Extended work hours to meet deadlines.
  • • Exposed to stressful work-related conditions.
  • • Exposed to tardiness of financial institutions in the timely submission of data.

Interested persons who meet the above requirements should complete the application form with cover letter and full resume no later than Friday, 21 February 2025. NB. Only short-listed candidates will be able to access the panel interview.

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