Head, Fit and Proper Department, Financial Institutions Supervisory Division

Summary

Applications are invited from suitably qualified professionals to resource the role of Head, Fit and Proper Department, Financial Institutions Supervisory Division.

Responsibilities

Reporting to the Deputy Division Chief, AML/CFT and Market Conduct, Financial Institutions Supervisory Division, the successful candidate will be responsible for:

• • Leading the process for formulating the department’s operational plans and objectives in alignment with FISD’s strategic priorities.
• • Planning, directing and coordinating the operations of the department to ensure the effective execution of the objectives, including identifying resourcing needs, knowledge gaps, and the execution of strategies to close identified gaps.
• • Embedding risk and compliance strategies into the department’s operations and ensuring that these are adhered to on an on-going basis in keeping with statutory regulations, international standards, supervisory objectives and policies.
• • Providing oversight of the department’s workflow for optimal performance and identifying areas for improvements in efficiency and effectiveness.
• • Overseeing the fitness and propriety assessment process in accordance with the stipulations of principal legislation and/or regulations, for example the BSA, CRA, Credit Reporting Regulation (CRR) as well as the clearly defined fit and proper principles to ensure transparency, objectivity, consistency and overall fairness of the process.

• Managing the evaluation process for proposed appointments to the Board and Senior Management team or beneficial owners of BOJ licensees to:

  • • determine expertise, qualification, competence, integrity and suitability of proposed and existing directors and management officers in evaluating their capacity to fulfil the responsibilities of their positions
  • • ensure sound judgement is applied to the evaluations of competence, integrity, financial soundness, and suitability.
  • • ensure adherence to the BOJ’s service level standards for Fit and Proper determinations.
• • Overseeing the ongoing monitoring of the fitness and propriety of appointed directors, senior officers, substantial shareholders, and key personnel of licensed financial institutions to ensure ongoing adherence to standards for fitness and propriety.
• • Reviewing all notifications on matters which could impact the fitness and probity of relevant persons, pursuant to section 39 (1)(d & e) of the BSA, to update the individual’s Fit and Proper Assessments with the relevant information and make recommendations for any supervisory actions (including debarment from the financial industry).
• • Spearheading the conduct of fit and proper assessments of relevant individuals with material issues which may inform enhanced supervisory action (such as debarment) to ensure the assessment adequately captures the threshold issues and can withstand legal scrutiny should an appeal be made to the supervisory appeals board.
• • Collaborating with the Legal Department, Enforcement Department, Supervisory Committee (SC) and relevant authorities to implement sanctions, including debarment, removal, or restriction for breaches of fitness and propriety standards.
• • Signing-off and presenting the findings and recommendations of the Fit and Proper Department as well as supervisory developments relating to fitness and propriety of assigned licensees to the Fit & Proper Review Committee for determination prior to submission to the Supervisor for action.
• • Leading the development and management of a robust and centralised fit and proper database , including the results of due diligence checks conducted by FISD on principals such as shareholders, directors, management officers ensuring adequate integration and/or disaggregation of information on key individuals associated with group companies to support the conduct of consolidated supervision.
• • Overseeing the maintenance of appropriate records to support all recommendations, which will be critical submissions in the event an aggrieved individual appeals a decision, pursuant to section 28 (1) of the Banking Services Act.
• • Liaising with other Divisions of the Bank conducting fitness and propriety assessments for the sharing of information maintained on persons of interest to these Divisions.
• • Managing the correspondence with licensees and other stakeholders, regarding matters related to the Fit and Proper Process, ensuring timely, accurate communication in alignment with the Bank’s service level standards.
• • Liaising with and requesting clearance reports on persons undergoing fitness and propriety tests, from local and overseas law enforcement agencies as well as the Financial Investigation Division (FID).
• • 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 Supervisors, 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.

Required Skills

• • In-depth knowledge of the Bank of Jamaica Act, Banking Services Act, Proceeds of Crime Act, Micro-credit Act, Credit Reporting Act and any other relevant legislation, BOJ directives and regulations.Sound understanding of corporate governance and the legislation and regulations relating to the functioning of the Board, and the Bank’s managing committees.
• • Sound knowledge of the Bank of Jamaica’s Fit and Proper Guidelines.
• • In-depth knowledge of the applicable regulations and operations of the financial services industry.
• • Sound knowledge of the banking systems of overseas jurisdictions including Canada, USA, Britain and the CARICOM area to inform cross border supervision issues.
• • Sound decision-making, problem solving, coordinating, analytical, conceptual, interpretative, judgmental and interrogative skills.
• • Excellent oral and written communication skills
• • Excellent planning and coordination skills
• • Knowledge of computer-based storage and retrieval applications
• • Excellent supervisory and human relations skills
• • Ability to be entrusted with confidential information arising from discussions and decisions of the Bank’s Board and Executives
• • Ability to perform under pressure

Qualifications

• • Postgraduate degree in Business, Finance, risk management or related discipline or equivalent qualification with seven (7) years’ in the field of financial regulation, supervision, corporate governance and related field with four (4) years at the managerial level
OR
• • Undergraduate degree in Accounting, Finance, Legal or related discipline or professional certification(s) such as ACCA, CPA, CFA, FRM, ACIB or equivalent qualification with eight (8) years’ experience with five (5) years at the management level.
• • Exposure to and participation in specific Financial Supervision, Corporate Governance, Anti-money Laundering related training, seminars or conferences would be an asset.
• • Legal training is an asset.

Additional Information and Instructions

• Specific Knowledge And Skills Required:

  • • In-depth knowledge of the Bank of Jamaica Act, Banking Services Act, Proceeds of Crime Act, Micro-credit Act, Credit Reporting Act and any other relevant legislation, BOJ directives and regulations.Sound understanding of corporate governance and the legislation and regulations relating to the functioning of the Board, and the Bank’s managing committees.
  • • Sound knowledge of the Bank of Jamaica’s Fit and Proper Guidelines.
  • • In-depth knowledge of the applicable regulations and operations of the financial services industry.
  • • Sound knowledge of the banking systems of overseas jurisdictions including Canada, USA, Britain and the CARICOM area to inform cross border supervision issues.
  • • Sound decision-making, problem solving, coordinating, analytical, conceptual, interpretative, judgmental and interrogative skills.
  • • Excellent oral and written communication skills
  • • Excellent planning and coordination skills
  • • Knowledge of computer-based storage and retrieval applications
  • • Excellent supervisory and human relations skills
  • • Ability to be entrusted with confidential information arising from discussions and decisions of the Bank’s Board and Executives
  • • Ability to perform under pressure

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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