Deputy Director – Close Monitoring, Supervision; Insurance, Funds and Corporate Authorisations) Department

The Bermuda Monetary Authority (Authority or BMA) is seeking the services of a skilled and capable individual to work as a Deputy Director – Close Monitoring in our Supervision (Insurance, Funds, Corporate Authorisations) Department. Reporting to the Director, the Deputy Director – Close Monitoring will lead the Authority’s Close Monitoring Team responsible for examining and analysing the compliance status of companies that are under close monitoring and/or investigation.

The successful candidate will develop the Close Monitoring Team into a centre of excellence for investigations, close monitoring and the preparation of evidence for administrative action. They will guide supervisory teams in the collection and preparation of evidence and work closely with international regulators on the regulation of cross‑border groups.

This is a key role for the Authority and the post-holder will be responsible for leading a multi‑disciplinary team of professionals in:

• Establishing and maintaining standards for the collection, handling and organisation of evidence to a high evidentiary standard, including document identification, dating, provenance, chain of custody, etc.
• Identifying, collecting and managing documents and information and guiding supervisory teams on evidence collection during regular supervision and onsite reviews
• Analysing, preparing and organising evidence such as financial reports, regulatory filings, transactional documents, contracts and corporate governance documents to evaluate compliance with existing laws, regulations, policies, plans and procedures
• Creating and implementing a suite of analytical tools to streamline and manage evidence collection and analysis

• Planning, leading and directing reviews of regulated entities and their controllers, officers and other relevant persons under close monitoring or investigation
• Overseeing, reviewing and reporting on the work of investigators, skilled persons and other professionals appointed by the Authority or by regulated entities in conjunction with the Authority’s Legal Services and Enforcement Department
• Working closely with and supporting the Authority’s Legal Services and Enforcement Department on the conduct of administrative and enforcement actions, including restructuring or remediation of regulated entities

• Identifying key risk issues for regulated entities under close monitoring, formulating corrective action plans and reporting on findings to senior management
• Monitoring developments in insurance and investment funds, regulatory regimes, international standards, insolvency and resolution practice, and accounting and actuarial standards to anticipate and address potential risks in the Bermuda market, reporting to senior management on trends
• Overseeing the team responsible for monitoring and managing non‑compliance, determining the appropriate regulatory response, including escalation where warranted, and applying other available supervisory tools, such as late fees
• Developing the Close Monitoring Function as a centre of excellence by establishing feedback loops that use lessons learned to inform the Authority’s risk appetite, enhance operational practices and strengthen due diligence at licensing and throughout the ongoing supervision of regulated entities, as well as training staff to enhance risk‑based supervision through the early identification of risks and the application of appropriate supervisory responses
• Supporting the Authority’s ongoing work on resolution processes

• Representing the Authority…