Deputy Director, Supervision (Prudential) at Insurance Regulatory Authority (IRA)

Job Specifications

The duties and responsibilities will entail:

• Managing the process of formulation and ensuring implementation of minimum requirements in relation to capital, governance and risk management.
• Managing the development, continuous update and implementation of risk profiling framework for proactive intervention on insurers.
• Overseeing the identification, development and implementation of regulatory reforms in areas of amendments or changes in the Insurance Act, regulations and guidelines.
• Overseeing risk assessment and development of insurers’ and insurance groups’ risk profile.
• Recommending intervention measures as provided for in the Insurance Act.
• Overseeing offsite and onsite supervision of insurers.
• Ensuring collection and analysis of data on onsite inspections, risk assessments, and trends to inform supervisory strategies.
• Managing potential impacts of developments and trends arising out of regional and international supervision practices.
• Overseeing development and implementation of a framework for identifying insurance groups.
• Coordinating group-wide and cross-border supervision with both regional and international insurance supervisors.
• Leading supervisory colleges with other supervisory authorities that have regulatory oversight of entities within a group.
• Managing stakeholder engagements for capacity building and articulation of emerging issues in supervision.
• Undertaking performance management, training and development, coaching and mentoring and welfare for staff of the Department.
• Undertaking relevant research.
• Overseeing conduct of gap analysis with respect to the law and regulatory impact analysis (RIA) and facilitating development of legislative and regulatory proposals.
• Providing leadership and strategic direction to staff in the department.

Person Specifications

• Twelve (12) years’ cumulative experience, three (3) of which should have been at the level of Assistant Director Supervision or in comparable and relevant position.
• Bachelor’s degree in any of the following fields: Insurance, Finance, Accounting, Risk Management, Law, Economics, Information Technology, or equivalent from a recognized institution.
• Master’s degree in any of the following: Business Administration, Insurance, Finance, Accounting, Risk Management, Law, Economics, Information Technology, or equivalent from a recognized institution.
• Professional qualification in any of the following: ACII, AIIK, LOMA, CPA, CIFA, CFA, or equivalent from a recognized institution.
• Membership to a relevant professional body and in good standing where applicable.
• Certificate in leadership course lasting not less than four (4) weeks from a recognized institution.
• Proficiency in computer applications.

Competency and Skills

• Communication skills
• Interpersonal skills
• Analytical skills
• Report writing skills
• Presentation skills
• Mentoring, coaching and leadership skills.
• Conflict management.