Deputy Director, Resolution in Hamilton

Deputy Director

Resolution Department

The Bermuda Monetary Authority (Authority or BMA) is seeking the services of a skilled and capable individual to work as a Deputy Director in our newly established Resolution Department. Reporting to the Senior Advisor, the Deputy Director will be responsible for leading the design and delivery of a robust and credible resolution regime to effectively manage the failure of firms that are members of Bermuda’s Deposit Insurance Scheme (DIS), reduce the risk to the public of financial loss and protect Bermuda’s financial stability. The Deputy Director will be responsible for leading the department’s development and delivery of frameworks for DIS scheme members. This will include working with both internal and external stakeholders to develop an implementation roadmap and lead the Authority’s deliverables. The incumbent will be responsible for leading the development of resolution plans for entities within the scope of the regime.

This is a key role for the Authority, and the postholder will be responsible for, but not limited to:

• Delivering thought leadership and serving as a champion and subject matter expert for resolution
• Collaborating with internal and external stakeholders in designing and implementing a resolution framework for members of Bermuda’s Deposit Insurance Scheme (DIS), including delivering desired public policy objective outcomes, anticipating implementation challenges and identifying associated risks and mitigation strategies
• Identifying the required legal and regulatory aspects of the resolution frameworks, working with banking supervision and the departments responsible for policy development and legal services, as well as domestic partners including the Bermuda Deposit Insurance Corporation (BDIC) and Ministry of Finance (MoF)
• Representing the Authority in building and maintaining key external relationships, including with the Bermuda Government, BDIC, industry partners and other National Competent Authorities (NCAs)
• Leading and participating in Crisis Management Groups for deposit takers and insurers, as required
• Creating project plans for the design, development and implementation of the frameworks, including milestones, resources, dependencies and challenges, monitoring quality and progress, identifying and resolving issues and ensuring deliverables are complete and timely
• Leading the identification, design and delivery of data analytics requirements for effective resolution regimes, in collaboration with internal and external stakeholders
• Providing technical advice and guidance to regulated entities on the interpretation and application of requirements
• Engaging with other departments on the continuous improvement of the framework, with respect to new, proposed, or revised legislation, regulations, policies, procedures and guidance
• Creating and delivering internal training on resolution, as required
• Performing other related work and special projects related to the design and delivery of a robust and credible resolution regime for Commercial Insurance and Reinsurance Companies as assigned by management in accordance with competencies normally associated with the post

This position requires a proven technical and business background; therefore, the postholder must have:

• A master’s degree in law, business, finance, or a related field; or an equivalent qualification in law, business or finance from a recognised professional body
• Minimum of twelve (12) years of relevant experience, of which at least five (5) years should be within a financial services regulator or central bank
• Knowledge and experience with the legislation and regulations governing recovery and resolution of financial services entities, including the regulatory perimeter and associated governance requirements
• Knowledge of review, analysis and assessment principles, practices and tools (e.g., diagnostic, monitoring, assessment) and of financial institution business structures, operations and governance to identify potential resolution options
• Demonstrated project management experience – planning, leadership, risk and issue management – with strong organisational skills and the ability to prioritise multiple tasks and assignments through effective time management
• Knowledge of current developments in national and international recovery and resolution frameworks
• Forward-thinking, collaborative leadership capability, able to consult effectively with key constituents and become a recognised, valued resource
• Strong written and verbal communication and presentation skills, with strong executive presence and strategic thinking to anticipate future changes in the broader environment
• Dynamic, flexible demeanour with exceptional stakeholder relationship management and client service skills, adapting communication to audience needs (e.g., simplifying complex messages)
• Research, risk assessment and analytical skills to review resolution practices in other jurisdictions and determine the most effective framework for Bermuda, underpinned by strong commercial acumen to understand the economic impact of resolution framework options
• Experience resolving for a financial institution will be beneficial

Bermuda Monetary Authority is an Equal Opportunity Employer

BMA House | 43 Victoria Street, Hamilton HM 12 | careers@bma.bm | (441) 295 5278