The Financial Services Regulatory Authority (FSRA) is responsible for the regulation of financial services providers in Abu Dhabi Global Market (ADGM) and for the regulation of related activities.
The Senior Manager – Policy is to assist the Director – Policy in the efficient operation of the Policy team (“the team”) within the Policy & Legal Division (“the division”) in the following areas.
- Identifying and implementing policy initiatives for the development and maintenance of the regulatory framework of the FSRA in response to industry developments and in line with international standards set by bodies including the IAIS, BCBS, IOSCO, and FATF.
- Managing a policy proposal from project initiation, planning, benchmarking, policy development, to seeking relevant approval(s) to publish.
- Managing the consultation process by collating and analysing feedback in response to published consultation or discussion papers with a view to implementing legislative changes to enact policy proposals.
- Preparing relevant Board Papers and liaising with internal ADGM bodies, including the Office of Legal Affairs, Governance and Compliance.
- Providing high-quality advisory services in order to enable other divisions of the FSRA to achieve the objectives of the FSRA and ADGM.
- Supporting wider policy and legislative initiatives for the key sectors in ADGM including the following.
- Insurance.
- Asset Management.
- Fintech, Regtech and Suptech.
- Private Banking and Wealth Management.
- Market Infrastructure and Digital Assets.
- Sustainable Finance.
- Reviewing and providing feedback to legislation enacted by other local and federal regulatory and government authorities including the CBUAE, SCA and the MoF.
Participating in any workings groups and committees with other local and federal regulatory and government authorities, including international assessments of the UAE undertaken by the OECD, FATF and the IMF/World Bank.
- Provide other divisions in the FSRA with timely, high quality and consistent policy advisory services in order to enable the FSRA to achieve its objectives and those of the ADGM, including through peer reviewing materials produced by the team, the division and other areas of the FSRA and ADGM.
- Manage complex and large policy projects, including staff and external resources.
- Contribute to the legislative drafting process for both improvements to the current FSRA legislative framework and any new legislative initiatives, as well as any other associated legislation where relevant to the FSRA and the broader ADGM.
- Manage the public consultation process with respect to legislative changes proposed by the FSRA.
- In conjunction with the Legal team consider and where appropriate respond to policy queries and interpretation requests from internal and external stakeholders.
- Horizon scan for international financial services policy and legislative landscape and propose any relevant proposals for improvement for consideration by the FSRA.
- Monitor and seek to improve the internal processes and procedures of the team, the division and, where required to do so, the FSRA.
- Where required by the Director, manage relationships with external stakeholders, including international regulators, market participants and any other relevant stakeholders.
- Where appropriate, participate in national and international forums with regulatory bodies to consult on policy and legislative matters relating to financial services and its regulation.
- Demonstrate behaviours and actions consistent with ADGM’s competencies framework for this role including leadership, communication, collaboration, integrity and trust, problem solving, innovation, agility and accountability.
Managerial
- Mentor more junior members of the team and line manage, if required.
Information Security related
- Understand, adopt, adhere and practice responsibilities or controls as per ADGM Information Security policy and as per best practices explained in the induction and awareness sessions.
- Confidentiality, Integrity and availability of the ADGM Information shall be maintained at all times i.e. within as well as outside ADGM.
Education
- Bachelors / Masters degree, ideally in the fields of finance, public policy, actuarial sciences.
Work Experience
Essential
- Minimum of 10-12 years of experience in the insurance or banking industry, ideally with an international regulator.
- Expertise in prudential matters, ideally in the insurance industry.
- Expertise in leading and contributing to the creation and implementation of regulatory policies.
- Strong internal and external stakeholder management skills, including excellent influencing and negotiation skills.
- Demonstrate strong project management, planning, organisation and analytical skills.
- Excellent written and oral communication skills to translate complex ideas into plain language for others at all levels of the FSRA, other ADGM authorities and external stakeholders.
- Fluent in business English.
Desirable
- Experience with Financial Sector Assessment Program (FSAP) assessments in relation to alignment with the IAIS principles and standards
- Experience with the Common Framework for the Supervision of internationally active insurance group (ComFrame) and/or the International Capital Standards (ICS).