Job vacancy: Analyst (Compliance and Risk) within the Insurance and Pensions Supervision Unit
Job code: IPS/007/18
About Insurance and Pensions Supervision Unit:
The Insurance and Pensions Supervision is responsible for the prudential supervision of insurance companies, insurance intermediaries, retirement schemes, retirement funds, and retirement service providers. The team employs professionals with a varied background and comprises skills relating to insurance, pensions, accounting, legal, quantitative analysis, actuarial, compliance, and others.
The eventual appointee will be joining the Compliance team in the analysis of information required for regulatory purposes in the area of insurance. Reporting to the Deputy Head- Compliance & Risk within Insurance and Pensions Supervision, the individual will be expected to carry out the following tasks:
- Assist the team in onsite and offsite supervision, in order to carry out prudential supervision of licensed insurance licence holders;
- Undertake analytical duties related to compliance by insurance licence holders in line with their statutory obligations emanating from their operating licences;
- Carry out on-going off-site surveillance on licence holders;
- Assist in the monitoring of the level of compliance with applicable regulatory standards by licence holders and eventually the regulatory obligations emanating from the Insurance and Insurance Distribution legal framework;
- Participate in on-site compliance visits of insurance licence holders;
- Involve himself/herself in ‘ad hoc’ assignments related to specific regulatory and supervisory issues that arise from time to time;
- Report on the outcome of the different assignments as may be appropriate and necessary.
How to apply or query further information:
- We are looking for candidates with a solid academic background in Insurance or Law or a comparable recognised qualification in financial services;
- The role calls for an academic qualification in a relevant field of study at National Qualification Framework Level 6 or better, duly certified by the Malta Qualifications Recognition Information Centre (MQRIC) or a widely recognised professional qualification at a comparable level;
- The applicant should also possess a minimum of three (3) years working in a related area, ideally in the financial services sector. Candidates with longer working experience relevant to the role will be preferred;
- If you do not have the necessary academic or professional qualifications but you have at least seven (7) years of relevant experience in a similar area, we would still be interested in speaking with you.
Candidates are to forward a copy of their Curriculum Vitae (C.V.) and an accompanying covering letter providing the motivation for the application.
Other Important Information:
The MFSA is an Equal Opportunities Employer as certified by the NCPE (National Commission for the Protection of Equality) and is committed to a policy of equal opportunity in all aspects of employment and will take care to avoid any form of discrimination in its recruitment procedures. The MFSA reserves the right to withdraw this call at any time and not to select any of the Candidates. It is the responsibility of applicants in possession of qualifications awarded by Universities and other similar institutions outside Malta to produce a recognition statement on the comparability of qualifications issued by the Malta Qualifications Recognition Information Centre (MQRIC). Applicants should do so preferably at the application stage or otherwise at the preliminary interview should an applicant be selected for such an interview. Details can be obtained by accessing the National Commission for Further and Higher Education website on under MQRIC heading. The MFSA shall ensure that any processing of personal data is in accordance with Regulation (EU) 2016/679 (General Data Protection Regulation), the Data Protection Act (Chapter 586 of the Laws of Malta) and any other relevant European Union and national law. For further details, you may refer to the Data Protection Policy on the MFSA webpage. Candidates are to note that the submission of any false statement/s or omission, even if unintended, may lead to the cancellation of their application and may render the candidate's appointment liable to termination. Furthermore, please note that candidates may be asked to submit any documentation in support of the information provided, including but not limited to, proof of qualifications and Police Conduct Certificates.
Malta Financial Services Authority:
The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. It was established by law on 23 July 2002 taking over supervisory functions previously carried out by the Central Bank of Malta, the Malta Stock Exchange, and the Malta Financial Services Centre. The Authority is a fully autonomous public institution and reports to Parliament on an annual basis.