Job Purpose:
The Associate Director will provide guidance and oversight to his/her team as required to deliver an effective and efficient risk-based supervision strategy that contributes to the achievement of the Dubai Financial Services Authority’s (DFSA’s) strategic and business objectives. All within the Board of Director’s statements of risk tolerance.
The Role:
An Associate Director in Conduct of Business Risk in Supervision is responsible for executing the Conduct Team’s work plan. The Associate Director must ensure that a risk based, proportionate and efficient approach is maintained towards all the team’s supervisory activities.
An Associate Director is expected to oversee assigned regulatory projects related to conduct risk and relevant business models both within the team, across the Supervision Department and the DFSA as well as supporting on related policy work.
Key Responsibilities:
The Associate Director is expected to devote the majority of his/her time towards managerial and operational level tasks, as well as support policy development. The Associate Director will assist the Director and contribute to the work of the team with the following key responsibilities:
Technical Guidance
- Act as a technical expert in respective risk area and provide internal trainings as needed.
- Provide guidance to the team in all aspects of relevant risks for regulated entities in order to ensure delivery of effective and efficient risk-based authorisation (where relevant) and supervision.
- Monitor developments in relevant international and regional regulatory standards and in the financial services industry and provide inputs and updates.
Strategy Formulation, Implementation, Planning and Projects
- Contribute to DFSA-wide and Supervision Division-wide strategic direction, business planning and policy formation. Ensure effective cascading of approved strategy, business plans and policies into the day-to-day management of the team.
- Participate in the development and implementation of supervision strategy for the team, consistent with the DFSA-wide goals and objectives.
- Ensure DFSA-wide projects as captured in the Business Plan relevant to the AD are completed effectively, on-time and within budget.
- Be expected to devote a considerable level of time toward managerial, policy, outreach and other assigned projects.
- Participate in policy setting and in developing regulations.
People Management
- Manage and support the effective achievement of the objectives of respective areas of focus through setting individual objectives, managing performance, developing and motivating staff, provision of formal and informal feedback and appraisal in order to maximize subordinate and the overall performance.
- Ensure the key performance indicators, performance reviews, leave approvals and timesheets are completed in an accurate and timely manner for self and team members.
- Motivate subordinates (including graduates and interns) and contribute to the identification of opportunities for continuous improvement of systems, processes and practices of the overall DFSA regulatory regime, taking into account ‘international leading practice’, improvement of business processes, cost reduction and productivity improvement.
- Support the professional development programs of the DFSA through program development, delivery and participation. Support and contribute to the DFSA Masaar program. Ensure team members have appropriate amounts of time to support these programmes as well.
- When requested, effectively lead the team in the absence of the Director.
Qualifications, Experience & Skills:
Educational Background
- Bachelor’s degree in a relevant field such as Business, Finance, Accounting, Risk Management or Economics. A post graduate degree in similar fields would be considered as an advantage.
- Evidence of continuing professional education relevant to target position.
- Professional qualifications in finance, risk management, quantitative analysis, etc. such as CFA, FRM, PRM, etc. would be considered as a plus.
Professional Experience
- 10+ years of regulatory, compliance or risk management experience required in a broadly equivalent financial services regulator and/or a regulated entity, with a minimum of 2 years in managerial/ supervisory roles in one or more of these functions being desirable. Managerial roles might include project leadership / management roles or equivalent with a demonstrated ability to mentor and motivate staff.
- Experience in dealing with financial services regulators, standard setters and members of Board of Directors and senior executives.
- Preferably experience in the development and implementation of regulatory standards and policy analysis.
Knowledge, Skills & Attributes
- Strong and up to date knowledge and technical expertise in dealing with financial services regulations and relevant international standard setters.
- Robust understanding of the responsibilities/role of the regulator and of what it means to be a risk-based regulator.
- An in-depth knowledge of the financial services industry and its unique characteristics with proven technical knowledge and understanding of the key risks in the sector.
- Deep understanding of current and emerging risk management trends/issues.
- Appreciation of the unique features of the regulatory regime in the DIFC and understanding of the nature of the financial service activities offered by Authorised Firms operating in the DIFC.
- Strategic vision, strong analytical thinking and creativity; capacity to clearly articulate options and trade-offs and ability to apply judgment.
- Influential skills and ability to lead meetings and deliver difficult messages, when necessary.
- Excellent people leadership, planning, organisation and time management skills embodied in a professional, diplomatic and ethical attitude.
