Senior Associate at Financial Conduct Division

2 дней назад

NurSultan, Nur-Sultan, Казахстан AIFC Полный рабочий день 120 000 ₸ - 240 000 ₸ в год


Description
Senior Associate of Financial Conduct Division (AFSA) is responsible for implementing key functions of the Division, including:
  • continuously supervising assigned Authorised Firms to reduce actual and potential harm to consumers and the market;
  • protecting the rights of consumers of AFSA regulated entities;
  • promoting healthy competition between Authorised Firms;
  • providing technical support and expertise on Conduct of Business and CIS to other AFSA divisions;
    maintaining awareness of changes in international business conduct standards;
  • communicating changes in international Conduct of Business standards and to other AFSA divisions. 
About AFSA
The Astana Financial Services Authority (AFSA) is an independent financial regulator of the Astana International Financial Centre (AIFC).  The AFSA regulates financial service providers as well as the ancillary service providers, integrating into an international regulatory framework, and interfacing with other financial services regulatory authorities across the globe.
The AIFC is a territory within the city of Astana with defined borders and special legal and tax regimes. The legislation of the AIFC is based on English common law. The official language within the territory of the AIFC is English.
The status of the AIFC and functions of its bodies are defined in the Constitutional Statute of the Republic of Kazakhstan "On the Astana International Financial Centre".
The AFSA is one of the statutory bodies of the AIFC. The AIFC Management Council is the highest body of the AIFC chaired by the President of the Republic of Kazakhstan.
The AFSA performs the following functions:
Registration of AIFC participants. The AFSA will register and incorporate financial entities and non-financial professional ancillary service providers. The function of the Companies Registrar sits in the AFSA.
Authorisation is the "gateway" to financial services activities in the AIFC. The AFSA authorisation aims to ensure that only the right firms, run by the right people, and selling the right products, to the consumers, are approved to do business in the AIFC.
Recognition will enable renowned financial market infrastructure and other qualified potential market participants to register and (or) obtain authorisation in a streamlined manner.
Supervision: in-depth, structured supervision work with firms will enable the AFSA to prioritise work, act quickly and decisively and be more pre-emptive in identifying and addressing problems before they cause harm.
Enforcement: strong and decisive enforcement will be vital to help make sure firms meet the AIFC standards and markets are sound, stable, and resilient.
Policymaking: development and implementation of rules, regulations and guidelines for AIFC, comprehensive analysis of current market trends, legal frameworks, risks and international standards.

Job Accountabilities

The Senior Associate of the Financial Conduct Division is responsible for supervising firms to ensure compliance with regulatory standards, protecting consumer rights, and maintaining the integrity of the financial system. They identify potential risks, hold firms accountable, and ensure the swift resolution of misconduct. Key responsibilities encompass:

Supervision of Authorised Firms: 
  • Data Collection and Analysis: Gather, organise, and analyse a wide range of data relating to Authorised Firms, ensuring accurate and comprehensive information to inform decision-making processes.
  • Stakeholder Engagement: Conduct professional discussions with the management teams of Authorised Firms to gather essential information, address concerns, and resolve any operational or compliance-related issues effectively.
  • Risk Identification and Mitigation: Proactively identify emerging risks that may have a material impact on regulated entities, taking appropriate steps to mitigate those risks, and promptly informing the line manager to enable timely intervention.
  • Conduct Risk Monitoring: Continuously monitor and assess conduct-of-business risks associated with Authorised Firms, ensuring that their operations align with established regulatory requirements and industry best practices.
  • Reviews and Examinations: Conduct both desk-based reviews and onsite examinations to evaluate compliance, identifying areas for improvement. Produce clear, detailed, and actionable memorandums and reports that provide a comprehensive assessment of the Firm's regulatory standing.
  • Regulatory Compliance Monitoring: Ensure ongoing compliance of Authorised Firms with AIFC and AFSA Regulations, Rules and Regulatory Office Policy. Guide firms on best practices to maintain regulatory alignment and recommend improvements where necessary.
  • Recommendations and Corrective Actions: Draw well-supported conclusions from assessments and recommend corrective actions or enhancements to improve compliance and operational efficiency within Authorised Firms.
  • Licensing Support: Support the evaluation and review process for modifications to financial services licenses, ensuring that authorised firms continue to meet the required regulatory and operational standards.
  • Supervisory Guidelines Development: Contribute to the creation and refinement of supervisory guidelines and risk assessments, helping to enhance the framework for monitoring and evaluating Authorised Firms.
Technical Guidance
  • Internal Advice: Provide advice and technical guidance to resolve complex issues and challenges in a timely manner.
  • Regulation Development Support: Assist the Policy & Strategy Division in developing regulations related to conduct risks and the financial services industry.
  • Regulatory Monitoring: Stay informed on international and regional regulatory developments and industry trends, offering relevant updates and insights.
  • Policy Contribution: Contribute to the development and setting of policies and regulations related to conduct and the financial services sector.
Strategy Formulation, Implementation, Planning and Projects
  • Strategic Development and Alignment: Contribute to the development and implementation of the conduct supervision strategy for the Division, ensuring alignment with AFSA-wide goals and objectives, and supporting regulatory priorities.
Policies, Systems, Processes & Procedures
  • Policy Implementation: Implement and oversee policies and procedures related to conduct of business supervision, ensuring adherence to regulatory requirements and operational efficiency.
  • Process Improvement: Provide constructive feedback to senior management on current processes and systems, identifying areas for improvement and contributing to enhanced operational effectiveness.
Documentation and Reporting
  • Timely Documentation: Document risk assessments, key communications, and other relevant information accurately and promptly in management information systems, ensuring compliance with divisional requirements, policies, and standards.
  • Report Preparation: Prepare divisional statements and reports in a timely and accurate manner, ensuring clarity and alignment with organizational standards.
Other Responsibilities and Related Assignments
  • Additional Duties: Perform other related duties or assignments as directed, ensuring flexibility and support for evolving organizational needs.
  • Team Motivation and Improvement: Motivate subordinates (including Team Assistants and interns) and contribute to identifying opportunities for continuous improvement in AFSA's regulatory systems, processes, and practices, focusing on international best practices, business process enhancement, cost reduction, and productivity improvement.
  • Cross-Divisional Collaboration: Work with colleagues in other divisions and areas of supervision to ensure firms implement and adhere to AIFC/AFSA regulations.
  • International Collaboration: Collaborate with international regulatory bodies on benchmark supervision and best practices.
Qualification & Experience Requirements:
  • Educational Background: Bachelor's degree in a relevant field such as Finance/Economics/Mathematics/Law. A post graduate degree in similar fields is an advantage.
  • At least 3 years of work experience in Financial Services Regulator or Financial Services Industry. Study time at post graduate degree in a relevant field such as Finance/Economics/Mathematics/Law is included in the aforementioned period.
  • Proven experience in conducting data analysis and providing creative solutions to complex problems.
Required Competences:
  • Industry Knowledge: Strong understanding of the financial services industry, including key products, services, and processes.
  • Project Management: Proven experience delivering projects under tight deadlines with a high degree of initiative.
  • Communication Skills: Excellent ability to explain complex issues clearly and concisely, both verbally and in writing.
  • Teamwork and Flexibility: Open to new approaches, supporting colleagues and working collaboratively to achieve goals.
  • Organisational Skills: Strong organisational abilities to manage competing tasks, prioritise effectively, and escalate issues when necessary.
  • Presentation Skills: Capable of presenting analysis results clearly and effectively, both orally and in writing;
  • Leadership in Meetings: Ability to lead challenging meetings confidently, engaging with senior-level individuals with credibility.
  • Solution-Oriented: Motivated to complete tasks and focused on finding solutions rather than dwelling on problems.
  • Decision-Making: Confident in making timely, well-considered decisions, standing by them, and learning from experience.
  • Technological Knowledge: Understanding of current technological advancements in data analytics.
  • Supervisory Practices Knowledge: Familiarity with best supervisory conduct practices (e.g., IOSCO, BCBS, IAIS, FCA, etc.).
  • Language Proficiency: Proficiency in English, both written and verbal.
Working Conditions:
Astana, Kazakhstan, full-time, 5/2

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