About the JDIC:
The Jamaica Deposit Insurance Corporation (JDIC) was created by the Government of Jamaica to protect depositors and promote stability and confidence in Jamaica’s financial system, and has a mission to:
- Protect insured deposits against loss due to the non-viability of Deposit Taking Institutions (DTIs);
- Manage the Deposit Insurance Fund consistent with its statutory objects;
- Support the promotion of financial consumer protection and financial inclusion;
- Take such necessary steps to minimize its exposure to loss.
To execute its Mission, JDIC operates a knowledge management environment that promotes excellence in professional and technical expertise, allowing employees to realize their potential. The JDIC core values of Accountability, Communication, Excellence, Professionalism, and Teamwork support the institutional strength of the JDIC and its expert cadre of staff.
More information on the JDIC can be viewed on their website: https://www.jdic.org
About the Role:
- Manage the Deposit Insurance Scheme Membership Administration Framework to include carrying out the procedures for the admission of DTIs as members in the Deposit Insurance Scheme; and conducting the ongoing monitoring of DTIs compliance with the Deposit Insurance Act (DIA), including the Policy of Deposit Insurance.
- Monitor the financial performance of DTIs/ members of the Deposit Insurance Scheme (DIS, Scheme) and their financial holding companies with focus on identifying, assessing and reporting on potential risk to the DIS and as guided by the JDIC’s Member Institutions Risk Assessment Framework.
- Monitor developments in the economy and financial markets, local and global, and assess the impact on the operations of DTIs membership in the Scheme.
- Conduct reviews of the size of the Deposit Insurance Fund to determine its adequacy to fund potential liabilities, consequent to the non-viability of a DTI and to make insured deposit payments or aid in providing financial and other assistance in the restructuring/resolution of non-viable DTIs consistent with the parent legislation for the resolution of financial institutions and other applicable law and standards of best practice to inform recommendations to the Committee of Management and the Board.
- Assess the level and scope of coverage provided under the DIS to protect depositors as well as other design features of the Scheme to ensure such features remain relevant, are consistent with international standards and the JDIC continues to meet its public policy objectives; and make recommendations for policy proposals and amendments to the legal and operating frameworks.
- Develop operating policies, procedures and systems and other documentation to ensure the effective execution of the discrete functions of the MRA Section.
- Participate in proactive readiness initiatives regarding depositor reimbursements and or other resolution options, and financial crisis preparedness and management in support of the Corporation’s mandate.
- Ensure the necessary cross-functional technical support and guidance are provided on behalf of the MRA Section to achieve the strategic objectives and key initiatives of the Corporation.
- Represent the Corporation on financial system safety net inter-agency technical working groups as well as regionally and internationally, in support of its membership of the International Association of Deposit Insurers.
- Conduct research and analysis to inform policy formulation, legislation, and provide recommendations to advise the Committee of Management in regard to the Design of the Deposit Insurance Scheme, Membership Admission Framework, Member Institutions compliance with the DIA and the Policy of Deposit Insurance, and the Member Institution Risk Assessment Framework inter alia.
About the Person:
· Master’s degree in Banking or Accounting or Finance or Economics or Busines Administration
· A minimum of five years’ working experience in a senior technical capacity in the financial sector
· Strong leadership qualities
· Demonstrated strong research and data analysis capabilities
· Good knowledge of database management techniques
· Good team player
· Excellent time management skills and results and solutions-oriented
· Excellent oral, written and presentation skills
· High levels of personal and professional ethics
· Strong research and data analysis capabilities as well as knowledge of required techniques
· Sound knowledge and high proficiency in laws and regulations governing the financial system and public bodies
· Strong proficiency in Microsoft Office Suite including Word; Excel; Teams; and PowerPoint
We thank all applicants for their interest; however, only short-listed candidates will be contacted.