Transcript Background on the BMA
Challenge Yourself! Do You Have What it Takes?
Agenda
• • • • • Background on the BMA Overview of our Graduate Training Programme Q&A with our Graduate Trainees – A chat with Alisha Phillips & Tiffany Austin Q&A Refreshments
Background on the BMA
• The Bermuda Monetary Authority was formed by an Act of Parliament (Bermuda Monetary Authority Act 1969) on 20 th February 1969.
• Under this Act we: – Supervise, regulate and inspect financial institutions operating in or from within Bermuda – Advise Government and public bodies on banking and other financial & monetary matters – Are the issuing authority for Bermuda’s national currency – Manage exchange control transactions – Assist other authorities in Bermuda with the detection and prevention of financial crime
What Does the BMA Do?
• We supervise, regulate and inspect financial services institutions that operate in or from within Bermuda.
•
What is Regulation?
Regulation
is the process of setting guidelines and, as outlined in legislation, for financial firms, in order to maintain the integrity in the financial system.
•
What is Supervision?
Supervision
is the oversight of financial services sectors to ensure firms are abiding by the rules and are operating fairly and efficiently.
Act a “watchdog”
Who does the BMA regulate/supervise?
• Financial institutions regulated by the BMA: – Banks – Trust companies – Investment businesses – Investment funds – Fund administrators – Money service businesses – Insurance companies • The BMA also regulates the Bermuda Stock Exchange.
Why do we regulate Bermuda’s financial institutions?
Our Mission
• To protect and enhance Bermuda’s reputation and its position as a leading international financial centre, utilising a team of highly skilled professionals acting in the public interest to promote financial stability, safeguard our currency and provide effective supervision and regulation • To ensure that we accomplish our mission, we are constantly striving to build and develop the best team of professionals. What type of professionals make up the BMA’s team?
Our Team Members
• The Authority provides unique and meaningful career opportunities for qualified individuals. • There is a wide variety of professionals at the BMA, including: Accountants Actuaries Auditors Bankers Compliance Specialists IT Specialists Corporate Communications Specialists Lawyers Economists Human Resource Specialists Risk Analysts Policy Analysts Researchers So what does this have to do with the Graduate Training Programme?
Our Graduate Training Programme (GTP)
Our aim is to get the right people who have the right skill sets on our team, for now and for the future!
• It was from this philosophy that the GTP was created to provide a vehicle through which Bermudians can begin a career in financial regulation, and eventually contribute at a senior level.
• At the BMA we are committed to nurturing Bermudian talent • Through our GTP we provide the structure and development opportunities needed for our trainees to eventually fill technical positions within the Authority.
How is the Programme structured?
• • • • • Each trainee’s Programme is for three years Each trainee is paired with an Executive mentor Our trainees’ work track is personalised, based on their areas of interest Each trainee is rotated through the various supervisory teams within the Authority – Insurance, Licensing & Authorisations – Insurance, Complex Institutions – Banking, Trust & Investment – Policy, Research, Macroprudential & International Affairs – Risk Analytics – Legal Services & Enforcement Directly involved in collecting, analysing, discussing and reporting information
How is the Programme structured?
• • • • Each trainee is encouraged and supported to pursue further education, leading to an appropriate professional designation, such as: – Accounting education/background: CPA, CMA, CFM – Insurance education/background: ARM, ARe, CRM Each trainee participates in a local secondment with a Bermuda industry partner Each trainee also participates in an international secondment with an overseas regulatory agency or financial entity.
YES! Our trainees get to travel overseas
Upon successful completion of the Programme, trainees are offered placement as an Analyst within the Authority •
YES! Our trainees can have a rewarding career
This is an experience like no other!
Vashun Blanchette
• • • Start Date: November 2008 Current rotation: – International secondment until April 2012: • Bank of International Settlements (BIS), Basel, Switzerland Education: – University of East Anglia • Bachelor of Science in Business Management – Cardiff University • Master of Science • Major: International Economics
Treasa Fubler
• • • • Start Date: November 2008 Current rotation: – International secondment until April 2012: • Hiscox UK, London, England Education: – Clark University – Bachelor of Arts Major: – Business Management
Terry-Lynn Griffiths
• • • • Start Date: November 2009 Current rotation: – Policy, Research, Macroprudential & International Affairs Department Education: – University of Western Ontario – Bachelor of Science in Business Management & Organisational Studies Major: – HR Management
Jelani Scott
• • • • Start Date: November 2009 Current rotation: – Local secondment to HSBC until September 2012 Education: – Howard University – Bachelor of Business Administration Major: – Management
Alisha Phillips
• • • • Start Date: November 2010 Current Rotation: – Restoration, Run-off & Monitoring Team, Insurance Complex Institutions Department Education: – University of Western Ontario – Bachelor of Management and Organisational Studies Major: – Finance
Tiffany Austin
• • • • Start Date: November 2011 Current rotation: – Risk Analytics Department Education: – St. John’s University – Bachelor of Science Major: – Actuarial Science
A Chat with Alisha & Tiffany
Alisha Phillips Tiffany Austin
GTP Eligibility Requirements
• • • • • • • Bermudian 21 years or older University graduate, with a Bachelors degree from an accredited institution Articulate and well-spoken, with a strong business sense Able to develop and produce written and oral presentations Demonstrate basic knowledge of financial services sectors under supervision Committed to a career in financial regulation for minimum of three years post completion of the Programme
To Apply Submit
• • • • • • • • A completed application form; A copy of your resumé; A letter addressed to the GTP Selection Committee, outlining the reasons why you are a strong candidate; Proof of Bermudian status; A certified copy of your birth certificate or Bermuda passport; One academic or professional reference letter; One personal character reference letter; and Certified copy/copies of your university degree(s).