Background on the BMA

Report
Challenge Yourself!
Do You Have What it Takes?
Agenda
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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
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The Bermuda Monetary Authority was formed by an Act of
Parliament (Bermuda Monetary Authority Act 1969) on 20th
February 1969.
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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?
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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?
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Financial institutions regulated by the BMA:
– Banks
– Trust companies
– Investment businesses
– Investment funds
– Fund administrators
– Money service businesses
– Insurance companies
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The BMA also regulates the Bermuda Stock Exchange.
Why do we regulate Bermuda’s
financial institutions?
Our Mission
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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
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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
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The Authority provides unique and meaningful career opportunities for qualified
individuals.
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There is a wide variety of professionals at the BMA, including:
Accountants
Actuaries
Auditors
Bankers
Compliance Specialists
Corporate Communications Specialists
Economists
Human Resource Specialists
Risk Analysts
IT Specialists
Lawyers
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!
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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.
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At the BMA we are committed to nurturing Bermudian talent
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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?
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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?
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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
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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
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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
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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
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Start Date: November 2009
Current rotation:
– Local secondment to HSBC until
September 2012
Education:
– Howard University
– Bachelor of Business
Administration
Major:
– Management
Alisha Phillips
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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
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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
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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
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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).
Do you have what it takes?
Challenge Yourself!
Apply Today!
[email protected]
www.bma.bm

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