The Bermuda Monetary Authority (BMA) has established a new executive post to lead all its supervisory functions.
“The position of managing director, supervision reflects the next phase of strategic evolution for the Authority,” says Jeremy Cox, chief executive officer. “Our role as Bermuda’s financial regulator has expanded to the point where dedicated focus across all areas of supervision is both a logical and prudent decision. We also anticipate that the risk analytics tools our supervisors are currently using for insurance can be extended and adapted across other areas. Therefore, establishing this position will move the Authority further towards setting a common vision for financial sector supervision across all sectors of the Bermuda market.”
Craig Swan (pictured), formerly director, insurance supervision, has been appointed to the new position with immediate effect. Swan will report directly to the CEO. The two management positions with responsibility for conducting ongoing supervision of regulated financial businesses – director, banking, trust, corporate services and investment, and director, insurance supervision – will report to Swan.
“We are very pleased that an existing member of our leadership team will take on the challenge of this new role,” says Cox. “Craig brings strong technical skills to this position, and his experience in building a very effective infrastructure for enhancing Bermuda’s insurance framework will be of great benefit moving forward.”
The new post has strategic responsibility for all the Authority’s supervisory activities, including the supervision of banks, trust companies and investment businesses, as well as insurance supervision. In addition, the Authority’s actuarial and risk analytics functions, and supervision of institutions under Bermuda’s anti-money laundering regime will be under the remit of this position.
Swan says: “I am looking forward to contributing to the Authority in this new capacity. Bermuda’s financial sectors are very innovative and remain focused on maintaining leadership in challenging conditions. The BMA also has a key role to play in enhancing Bermuda’s reputation overall as a leading international financial centre. We look forward to charting our course for the future, and building on the respect the BMA has worked hard to earn both domestically and internationally, based on our consistent delivery of pragmatic, forward-looking, risk-based supervision.”