GTP: training the best talent
The Bermuda Monetary Authority must find and develop the very best talent if it is to keep pace with a fast-changing global regulatory environment. At the heart of the strategy to ensure this is its Graduate Training Programme. Here, the head of HR and two alumni of the programme discuss its role and how it is evolving.
The significance of talent cannot be overstated for the Bermuda Monetary Authority (BMA or Authority), a necessity influenced by its international recognition and reputation. Given its international obligations as a regulatory entity, navigating the constantly changing landscape of the worldwide financial services sector proves to be a demanding task.
Talent is important to the BMA—it has to be. Well respected by its peers internationally, the regulator’s global remit means it is no easy task having to keep up with a rapidly changing global financial services sector. One of the critical components for the Authority to maintain this standard in the long term is finding and developing the best talent possible.
Tackling such a complex and nuanced challenge as talent acquisition requires a multifaceted approach. Although the Authority employs a number of strategies to secure the best talent possible, one of its most prized talent acquisition assets is the Graduate Training Programme (GTP).
The three-year GTP, launched in 2009, is designed to attract and cultivate Bermuda’s most promising university graduates. As an elite programme, the GTP accepts just two new candidates each year and focuses on developing excellence. The programme provides these graduates with the skills and experience they need to successfully embark on a rewarding career in financial services regulation, including the opportunity to earn qualifications and professional designations.
The vision is for trainees to be workforce-ready by the end of the three years—and well-primed for taking on a permanent technical position within one of the BMA’s business or support units.
Since the programme’s inception, 18 participants have successfully graduated and all of them were offered roles within the BMA’s supervisory departments. Today most serve in senior analyst roles within a number of departments across the BMA, including the Insurance Supervision Department (ISD); Banking Trust Corporate Service Providers and Investment (BTCSI); Policy and International Affairs; and Business Operations Support (BOS).
Mesheiah Crockwell, the BMA’s director of human resources, explains that the programme is one of the key elements in the regulator’s approach to talent development. She says she is especially proud of the tenure and retention rates for GTP alumni and the success they have had being promoted into senior management roles.
“Out of the 18 successful graduates we have celebrated over the course of the GTP’s 15-year history, 15, or 83 per cent, are still with the Authority, serving in a range of technical roles. Three have progressed to senior management positions within our Insurance and Banking Supervisory departments, and two others are now in first-line managerial positions,” she says.
One of these esteemed graduates is Treasa Walker, assistant director of the Insurance Licensing team (see case study below). Walker, who joined the GTP in 2012, is an ideal embodiment of the programme’s focus on excellence.
“In the GTP, I learned a huge amount from an insurance perspective and also benefited from developing relationships with my BMA colleagues and industry peers. I am grateful to the Authority for providing me with an environment that always welcomed my voice being heard. That meant I was better able to become my most authentic self during my career progression,” Walker says.
During the three-year programme, trainees gain regulatory and industry expertise by being paired with experienced managers, mentors and coaches inside the BMA. GTP participants are also given the opportunity to be seconded to local industry partners or international regulatory agencies during the programme to provide them with indispensable industry experience.
“The GTP talent pipeline is extremely important to the Authority as it provides us with skilled supervisory and regulatory resources in an environment where such skillsets and experience in financial services regulation are very limited,” Crockwell says. “Having these graduates prepared and ready to take on technical positions when they complete the programme makes every successful GTP graduate a tremendous asset to the Authority.”
She explains how the GTP’s purpose and nature have evolved over time. The programme was initially intended to be an accelerated skills development programme to support the resourcing needs of the Authority’s supervisory departments. Since those early days, the BMA has expanded the GTP’s focus to include placements across operational functions. These operational placements include the areas of management services, with a focus on IT, artificial intelligence and systems infrastructure, digital assets and fintech and, most recently, within the BMA’s Corporate Affairs department, with a focus on communications, public relations, reports, panels, events and media relations.
Crockwell says the GTP will not stand still. The BMA intends to ensure the programme continues to evolve and reflect the changing needs of the BMA and the wider financial services industry.
“We are always reflecting on ways to enhance the learning experience of our GTP participants. As the remit of the BMA continues to expand and evolve against the backdrop of local and international requirements, so too will the structure of the GTP as we further develop and expand the programme to keep pace.
“We take the GTP mission statement of ‘Challenge Yourself’ to heart as we work to foster a culture of continuous learning and excellence.”
Walker agrees: “There is such a vast wealth of expertise at the BMA. This allowed me to gain a huge amount of knowledge during the three years, with insights acquired from a range of areas, including corporate structures, legal and compliance matters and supervisory requirements as well as engaging in the development of policies and procedures,” she says.
Eron Woods, a BMA graduate trainee, agrees (see case study below). “The GTP is a training programme so you should expect to be challenged and try new things outside of your comfort zone,” he says. “It is a unique opportunity to work for a company that evolves and expands with the industry it operates in, exposing you to all the latest trends.”
Woods continues: “The GTP has been very rewarding for me. It has allowed me the opportunity to understand the financial services industry from the perspective of the regulator, which is something you can only do at the Authority. Being placed in the Corporate Affairs department, we frequently collaborate with all the departments within the organisation for internal initiatives and external reports or publications.
“These opportunities for collaboration are where I have been able to gain a deeper understanding of the subject matter regarding each department. Additionally, working on external-facing projects, such as our Community Webpage, from conception to launch was an eye-opening process that gave me a greater appreciation for project management.
“In this programme, you are immediately given opportunities to challenge yourself professionally while having access to resources to support your growth during your time.”
Crockwell adds that she is proud of the place the BMA holds in the context of the Bermuda community by offering Bermudians an accelerated pathway for success in the Authority.
“The GTP is a fantastic opportunity for those looking for a challenging and rewarding career in the financial services sector,” she says. “There is no better place to be immersed in a dynamic culture of excellence, learning and continuous growth. I would strongly encourage any Bermudian who has recently graduated and is embarking on their professional career, or even Bermudian professionals who are considering a career change, to consider whether the BMA’s GTP could be a good fit.”
Case study: Treasa Walker, assistant director, insurance licensing team
Treasa Walker entered the GTP after completing a Bachelor’s degree in business management from Clark Atlanta University. She was seeking an opportunity to kickstart her career in Bermuda. She had previously worked in tourism, investment management and trusts, so she could have re-entered any of these sectors. However, while attending a networking event at the BMA, she became aware of the GTP.
When Walker graduated from the GTP in 2012, she joined the Insurance Licensing team, and her responsibilities included processing applications for startup insurers, as well as assessing changes to business plans, de-registrations, discontinuance submissions and other insurance-related applications.
Walker’s career developed quickly. She was promoted to senior officer and then principal, and eventually assistant director of the Insurance Licensing team. This team predominantly processes the Insurance Assessment and Licensing Committee applications for new insurance companies aiming to register in Bermuda.
Walker expresses gratitude and appreciation for the growth opportunities offered by the BMA. Now, she especially enjoys developing her own team’s skills and talents. “I enjoy giving back by training my team to develop to their full potential and providing them with opportunities for their future career advancement and progression,” she says.
“I especially enjoy taking my team to international industry events that offer them opportunities to gain invaluable global experience through international training, speaking on panels and networking worldwide.”
Walker says her experience of the GTP has been overwhelmingly positive. “Managers were supportive from the beginning, helping to develop my technical skills. I have had opportunities along the way, but completing my development and commitment with the Authority took precedence. That pathway led to the opportunity to gain meaningful work experience throughout multiple BMA departments, and secondments in industry along with a work assignment in London.”
Additionally, a secondment to a Bermuda law firm exposed her to the process of preparing applications for the BMA’s assessment, dealing with legal matters and learning the role of the corporate services team.
“This experience helped me to better appreciate the time and effort it takes to prepare such applications, which led to my being more mindful when engaging with the insurance market and more aware of the level of information that can be available for the BMA’s assessment.”
Given her own positive experiences with the GTP, it is perhaps unsurprising that Walker would recommend the programme to others. She stresses that the career opportunities extend well beyond the insurance sector.
“I benefited from being exposed to various other regulated sectors, thereby aiding in the continuous development of my insight into the overall financial stability of the Bermuda economy,” she says. “I recommend any Bermudian who is eager to learn and become a professional in the Bermuda financial services sector to apply to the GTP.
“As the insurance industry develops, the BMA is evolving to ensure that we remain a sophisticated and respected financial service regulator. I aim to support this evolution by enhancing my expertise in emerging markets and further expanding my knowledge of the BMA’s application of our regulatory oversight of life insurance and innovative companies that are gaining traction.”
“I am also involved in the ongoing supervision of the BMA-regulated portfolio of insurance companies. I am continuously expanding my executive presence through my involvement in various working groups and committees, where I participate in strategic decision-making with other senior executives.
“I spend a significant amount of time engaging with people who are entering the insurance sector and providing support for their career endeavours in order to maintain meaningful relationships with my peers in the financial industry,” she concludes.
Case study: Eron Woods, industry relations coordinator
Eron Woods started his career in the hospitality and tourism industry, primarily involved with national programmes that targeted workforce readiness and educational projects. This gave him interaction with the public and private sectors which, combined with his interest in the financial services sector, led him to meet graduates of the GTP and apply himself.
Now in his second year of the programme, Woods says it has been very rewarding so far. “It has allowed me the opportunity to understand the financial services industry from the perspective of the regulator, which is something you can only do at the Authority. In this programme, you are immediately given opportunities to challenge yourself professionally while having resources to support your growth and professional development.”
On this basis, Woods would recommend the programme, especially for Bermudians interested in the financial services industry. He suggests qualities to be successful in the programme include being open-minded and willing to take on challenges.
Woods is focused on completing the GTP and advancing within a long-term career, but he is realistic in recognising that he has much to learn. “I am still relatively new to the industry, so my plan is to better understand the BMA and its various businesses, so when the company evolves and grows, I will be there keeping up with it.”
To learn more about the BMA’s Graduate Training Programme visit www.bma.bm/gtp
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