Experience

Israel Capital Market Insurance & Savings Authority - רשות שוק ההון, ביטוח וחיסכון

• Israel
• Government Administration
• 1 - 100 Employee

• Senior Deputy | Long Term Savings Division | Capital Market Insurance and Saving Authority

  • Jan 2022 - Present

  The Capital Market, Insurance, and Savings Authority serves a vital role in regulating financial services within the insurance, pension, and provident funds markets. As Senior Deputy, I held a pivotal position leading the Long Term Savings Division.🔷 Directed and mentored a dynamic team of over 20 staff members, fostering an environment conducive to professional growth and enhanced team performance.🔷 Developed and implemented strategic plans including publishing instructions and consultant papers related to the Capital Market Insurance and Savings Authority's strategy.🔷 Engaged in high-level negotiations with top-ranking officials in the Israeli government, effectively communicating the needs and strategic direction of the division.🔷 Advised the government on various matters pertaining to pension policy, leveraging my extensive knowledge and experience in the field.🔷 Fostered a close working relationship with various divisions and departments within the Israeli Ministry of Finance and the Tax Authority, ensuring alignment of long-term savings policies and initiatives with wider national economic goals.🔷 Promoted a conducive ecosystem for innovation and communication by facilitating discussions with all relevant stakeholders, including insurance companies, agents, pension consultants, accountants, tax advisors, and third-sector organizations.🔷 Spearheaded the 2023-2024 Budget program and pursued a market reform for agents and consultants in collaboration with colleagues from the Budget Department in the Ministry of Finance. This proposed reform has since been approved by the Israeli government and awaits discussion in the Israeli Knesset.🔷 Performed a comprehensive analysis of the Clearing House's future model, providing insights to the commissioner on the most efficient structure and connection between API pension and API open banking. This involved a comparative study between the Israeli and British API finance markets. Show less

• Director of Strategic Planning | Capital Market Insurance and Savings Authority

  • 2020 - 2022

  As the Director of Strategic Planning at the Ministry of Finance, I've led numerous technology-focused projects, gaining substantial expertise in technology, its regulation, and its use in long-term savings. In this capacity, I managed a talented team of 10 employees and played an instrumental role in devising a long-term strategic plan for the State of Israel's long-term savings. Among the critical initiatives I've driven are:⭐ Leading the development of a regulatory framework for efficient fund transfers between different companies through the central clearing house, resulting in the successful transfer of over 250 billion Shekels since February 2020.🔷 Leveraging API standards to introduce open banking to the pension savings sector and establishing an API-based infrastructure. This initiative allowed for seamless access to all financial assets from a single platform, promoted open finance within the Israeli economy, and fostered innovation and competition in the pension savings market.🔷 Building a robust technological infrastructure that assists institutional bodies in helping savers exercise their tax rights and access relevant information, streamlining their financial journey.Through these API-focused strategies, my team and I have not only revolutionized financial interactions but have also enhanced transparency and accessibility within the long-term savings sector. Show less

• Division Manager | Provident Funds Division | Capital Market Insurance and Saving Authority

  • 2015 - 2020

  As the Division Manager of the Provident Funds Division at the Israeli Ministry of Finance and Capital Market Insurance and Saving Authority, I led the tender of a new default pension fund system for non-unionized workers (800,000 people!) in the Israeli economy, resulting in a significant decrease in their fees and increases in their retirement savings.⭐ Before the reform, In 2016, 25% of the people who joined the pension service paid the maximum fees, In 2023, the number decreased to just 0.03%.✅ Led the first auction of selected funds in the Israeli pension market, ensuring a fair and transparent selection process for the benefit of all stakeholders.✅ Conducted extensive research and analysis to formulate a customized pension solution tailored to the needs and preferences of non-unionized workers.✅ Collaborated with industry experts, financial institutions, and government officials to ensure the successful implementation of the new pension fund system.✅ Monitored and evaluated the effectiveness of the new default pension fund system, making necessary adjustments and improvements.✅ Intensely audited company business practices of pension from 2016 to 2023. Show less

• Project Team Lead | Pension Funds | Capital Market Insurance and Saving Authority

  • 2014 - 2015

  As the Project Team Lead for the Pension department, I led a project to streamline the process of monthly fund transfers from employers to insurance companies across Israel.The project consisted of two key stages. First, I focused on implementing the core principles of our strategy, ensuring that every step aligned with our overarching goals. Then, turned my attention to drafting the necessary legislation and protocols, working closely with all relevant stakeholders in the Israeli economic market to ensure a successful outcome and conducted extensive negotiations and held lectures throughout Israel, reaching out to employers of all stripes.Today, over 120 billion ILS per year are transferred through the protocols. I have led 99% of the funds.🔷 Implemented a uniform protocol for transferring information between all employers and institutional bodies in the economy related to depositing payments to the employees’ pension funds member's account. 🔷 Managed the transition from paper-based to automated reporting of employer payments to provident funds, ensuring compliance with regulations and guidelines.🔷 Oversaw the timely and accurate reporting of employee pension funds fund payments from employers, collaborating with relevant stakeholders to ensure transparency and accuracy.🔷 Conduct regular evaluations to measure the impact and success of initiatives related to provident fund payments and reporting and make recommendations for improvement. Show less

• Project Manager | Pension Funds | Capital Market Insurance and Saving Authority

  • 2010 - 2014

  During my time as a Pension and Benefits Strategy Manager I have led two large projects1. The pension clearing system, which enables the systematic and smooth transfer of the public's pension savings between the distribution system and pension product producers and is a key part in the development of a pension advisory system in Israel.⭐ Today, information about 2 million Israeli citizens goes through the central clearing house every month, with each citizen accessing this information within 3 hours of requesting it.2. Regulating the country's tax pension benefits budget with new policies✅ Developed and implemented a standardized language for the long-term savings market to ensure efficient information delivery across all institutional bodies.✅ Led the development of a technological infrastructure to improve the accessibility of employee pension savings information through the pension clearing system.✅ Formulated a proposal for the redistribution of tax benefits in pension savings, collaborating with relevant stakeholders to ensure compliance with regulations and guidelines. This proposal, ultimately fell through due to a lack of government support.✅ Monitored financial data related to pension savings and tax benefits to identify opportunities and risks and make recommendations for optimization and new policy proposals.✅ Communicate project progress and solicit stakeholder feedback, including pension fund managers, financial institutions, and government officials.✅ Conduct regular project evaluations to measure the impact and success of initiatives related to pension savings and tax benefits and make recommendations for improvement. Show less

• Insurance Financial Reporting Analyst | Capital Market Insurance and Savings Authority

  • 2009 - 2010

  I joined Capital Market Insurance and saving authority as an Insurance Financial Reporting Analyst in the financial reporting and analysis division. My Responsibilities included:🔷 Receiving and reviewing annual and quarterly financial statements from insurance companies operating in Israel🔷Conducting ongoing controls to ensure compliance with relevant regulations and accounting standards🔷 Analyzing and interpreting financial data to identify trends, patterns, and potential areas of risk🔷 Assisting in the development of financial reporting policies and procedures🔷Preparing reports and presentations summarizing financial data and analysis for government officials Show less