(1283) Divisional Head: Insurance Supervision -BISD at South African Reserve Bank

Detailed description

The successful candidate will be responsible for the following key performance areas:

• Promote the safety and soundness of the insurers and insurance groups under his/her supervision. 
• Provide strategic direction in the development, implementation and monitoring of the division’s strategy in accordance with the Prudential Authority’s (PA) overall strategy and ensure alignment with the department’s strategic direction.
• Contribute to the development and continuous refinement of the supervisory approach to insurance, taking into consideration the current, emerging, systemic and supervised entity-specific risks.

Manage the supervisory oversight of the entities supervised by the division, including but not limited to:

• leading and managing the day-to-day supervision of insurers and insurance groups; 
• directing the consistent application of appropriate supervisory practices, protocols, tools and procedures to all the supervised entities allocated to the division; 
• identifying, assessing and escalating key risks, and reacting to key indicators of risks within the department; 
• overseeing the maintenance of the permanent records and correspondence of insurers and insurance group(s) allocated to the division; 
• endeavouring to uphold an updated risk rating of the supervised entities under supervision;
• monitoring compliance by the supervised entities with the applicable regulatory framework, which includes prudential standards and regulations.
• Manage the operationalisation and implementation of decision-making frameworks, protocols and procedures. 
• Ensure compliance with all the legislative and regulatory requirements of the South African Reserve Bank (SARB).
• Ensure that the risks of the division are identified and assessed, and that risk-effective mitigating measures are implemented.
• Manage the performance and development of direct reports.
• Create a performance culture in the division.
• Coach and manage the career development of employees in the division.

Job requirements

To be considered for this position, candidates must be in possession of:

• a minimum of an Honours degree in Accounting, Banking, Economics, Risk Management, Finance and/or Insurance; and
• at least 10 years’ experience in the insurance market or insurance supervision, with five years’ experience in a senior management position with people management responsibilities.