Actuarial Control Function Head at FNB South Africa

Job Description

• To provide appropriate governance over the risk management system and system of internal controls, an insurer must establish and adequately resource the control functions as set out in regulations and actuarial guidance.
• Control functions are a critical part of an insurer’s checks and balances and must provide an independent perspective on risks and breaches of legal or regulatory requirements

Role Purpose: 

• To provide appropriate governance over the risk management system and system of internal controls, an insurer must establish and adequately resource the control functions as set out in regulations and actuarial guidance.
• Control functions are a critical part of an insurer’s checks and balances and must provide an independent perspective on risks and breaches of legal or regulatory requirements 

Job Description 

• Appointment as Head of Actuarial Function for life insurer 
• All duties and responsibilities as described in Prudential Standard GOI3 and all relevant actuarial guidance including Actuarial Practice Note 106. 
• Work closely with first line teams to raise the overall actuarial posture of the business. 
• Advise senior management and board committees on actuarial matters and will be expected to be comfortable engaging in such forums and to build impactful relationships. 
• Work with other control functions of insurer to manage risk profile of insurer. 
• Advise the Asset, Liability and Capital Committee and Board on actuarial matters and provide reports and outputs as required. 
• Model validation of pricing and reserving models (both Excel and Prophet models). 
• Review of technical provisions, minimum capital requirements and solvency capital requirements. 
• Review of balance sheet management assumptions and recommendations for solvency and pricing exercises. 
• Review of Embedded Value, Analysis of Surplus and other actuarial valuations. 
• Review of Policies. 
• Technical review of Own Risk and Solvency Assessments (ORSA). 
• Review of compliance with Prudential Standards and advise business on how standards apply for new products. 
• Produce actuarial reports for internal and Board committees. 
• Ad hoc research on Actuarial developments. 
• Challenge and review of actuarial models and assumptions developed for IFRS17. 
• Manage a team of actuaries and actuarial students to comply with results. 
• Raise the actuarial posture of the life insurer and provide specialist life expertise to the wider FirstRand group if required. 

Qualifications and Experience 

• Minimum Qualification: Appropriate Actuarial Degree. 
• Qualified actuary with experience in valuations, capital or pricing at a life insurer or consultancy. 
• Preferred Qualification: Fellow of the Actuarial Society of South Africa and/or Life practicing certificate (or eligible and willing to apply on appointment). 
• A minimum of 10 years life insurance experience within the financial services industry. 
• Prior experience as Head of Actuarial Function will be advantageous but not required. 
• Deep experience of a wide range of Actuarial topics such as experience investigations, pricing, reserving, capital, embedded value calculations and IFRS17 are required. 
• Experience in dealing with senior stakeholders. 
• Experience in audit and or validations will be advantageous. 
• Strong technical, analytical and communication skills. 
• Experience with Prophet valuation software will be advantageous. 

End Date: December 2, 2025