Associate Operational Risk Analyst at South African Reserve Bank

• The purpose of this position is to realise the responsibilities of the Prudential Authority (PA) in respect of the supervision and regulation of operational risk in insurance entities. The successful candidate will be involved in operational duties associated with on- and off-site analysis and will be part of a team of risk specialists in RSD who are responsible for providing specialist knowledge, skills and experience in the operational risk management area.

Detailed Description
The successful candidate will, among others, be responsible for the following key performance areas:

Supervision

• Participating in supervisory practices in relation to operational risk in regulated entities, including inspecting regulated entities’ risk appetite and management practices with respect to operational risk.
• Ensuring regulated entities’ compliance with regulations governing operational risk.
• Supporting other risk teams, including the IT Risk, Credit Risk and Market Risk divisions with supervisory duties with regards to operational risk related elements.
• Monitoring regulatory entities’ exposure to operational risk, as reported to the PA under the various operational risk approaches.
• Input and possible participation in the Own Risk Self Assessments (ORSA) of regulated entities in relation to operational risk.
• Providing operational risk specialist support.
• Contributing to risk-based meetings with regulated entities and their auditors.
• Staying abreast of international best practice and developments surrounding operational risk.
• Supporting the Divisional Head and Manager: Operational Risk with regards to all operational risk matters.

Job Requirements
To be considered for this position, candidates must have:

• A degree in either Banking, Commerce, Risk Management, Accounting or Audit;
• A postgraduate qualification in any of the afore-mentioned will be an added advantage; and
• 4 - 6 years’ relevant working experience in the insurance sector.

Additional requirements are as follows:

• Knowledge of the Insurance Core Principles
• Knowledge of relevant components of Regulations relating to insurance industry
• Knowledge of insurance products
• An understanding of the key issues and risks facing insurance entities registered in South Africa and related entities, with a specific focus on Operational Risk
• Competence in basic office information technologies
• Analytical / problem solving capabilities
• Strong verbal and written communication
• Ability to work in a team and contribute to team success.
• Effective time management skills
• Reliable own transport as the position requires regular travel between the PA’s offices in Pretoria and the offices of institutions which are generally outside Pretoria.