Head of Department – Financial Stability Department at South African Reserve Bank

Job title: Head of Department – Financial Stability Department

Location: Head Office, Pretoria

Department description: Financial Stability Department (FinStab)

Brief description

To lead and provide strategic direction for the Financial Stability Department (FinStab), and evaluate, report and promote financial system soundness in support of the financial stability mandate of the South African Reserve Bank (the Bank).

Detailed description

The successful candidates will be responsible for, among other things, the following key performance areas:

• Provide strategic direction and leadership to the FinStab and coordinate efficient and effective planning, budgeting, resourcing, organising, governance, control, risk management and operations.
• Establish the framework and processes to research, analyse and actively monitor financial system soundness indicators and interconnectedness to detect trends and early warning signs of risks, sources of systemic vulnerability, distress or imbalances in the financial system.
• Oversee and direct the process to disseminate accurate and relevant information on the resilience of the financial system to internal and external financial regulators, policy makers and other stakeholders.
• Oversee the development and maintenance of appropriate processes to monitor and stress-test the financial system and develop, facilitate and coordinate contingency plans for responding to potential systemic events, including appropriate resolution plans, financial safety net policies and other tools and strategies for minimising the cost of systemic events, should they occur.
• Direct and maintain the analysis, policy instruments and tools necessary to manage systemic risk to an acceptable level.
• Contribute towards a robust legal and regulatory environment and a financial system that, as a whole, is inherently resilient to shocks.
• Ensure that systematically important financial institutions (SIFIs) have relevant capital and leverage ratios and countercyclical capital buffers to reduce systemic risk.
• Contribute to committees and work groups of international standard setting bodies to ensure that South Africa’s commitments and obligations in terms of global financial stability initiatives are met.
• Develop and direct, in close collaboration with other regulators, a detailed understanding and analysis of financial market infrastructure (FMI) institutions and their contribution to the soundness of the financial system, and address vulnerabilities through recommended policy actions consistent with international standards to enhance the resilience of the FMIs.
• Manage the performance and development of staff, build strong leadership and specialist pipelines, and promote and support career management and development.

Job requirements

To be considered for this position, candidates must have:

• A Master’s degree in Banking, Economics or Finance; and
• At least 12 years of technical central banking experience, financial regulation experience or banking supervision experience; which should include seven (7) years of general management and/or corporate governance experience.

The following would be an added advantage:  

• A Doctor of Philosophy in Economics, Banking or Finance.

Job-related knowledge:

• General management and leadership in a changing organisation.
• Thorough knowledge of operations of the financial system and its components.
• Broad understanding of economic theory and the economics of regulation.
• In-depth knowledge of financial and banking regulation and supervision approaches, tools and techniques.
• Knowledge of research methods, analytical techniques, modelling and decision support tools.
• Up-to-date knowledge of international financial stability and regulatory best practice and relevant emerging trends and developments.
• Thorough knowledge of the history, causes and resolution of systemic financial events.
• Development and implementation of policies, procedures and systems.
• Project management.

Job-related skills and attributes:

• Building strategic relationship and creative thought leadership
• Problem solving and analysis
• Verbal and written communication
• Conflict management
• Planning and organising
• Risk management
• Influencing
• Negotiation
• Systems thinking

In line with the SARB’s commitment to diversifying its workforce, preference will be given to suitable candidates from designated groups. People with disabilities are welcome to apply.

The SARB offers remuneration and benefits commensurate with the level of the position and in line with the market. The level at which the successful applicant will be appointed will depend on his/her competence and experience.