Internal Auditor -Model Risk (Insurance) at Absa South Africa

Job Summary

• To monitor the risk profile of the business and execute audit assignments in accordance with the Group Audit Plan and Internal Audit methodology, relevant policies, procedures and quality standards.

Job Description

The Internal Auditor (insurance risk including insurance models) AVP role is responsible for assurance of Absa Financial Services.

The position is an Actuarial Analyst in Internal Audit and is required to provide assurance on:

• Best practice and most up to date development for building and maintaining actuarial   models.
• The pricing implementation on mainframe and various quoting platforms. This will involve internal and external quoting and administration systems.
• Correction of errors within the implemented pricing structures.
• Support the Audit manager in the identification of risks to be tested by participating in planning sessions. Develop testing strategies for key controls within the business to adequately mitigate the risks. Manage the execution of Design Effectiveness Testing (DEA) and Operational Effectiveness Testing (OET) of the audit team in line with Internal Audit methodology requirements.
• Develop an in-depth knowledge of Absa Financial Services and its subsidiaries and use the knowledge to assess risks and controls through identifying, assessing and documenting risks and controls within these processes. Engage proactively with Internal Audit colleagues during assignments and request technical assistance where required and based on knowledge of business areas,
• Develop and maintain relationships with key audit contacts on each audit by attending continuous stakeholder meetings. In addition, engage closely with stakeholders during assignments and encourage open discussions and interactions with business on the risks associated in their environment.

Requirements:

• Relevant degree in Statistics, Mathematics, Actuarial Sciences, Data Science etc.
• At least 5CTs completed
• 3 – 5 years’ experience in the Insurance Market with either a consultancy or industry background.
• Experience auditing in the insurance environment will be advantageous.
• Either Short-Term Insurance or Life Insurance market experience desirable.
• Solid understanding of actuarial concepts and principles.
• Strong technical, problem identification and analytical skills.
• Hands-on experience with programming.
• Knowledge of spreadsheet and Microsoft tools, particularly Excel or Python
• Excellent communication skills (written and oral).

Education

• Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)