Manager: Insurance Supervision -FCSD at South African Reserve Bank

Job Description

• The purpose this position is to supervise the activities of insurance entities within financial conglomerate groups in respect of prudential regulations relating to governance and management of all risk types. The scope of risks regulated includes insurance, cyber, counterparty, credit, liquidity, underwriting, market, solvency, operational risks, etc

Detailed description

The successful candidates will be responsible for, among other tasks, the following:

• Supervising, overseeing and participating in supervisory practices, including
• contributing towards maintaining a financially sound and stable insurance sector, in particular, and the overall financial services sector
• assessing compliance with prudential regulations and applicable financial soundness standards
• identifying cross-sectoral risks and devising appropriate measures to contain them
• implementing a risk-based, pre-emptive, outcomes-based and integrated supervisory framework
• refining the supervisory approach by introducing prudential supervisory best practices
• contributing towards the development of processes and procedures for effective implementation of the Insurance Act and related prudential standards
• knowledge of, and experience in, the financial system, financial products, and related risk models and systems; 
• review and evaluation of the adequacy and appropriateness of the own risk and solvency assessment (ORSA) submissions of each insurer for their specific risk profile
• deploying effective supervisory tools for monitoring insurers’ exposure to the above risks
• identifying cross-sectoral risks and devising appropriate measures to contain them
• ensuring the sufficiency and appropriateness of capital and solvency requirements of the assigned insurance entities with respect to all prudential risks
• ensuring insurers’ risk management practices and governance structures are adequate
• analysing and interpreting risk-based regulatory returns
• financial analysis
• Provide guidance and direction to subordinates, including setting performance standards and monitoring performance
• Make valuable contribution to prudential regulation matters relating to financial conglomerates
• Contribute towards attainment of department strategic objectives
• Mentor, train and motivate staff towards attainment of a common goal
• Manage the attainment of operational objectives.

Qualifications
To be considered for this position, candidates must have:

• A  Postgraduate degree in commerce, economics, law, finance, risk management, accounting or actuarial science or any other relevant field of study
• Have at least 10 years’ experience in the financial services, preferably in a prudential regulatory environment; and
• At least two years’ experience in managing/supervising subordinates.

Job related knowledge:

• Good knowledge of the insurance core principles 
• Conversant with the Solvency Assessment 
• Knowledge of the modern principles, practices, and techniques of prudential supervision
• Understanding of key regulatory issues facing insurance companies, banks, and financial conglomerate groups
• Knowledge of relevant risk management practices and standards 
• Knowledge and understanding of good corporate governance principles and practices

Additional skills / attributes are as follows:

• Professionalism and strong ethical values
• People management skills
• Ability to engage with executive management on technical aspects
• Ability to plan and supervise work of others 
• Exceptional attention to detail
• Ability to exercise independent judgement
• Strong oral, written, and overall communication skills
• Time management and negotiation skills
• Problem solving and analysis
• Influencing, building and maintaining relationships