OMF Head of Impairments at Old Mutual

Job Description

• Old Mutual Finance was established in 2008 to provide unsecured lending products and services to the SA market. The business started with a staff compliment of 34 and has since grown to over 3000 staff with more than 300 branches nationally. Within our branches we offer insurance, lending products as well as servicing. 
• Old Mutual Finance is currently seeking to hire a OMF Head of Impairments. The successful incumbent will report to the Chief Credit Officer.
• This role oversees all activities pertaining to IFRS 9 Expected Loss Modelling, including development, maintenance, optimisation and monitoring. In addition, this role will be a key stakeholder in strategies to shape portfolio trends while considering how these strategies may influence impairment outcomes.

Key Result Areas

• Development of IFRS9 Credit impairment models.
• Develop diagnostic methods to quantify changes in provision due to both external and internal changes to credit risk environment.
• Provide information to both internal and external auditors to ensure their accurate understanding and analysis of the portfolio.
• Oversee and develops processes for model monitoring.
• Oversee and complete testing on model assumptions, theory, empirical evidence, implementation and limitations.
• Perform routine analysis for model performance monitoring and model review, maintaining current model inventory for validation and audit compliance.
• Participate in development, review and execution of credit methodologies and stress testing, valuation and forecasting models for the lending portfolio.
• Prepare reports and presentations, delivering information for use in executive reports and financials.
• Work with teams on-site and remotely to drive projects and work streams forward.
• Manage engagements with internal and external audit with respect to impairment model outcomes
• Provide insight into how key strategic decisions across the credit life cycle may impact both impairment outcomes as well as consider how these changes impact the loan portfolio.
• Provide expert opinion and detailed, comprehensive explanation of movements in drivers and results.
• Responsible for the development and upskilling of both the impairment team as well as contributing to the development of analysts in the wider credit team

Minimum Requirements

• Graduate qualification in Mathematics, Statistics or related disciplines 
• 8+ Years working with credit and Impairments / provisions modelling
• Strong reporting and analytics background within Retail banking.

Personal competencies

• Ability to multi task
• Stakeholder management
• Ability to convince and influence
• Ability to translate technical outcomes into tangible business impacts
• Oversees the development of quantitative financial risk models and takes full accountability for all models, including model building, maintenance and audits.

Responsibilities

• Data Collection and Analysis
• Make authoritative recommendations that have a significant impact on the business over the short and long term. Recommendations could be technical or professional in nature.
• Data Exploration
• Lead the performance and integration of highly sophisticated analytics to promote understanding of different business areas or critical business challenges/opportunities.
• Advanced and Predictive Analytics
• Deploy advanced and predictive analytics across the company by identifying compelling business cases, establishing synergies with different technologies, defining implementation road maps, and consulting with various business departments to derive actionable recommendations and customize solutions.
• Risk Scenario Modeling
• Undertake strategic and tactical risk modeling and scenario planning for business-critical decisions to support business strategy and to identify and mitigate risk in line with the risk appetite. Advise on modeling of risk scenarios to comply with the risk appetite.
• Insights and Reporting
• Establish business-critical strategies to create, present, and communicate high-impact data and analytics insights and recommendations to critical internal and external stakeholders.
• Information and Business Advice
• Provide authoritative specialist advice to the leadership team of a small or nationally based organization or subsidiary to guide the implementation of policy and the design and implementation of projects and change initiatives.
• Business Performance Metrics
• Manage the strategic creation and monitoring of organization-specific key performance indicators, developing comprehensive metrics, and reports to measure progress and inform decisions.
• Operational Compliance
• Ensure that business activities within a significant area of responsibility comply with relevant external regulatory and/or voluntary codes and with internal policies to minimize business risk and protect the reputation of the organization.
• Personal Capability Building
• Act as subject matter expert in an area of technology, policy, regulation, or operational management for the function. Maintain external accreditations and in-depth understanding of current and emerging technologies, external regulation, and industry best practices through continuing professional development, attending conferences, and reading specialist media.

Competencies

• Business Insight
• Cultivates Innovation
• Manages Complexity
• Optimizes Work Processes
• Situational Adaptability
• Strategic Mindset

Education

• Bachelors Degree (B)  (Required)

Closing Date

• 20 February 2025 , 23:59