Risk Manager: Financial Risk (Nedbank Insurance) at Nedbank

Job Purpose

As the Risk Manager: Financial Risk, you will provide expert advice, strategic insights, and operational support across a broad spectrum of financial risk areas, including:

• Underwriting, Pricing & Reserving
• Reinsurance
• Solvency & Liquidity
• Policyholder and Shareholder Investment Risk
• Credit Risk (reinsurers & investment instruments)
• You will be responsible for leading the ORSA process, managing financial risk frameworks, engaging with regulatory bodies, and overseeing governance structures.
• The role also includes managing the externally appointed Heads of Actuarial Control Functions and leading a team of Financial Risk Officers.
• This is a high‑impact, senior role suited to a seasoned actuarial and risk professional dedicated to excellence, integrity, and proactive risk management.

Job Responsibilities

• Support the Insurance Executive and Insurance CRO in embedding a robust risk management culture within the business.
• Provide independent assessment and reporting of financial risks to executive management, risk committees, the Board and relevant stakeholders.
• Facilitate the ORSA process including scenario generation; coordinating inputs and compiling the report; facilitate approval and submission.
• Manage the implementation and influence improvement of financial risk frameworks, policies, and processes aligned with Nedbank’s risk frameworks and regulatory requirements, including insurance industry requirements.
• Facilitate the risk management activities relating to the processes for managing financial risks with support from the ERM risk team within the governance team, including:
• Lead risk assessments, scenario analyses, and Key Risk Indicator (KRI) development to ensure proactive risk identification and mitigation of both threat risk and opportunity risk within the portfolio.
• Conduct monitoring and control effectiveness reviews (assurance)
• Manage the relationship with externally appointed Heads of Actuarial Control Functions, including their scope, and budget.
• Administration of the Actuarial Control Committee.
• Facilitate the development and annual review of risk appetite statements and metrics across the financial risk universe.
• Design and implement the capabilities within the financial risk team to complete independent validation of models that are not subject to HAF review as well as independent review of model governance for those models that are subject to HAF review.
• Monitor regulatory changes (with assistance from the Compliance team) and ensure timely communication and adaptation within the insurance business.
• Conduct regular environmental scanning for identification of emerging risks.
• Engage with internal and external auditors, regulators, cluster risk specialists and other assurance providers, as required.
• People management: Manage team of Financial Risk Officers responsible for the implementation of financial risk requirements in the business.
• Contribute to a culture conducive to the achievement of transformation goals.

People Specification

• Strong analytical and problem‑solving skills
• Excellent communication and stakeholder influence
• Strategic thinker with high attention to detail
• Strong ethics and integrity
• Ability to manage pressure and multiple priorities
• Deep understanding of actuarial and regulatory risk environments

Essential Qualifications - NQF Level

• Advanced Diplomas/National 1st Degrees

Preferred Qualification

• CERA, FRM
• FASSA
• B.Degree in Actuarial Science, Mathematics Science, Internal Auditing

Essential Certifications

• Member of Institute of Risk Management of South Africa and/or Compliance Institute of South Africa

Preferred Certifications

• Chartered Enterprise Risk Actuary (CERA ) or Financial Risk Manager (FRM)
• FASSA

Minimum Experience Level

• 10 years' experience in Actuarial teams
• 5 years' experience in a risk capacity such as a Internal Audit, Risk Function or part of an Actuarial Control Function team
• Fully or almost (maximum 2 exams left) qualified Actuary (FASSA)
• Experience in reserving, IFRS17 and SAM is beneficial.

Technical / Professional Knowledge

• Banking knowledge
• Business Acumen
• Data analysis
• Governance, Risk and Controls
• Industry trends
• Principles of project management
• Relevant regulatory knowledge
• Business writing skills

Behavioural Competencies

• Communication
• Continuous Learning
• Decision Making
• Facilitating Change
• Influencing
• Technical/Professional Knowledge and Skills

Closing Date: 18 February 2026