Risk Officer - Financial Risk at Nedbank

Job Purpose

• Nedbank Insurance is seeking an experienced Risk Officer to provide support to the Financial Risk Manager to provide strategic and operational expertise, advice, assistance, consultancy services and general support for all financial risk-related matters to the Insurance Chief Risk Officer (CRO).
• Financial risks include risks related to Underwriting, Pricing, Reserving and Provisions, Reinsurance, Solvency, Policyholder and Shareholder investment, Credit risk (for reinsurers and investment instruments) and Liquidity. 

Job Responsibilities

• Support the Financial Risk Manager and 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.
• Assist the Financial Risk Manager in facilitating the ORSA process including scenario generation; coordinating inputs and compiling the report; facilitate approval and submission.
• Assist with the implementation and 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

• Complete risk assessments, scenario analysis, 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)Assist with managing the relationships 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.
• Assist with establishing 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.
• Contribute to regular environmental scanning for identification of emerging risks.
• Engage with internal and external auditors, regulators, cluster risk specialists and other assurance providers, as required.
• Contribute to a culture conducive to the achievement of transformation goals.

People Specification

• Strong analytical and problem-solving skills.
• Excellent communication and interpersonal abilities, with an ability to distil complex issues for various audiences.
• High attention to detail and strong organisational skills.
• Ability to work independently and as part of a team.
• Ability to work under pressure and manage multiple priorities
• Sound judgement, integrity, and a proactive approach to risk management.
• Advanced proficiency in Microsoft Office and risk management systems.

Essential Qualifications - NQF Level

• Advanced Diplomas/National 1st Degrees

Preferred Qualification

• Bachelor’s degree in actuarial science.
• TASSA qualification would be beneficial.

Essential Certifications

• Professional Risk Manager (PRM), Financial Risk Manager (FRM) and/or Project Management Professional (PMP)

Minimum Experience Level

• Minimum of 5 years’ experience in Actuarial teams with at least 3 years’ experience in a risk capacity such as, (Internal Audit, Risk Capacity function or form part of an Actuarial Control Function team).
• Experience in reserving, IFRS17 and SAM is beneficial.
• Knowledge of insurance industry.

Technical / Professional Knowledge

• Cluster specific operations
• Communication Strategies
• Data analysis
• Governance, Risk and Controls
• Principles of financial management
• Principles of project management
• Relevant software and systems knowledge
• Research methodology
• Decision-making process

Behavioural Competencies

• Earning Trust
• Communication
• Decision Making
• Work Standards
• Managing Work
• Technical/Professional Knowledge and Skills