Active Jobs at Rand Mutual - RMA

Description

• The Head: Actuarial Risk Management will be responsible for leading the actuarial risk function within the organization, reporting directly to the Chief Risk Officer. The incumbent will develop and implement actuarial risk frameworks, methodologies, and models to identify, measure, and monitor all actuarial-related risks.
• This role is critical in ensuring that the organization maintains appropriate reserves, meets solvency requirements, and manages risk within defined appetites while supporting product development and pricing strategies.

WHAT WILL YOU DO?

Actuarial Risk Framework Development and Implementation

• Develop and implement actuarial risk management frameworks, policies, and standards
• Design and implement actuarial risk measurement methodologies and techniques
• Establish actuarial risk appetite and tolerance levels
• Develop and maintain actuarial risk models aligned with business strategy
• Develop and implement actuarial control cycle within the risk management framework
• Ensure compliance with actuarial standards of practice
• Provide actuarial insights to enhance risk management processes
• Develop actuarial policies and procedures to support risk management objectives

Actuarial Modelling, Analysis and Reporting

• Lead the development and validation of actuarial models for risk assessment
• Conduct complex actuarial analysis to identify, measure, and monitor risks
• Analyze data to identify trends, patterns, and emerging risks
• Develop and enhance actuarial risk reporting frameworks
• Prepare and present comprehensive actuarial risk reports to Executive Committee and Board Risk Committee
• Conduct stress testing and scenario analysis on actuarial models
• Provide actuarial risk insights to support business decisions
• Review and validate accuracy of actuarial calculations and reports

Solvency, Capital Management and Reserving

• Lead the actuarial components of the ORSA process
• Develop and implement capital models to assess capital requirements
• Monitor and report on solvency position and capital adequacy
• Ensure appropriate reserving methodologies and assumptions
• Lead the review of technical provisions and reserve adequacy
• Contribute to the development of reinsurance strategy from an actuarial perspective
• Monitor and report on the impact of business decisions on solvency and capital
• Provide actuarial input into SAM reporting requirements

Product Development and Pricing Support

• Provide actuarial risk oversight for new product development
• Review pricing models and methodologies from a risk perspective
• Analyze product profitability and risk profile
• Assess the impact of new products on the organization’s risk profile
• Ensure pricing strategies align with risk appetite
• Evaluate product performance against expected outcomes
• Provide actuarial input into product design to optimize risk-reward profile
• Collaborate with business units to develop risk-adjusted pricing strategies

People Management and Stakeholder Engagement

• Lead, develop and motivate the actuarial risk team
• Establish clear performance objectives and development plans
• Identify and develop talent within the actuarial function
• Build and maintain relationships with key stakeholders
• Collaborate effectively with other risk functions
• Represent the actuarial risk function on relevant committees
• Engage with external stakeholders including regulators and industry bodies
• Foster a culture of continuous learning and improvement

WHAT YOU'LL BRING TO THE TABLE?

• NQF Level 8: Honor’s degree in Actuarial Science, Mathematics, Statistics or related field
• Member of Actuarial Society of South Africa (required)
• Actuarial Fellowship (required)
• ASSA Life Insurance Practicing Certificate (required)
• Additional Practicing Certificates (advantageous)
• Minimum 8-10 years of actuarial experience in an insurance environment
• At least 5 years of management experience leading actuarial teams
• Demonstrated experience in actuarial risk management, capital modelling, and reserving
• Experience with IFRS 17 implementation (advantageous)

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WHAT WILL YOU DO?

• Overseeing the production of renewal terms for all benefits.
• Pricing and benefit design of large/complex renewal business opportunities plus support to the new business quoting process.
• Ensure delivery of new business quotations and pricing for renewal business is appropriately concluded.
• Development and Management of a Renewal Team.
• Supporting the business development teams to grow the portfolio.
• Management of existing risk book through re-rating of existing schemes.
• Vulnerable schemes management (existing business).
• Negotiation with clients, reinsurers, brokers, sales team on all aspects linked to the Group Risk Business.
• Attend meetings with various stakeholders as required.
• Assist with the audit of agreements and treaties, systems and processes.
• Ensure effective communication between all stakeholders with a view to building and maintaining good stakeholder relationships.
• Ensure accurate and timeous provision of information.
• Staff and internal stakeholder training and development.
• Implementation of strategic projects and business acquisitions.
• Tracking outcomes of strategic initiatives and refining process (actuarial control cycle).
• Resolve escalated technical queries and complaints.
• Quality control of output
• Responsible for ongoing technical development and ongoing maintenance of the quotation system in line with IT strategy including reinsurance treaty changes.
• Supporting the key reinsurance relationship management including assisting the actuarial team with reinsurance accounts.

WHAT YOU'LL BRING TO THE TABLE?

• NQF Level 7: Bachelor’s degree
• Minimum of 5 years Group Risk – retirement fund benefit experience in a senior technical role plus client relationship management.
• Strong understanding of the group risk industry
• Strong Technical acumen
• Strong Customer Relationship Management skills
• Knowledge of group risk products
• Broad knowledge of legal framework
• Strong Analytical skills
• Strong Leadership skills
• Interpersonal skills
• PC Skills (Word, Excel, Outlook, PowerPoint)
• Excellent communication (written and verbal)
• Ability to translate complex technical into easily understood information for the broker market