Latest Jobs 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

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Brief description

• The purpose of this position is to manage the delivery by a team of analysts, thereby contributing to the effective and efficient supervision of an allocated banking group/s.

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

• Provide strategic direction to a team of analysts in terms of ongoing supervisory oversight of allocated banks, banking groups, and related financial entities, including the operational alignment of supervisory programmes and supervisory activities.
• Provide thought leadership within the Financial Conglomerate Supervision Department of the Prudential Authority (PA) and support the relevant Financial Conglomerate Supervision Divisional Head in achieving the overall departmental strategic and operational objectives.
• Provide technical assistance and guidance to a team of analysts.
• Manage the team’s deliverables, including team member work plans, resource allocation and workload management, team processes and systems, and change and innovation initiatives in the team.
• Manage the team members’ performance and the team’s overall performance.
• Manage talent in the team, including the learning and development of team members, and team member retention and succession planning.
• Contribute to the team’s compliance with the governance, risk management and information management policies and procedures relevant to the PA and the South African Reserve Bank (SARB), and ensure compliance with PA-specific procedural policies and guidelines.
• Contribute to special projects in the PA.To manage the section to ensure effective and efficient functioning of sectional operations.

Qualifications
Job requirements

To be considered for this position, candidates must be in possession of:

• a postgraduate degree in, Accounting, Banking, Economics, Finance, Insurance or any other relevant field;
• at least eight years’ experience in the financial services or financial regulatory sector; and
• at least two years’ proven experience in managing a team.

Additional requirements include:

• knowledge and understanding of the Basel Core Principles for Banking Supervision;
• a working knowledge of the various pieces of legislation and related supervisory frameworks applicable to banking institutions registered in South Africa and related entities;
• an understanding of the key issues and risks facing banking institutions registered in South Africa and related entities;
• knowledge and understanding of good corporate governance principles and practices; 
• knowledge of, and experience in, the financial system, financial products, and related risk models and systems; 
• fully conversant with the Basel framework at both a theoretical and a practical level;
• knowledge of relevant risk management practices and standards applied within the banking industry; 
• thought leadership skills;
• problem-solving and analytical skills;
• financial and business acumen;
• people management skills; and
• proven ability to influence, build and maintain relationships.