Vacant Positions at 1 Life Insurance

RESPONSIBILITIES

Regulatory & Compliance Management

• Help design and implement a compliance program, liaising with the regulator to ensure the program adheres to regulatory and compliance standards.
• Assist with the development and implementation of the compliance risk management and monitoring plan.
• Plan ongoing compliance activities and output.

Regulatory Affairs

• Take responsibility for providing specific elements of the regulatory affairs service with guidance from senior colleagues.
• Implement initiatives that promote a compliance culture.
• Ensures timely regulatory reporting, managing the relationship with the
• Regulator with the support of senior management.

Compliance Monitoring

• Plan and manage the delivery of compliance advisory and monitoring in multiple disciplines, ensuring identification of risks and that it addresses the identified risk areas.
• Monitor the closeout of findings to ensure that agreed corrective actions are implemented and that risks are managed effectively; refer major issues or inadequate responses through the management line.
• Identify any compliance risks and take immediate remedial action.
• Drive and participate in compliance activities in line with the compliance risk management and monitoring plan.

Insights and Reporting

• Contribute to the design and creation of reporting strategies and templates.
• Lead execution of complex reports, identifying and interpreting complex patterns and trends, and translating those insights into actionable recommendations.
• Ensuring Group compliance with relevant legislation through ongoing analysis and reporting.
• Report on the compliance status of the Group internally to the General Manager,
• Executive Heads, Group Chiefs and key individuals on a monthly, quarterly and annual basis.
• Drive utilization of the various compliance systems to enhance reporting.

Information and Business Advice

• Provide specialist guidance on the interpretation and application of policies and procedures, resolving queries and issues and referring very complex or contentious issues to others.
• Provide compliance advice and solutions to business and compliance monitoring officers proactively and on request.
• Involvement in various organisational projects such as new product development, new business partnerships, new compliance developments and business forums.

Compliance Management System

• Contribute to the identification and evaluation of current policies and business processes that are in the scope of the Compliance Management System; contribute to the design of the CMS; provide specialist compliance management input to the drafting of new policies and procedures, and design of business processes; contribute to the quantification of the costs and business benefits of change.
• Manage and maintain an effective compliance system.

Stakeholder Engagement

• Contribute to stakeholder engagement through identifying stakeholders, finding out their needs/issues/concern and reacting to these by arranging meetings and events and drafting supporting materials to promote understanding and commitment.
• Build relationships with various internal and external stakeholders.
• Keep all stakeholders informed of regulatory requirements, changes and deadlines.

Policy Development & Implementation

• Help develop policies and procedures for an area of the organization or the group as a whole and monitor their implementation.
• Drive an awareness of these policies and procedures and ensure training is undertaken throughout the organisation on an ongoing basis.

Contract Requirements

• Ensure contracts meet all compliance requirements and where required, notifications have been actioned.
• Identify trends, summarize findings, and give feedback on existing contract requirements, and provide input to ensure compliance in contract processes.

Leadership and Direction

• Communicate the local action plan; explain how this relates to the function's strategy and action plan and the broader organization's mission and vision. motivate people to achieve local business goals.

Improvement / Innovation

• Identify shortcomings and suggest improvements to existing processes, systems and procedures, then delivers a plan for a small element of a change management program with guidance from a project/program manager.

Personal Capability Building

• Develop own capabilities by participating in assessment and development planning activities as well as formal and informal training and coaching; gain or maintain external professional accreditation where relevant to improve performance and fulfil personal potential. Maintain an in-depth understanding of technology, external regulation including new compliance developments, and industry best practices through ongoing education, attending conferences, and reading specialist media.

EDUCATION

General Education

• Grade 12/ SAQA Accredited Equivalent (Essential); BProc/LLB Degree or other equivalent degree
• Registration as Compliance Officer with the FSCA (Essential)
• Registration with the Compliance Institute (Advantageous)
• Diploma in Compliance Management (Advantageous)
• Admitted Advocate/Attorney (Advantageous)

EXPERIENCE

General Experience

• 5 or more years’ relevant experience in the Insurance and Financial Industry (Essential)
• Knowledge of monitoring and compliance processes (Essential)

Managerial Experience

• 1 - 3 years’ experience in supervising and directing people and other resources to achieve specific end results within limited timeframes (Essential)

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RESPONSIBILITIES 

Model deployment and testing

• Support the planning and delivery of systems changes. Engage with users to identify requirements and work with the team to design solutions. Effective impact and sensitivity analysis to be performed before any deployment is done. Translate results from the impact/sensitivity analysis to Business to provide insight and what various pricing changes will mean on profitability and policy growth. Clearly state what needs to be deployed and how testing will be done to ensure the deployment is successful. Support monitoring processes, measure performance of the model/pricing. Effective tracking of various products and pricing changes and cohorts.

Data Collection & Analysis

• Use data from a wide range of sources to analyze key themes and identify possible impacts on the business. Recommendations could be technical or professional in nature. Extract and verify data used for actuarial models. Data/information to be reconciled against credible data sources (for example financials) to ensure the data is complete and accurate. Ensure definitions and assumptions are aligned to the problem statement.

 Actuarial Modeling

• Assist with development, maintenance and implementation of actuarial models and processes. Models need to be fit for purpose and able to estimate the reality accurately. Models (and any form of estimation) to clearly documented with the scope of use, definitions, data, and assumptions made. Ensure that there are process documents in place to ensure that the models can be understood by external stakeholders. Ensure processes are in place to reduce the risk of incorrect modelling and support new users. 

Improvement / Innovation

• Identify shortcomings in existing processes, systems and procedures, and use established change management programs to address them. Stay up to date with Business developments and assist to develop solutions proactively with Business. Maintain continuous development/research of actuarial techniques and share insights with the team. Find an effective way to improve on efficiencies across the business.

Business Requirements Identification

• Support collection of business requirements using a variety of methods. Contribute and deliver in line with the product development and pricing framework. Support implementation of the Actuarial control cycle; ie development, deployment and monitoring thereof. Assist with the management of key business metrics, such as value of new business, embedded value, and profit by product line. Business requirements need to be clearly documented within the scope of use, definitions and assumptions made. Develop solutions that are aligned with experience assumptions. 

Stakeholder Engagement

• Support with internal stakeholder engagement; such as Sales and Marketing to keep them informed and up to date with project outcomes. Support with external stakeholder engagement to find appropriate solutions around product development. Maintain measurable service levels on business requests and provide feedback that speaks to the business issue observed.

 Insights and Reporting

• Contribute to the preparation of various data and analytics reports. Assist with creating, presenting, and communicating insights and recommendations to stakeholders. Ensure monitoring is accurate and complete and regularly validated against credible data sources.

Operational Compliance

• Develop knowledge and understanding of the organization's policies and procedures and of relevant regulatory codes and codes of conduct to ensure own work adheres to those standards. Obtain authorization from a supervisor or manager for any exceptions from mandatory procedure. Maintain standards of integrity and professionalism as set out by the Actuarial Society of South Africa. Apply appropriate techniques in alignment with APN's. 

Performance Management

• Prioritise own workflow and ensure work is completed to the required standards of quality and timeliness; use performance management systems to improve personal performance.

Requirements

EDUCATION

General Education

• Bachelors / Honours degree in Actuarial Science or similar (Essential);
• Qualified or making good progression toward Actuarial qualification (Essential)

EXPERIENCE

General Experience

• 1 or more years actuarial experience within a Short-Term insurance environment (Essential)

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RESPONSIBILITIES

Leadership and Direction

• Explain the action plan to support the sales agents in their understanding of what needs to be done and how this relates to the broader business plan and the organisation's strategy, mission and vision; motivate people to achieve business goals

Performance Management

• Monitor the performance of the team; allocate work and review completion, take appropriate corrective action to ensure timeliness and quality; contribute to formal individual performance management and appraisal.

Organisational Capability Building

• Use the organisation's formal development framework to identify the team's individual development needs. Plan and implement actions to build their capabilities. Provide training or coaching to others throughout the organisation in own area of expertise to enable others to improve performance and fulfill personal potential.

Customer Relationship Management

• Ensure that the sales agents maintain up-to-date customer relationship management data, identifying and resolving issues.

Organisational Risk Management

• Ensure the organisation is not exposed to undue risks by using risk management systems to achieve specific goals within a designated area of the business.

Operational Compliance

• Identify, within the team, instances of non-compliance with the organisation's policies and procedures and/or relevant regulatory codes and codes of conduct, reporting these and escalating issues as appropriate.

Personal Capability Building

• Maintain an understanding of accreditation, external regulation, and industry best practices through ongoing assessments, training and education.

Data Collection and Analysis

• Collate and analyze data using pre-set tools, methods and formats. Involves working independently

EDUCATION

General Education

• Grade 12/ SAQA Accredited Equivalent (Essential)
• FAIS recognised qualification or Wealth Management Qualification (Essential);
• RE 5 (Advantageous);
• Degree/ Diploma in Business Management (Advantageous)

EXPERIENCE

General Experience

• 3 or more years' experience in a sales and advisory environment (Essential);
• 2 years Long-term Insurance experience (Essential)

Managerial Experience

• 3 or more years' experience supervising and directing people (Advantageous)