Job Description

Brief description

The main purpose of the position is to realise the responsibilities of the Prudential Authority (PA) in respect of the supervision and regulation of life actuarial risks in insurance entities. The successful candidate will be involved in operational duties associated with on and off-site analysis and will be part of a team of risk specialists in the PA responsible for providing specialist knowledge, skills and experience in the life actuarial risk management areas.

Detailed description

The successful candidate will be responsible for the following key performance areas:

• Provide actuarial support concerning both solo and group entities, this includes but is not limited to the following:
  • scrutinising the financial soundness of life insurers; and
  • participation in on-site visits to life insurers.
• Scrutinise and check the compliance of submissions by life insurers.
• Assist in maintaining the statutory returns required by regulated entities.
• Participate in projects initiated within the PA and industry forums.
• Develop and test systems and procedures for internal use.
• Maintain and upgrade databases.
• Participate in and execute projects initiated within industry forums.
• Transfer knowledge and skills to stakeholders, both inside and outside of the PA.

Job requirements

To be considered for this position, candidates must:

• hold a relevant Postgraduate degree in Actuarial Science;
• be actively pursuing studies and ideally have passed or been exempted from at least two A-series subjects of the Actuarial Society of South Africa. Credit will also be given for passes in any of the more advanced subjects; and
• have two to five years’ relevant working experience in the life insurance industry.

Additional requirements include:

• knowledge of:
  • the Solvency Assessment and Management (SAM) structure;
  • the Insurance Act 18 of 2017;
  • the Prudential Standards; and
  • the risks that insurers take.
• ability to understand complex financial models;
• competence in Microsoft Office software packages (including programming skills);
• ability to deal professionally with internal and external clients;
• proficiency in verbal and written communication;
• ability to perform under pressure without compromising quality;
• ability to work independently and within a team;
• ability to influence, build and maintain relationships;
• good interpersonal skills;
• analysing and problem-solving skills; and
• reliable own transport, as the position requires travel between the SARB’s Head Office in Pretoria and the offices of supervised entities that are generally outside of Pretoria.

In line with the SARB’s commitment to diversifying its workforce, preference will be given to suitable candidates from designated groups. People with disabilities are welcome to apply.

The SARB offers remuneration and benefits commensurate with the level of the position and in line with the market. The level at which the successful applicant will be appointed will depend on his/her competence and experience.

About SARB

Primary mandate of the SARB

Section 224 of the Constitution of South Africa states the mandate of the SARB as follows:

The primary object of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic.

The South African Reserve Bank, in support of its primary objective, must perform its functions independently and without fear, favour or prejudice.

WHAT WE DO

Monetary Policy

The Constitution gives the SARB the mandate to protect the value of the rand. We use interest rates to keep inflation low and steady.

Financial Stability

The SARB has a mandate to protect and enhance financial stability. We identify and mitigate systemic risks that might disrupt the financial system.

Prudential Regulation

The Prudential Authority regulates financial institutions and market infrastructures to promote and enhance their safety and soundness, and support financial stability.

Financial Markets

Open market operations are the main tool we use to implement monetary policy. We manage South Africa’s gold and foreign exchange reserves.

Financial Surveillance

The SARB is responsible for regulating cross-border transactions, preventing the abuse of the financial system and supporting the regulation of financial institutions.

Payments and Settlements

The SARB is responsible for ensuring the safety and soundness of the national payment system, which is the backbone of South Africa’s modern financial system.

Statistics

The SARB provides important economic and financial statistics that present an overview of the economic situation in South Africa.

Research

Research conducted by the SARB focuses on economics, financial stability, banking and emerging trends in finance. Our research supports policy decision-making.

Banknotes and Coin

The SARB has the sole right to make, issue and destroy banknotes and coin in South Africa.