Job Description

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

• Lead the development, implementation and monitoring of a departmental strategy aligned with the strategy of the PA and the South African Reserve Bank(SARB).

• Develop an operational plan and a budget for BISD, and define the value chain, structure and resources required to deliver the objectives of BISD.

• Oversee the development and implementation of a prudential supervisory plan for supervised banks as well as insurance and financial market entities, on a solo and group basis where relevant, in line with the PA’s supervision blueprint and supporting guidelines.

• Manage the prudential oversight of licensed entities, including, but not limited to:

• overseeing the supervision of banks and insurers, including the administration of the Financial Sector Regulation Act 9 of 2017, the Banks Act 94 of 1990, the Co-operative Banks Act 40 of 2007, the Mutual Banks Act 124 of 1993, the Financial Markets Act 19 of 2012 and the Insurance Act 18 of 2017, as well as any associated regulations, standards and other relevant legislative instruments;

• ensuring the protection of financial customers, including the depositors and policy holders of banks and insurers respectively;

• directing the application of appropriate supervisory practices, processes, protocols, tools and procedures to analyse the business of, and also monitor, assess and react to the key risk indicators of, FMIs, banks, CFIs and insurers;

• overseeing the maintenance of permanent records and correspondence related to the supervision of FMIs, banks, CFIs and insurers;

• ensuring compliance by supervised entities with prescribed requirements in prudential standards and other legal instruments issued by the PA; and

• designing, implementing and managing a risk-based supervisory programme on each of the supervised entities in order to achieve the above-stated objectives.

• Manage the risk, compliance and governance relationship between the PA and the supervised entities, and ensure that departmental risks are identified, assessed and mitigated.

• Manage the performance and development of direct reports, create a performance culture in the department, and promote and support career management and development.

• Represent the PA Management Committee as a member responsible for the operational oversight of the PA.

• Engage with stakeholders, both internally and externally.

Represent the PA at various forums, both internally within the SARB and externally.

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

• a minimum of a postgraduate qualification in Economics, Finance, Accounting, Banking or Risk Management, or any other relevant field of study;

• a minimum of 12–15 years’ experience in the financial sector or insurance supervision; and

• a minimum of 5 years’ experience in managing diverse and multi-functional teams.

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.