The successful candidate will be responsible for the following key performance areas:
Develop, implement and maintain processes for determining whether a bank’s operational processes and internal controls meet CODI’s regulatory requirements.
Conduct reviews, assessments as well as on-site inspections of deposit insurance submissions by the banks against legislative and deposit insurance regulatory requirements of CODI, to identify risks and non-compliance.
Evaluate the risk magnitude and significance emanating from the non-compliance identified and report on findings with suggested recommendations to address the risks identified
Assess the adequacy of the remedial plans with actions that the banks will take to address its non-compliance and associated timelines.
Perform continuous monitoring and record keeping of the implementation of remediation actions for findings emanating from banks’ internal audits on CODI’s regulatory requirements and, where applicable, external audits and/or any other internal/ external assessment reviews
Prepare and present regular reports to management and the board of directors of CODI (Board), thus ensuring that management and the Board are kept fully aware of any key concerns that may impact CODI’s fulfilment of its mandate.
Cooperate with the Prudential Authority (PA) on any non-compliance and risks identified by the PA or CODI, that will influence CODI’s role in a bank’s resolution.
Assist with appointing third-party service providers and work closely with them to conduct external audits and other internal or external assessment reviews of the banks.
Participate in meetings and industry consultations with stakeholders, ensuring a clear understanding of CODI, its requirements and processes.
To be considered for this position, candidates must be in possession of:
Additional requirements include:
continuous improvement knowledge and skill;
quality assurance knowledge and skill;
continued learning and/or professional development knowledge and skill;
risk management principles, tools, methodologies, frameworks, policies and processes knowledge and skill;
risk management strategy and planning knowledge and skill;
risk identification, analysis and assessment knowledge and skill;
risk mitigation and management knowledge and skill knowledge;
risk monitoring and reporting knowledge and skill;
project management; and
ISO 31000 standards, King IV and COSO framework.
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.
The South African Reserve Bank (the SARB) is the central bank of the Republic of South Africa. It regards its primary goal in the South African economic system as "the achievement and maintenance of price stability".
The South African Reserve Bank maintains that South Africa has a growing economy based on the principles of a market system, private and social initiative, effective competition and social fairness. It recognises, in the performance of its duties, the need to pursue balanced economic development and growth.
