Job Description

• Develop and maintain supervisory frameworks through continuous benchmarking exercises and research to ensure that they conform to international best practice.

• Develop and execute a supervisory programme to plan and organise supervision activities for the section.

• Take responsibility for the continuous improvement of the supervision process and for the updating of any changes to supervisory methods and processes.

• Identify areas of improvement and provide input into the development/amendment of relevant legislation, regulation and best practice standards.

• Supervise the NPS participants – including (but not limited to) financial market infrastructures, financial technology (fintech) entities, payment service providers (PSPs), systemically important financial institution (SIFIs) and systemically important payment institutions (SIPIs) – and make recommendations to ensure the soundness of an entity as well as compliance with relevant regulations, frameworks and participation criteria.

• Lead briefings and make presentations to relevant internal and external stakeholders regarding supervision and supervisory findings and make recommendations on related matters.

• Draft formal correspondence (e.g. directives, memorandums and letters) to NPS participants.

• Act as a point of contact for identified high-risk supervised entities for matters relating to supervision.

• Lead with the creation and maintenance of the NPS supervisory universe, including (but not limited to) the National Payment System Act 78 of 1998, directives and frameworks.

• Produce relevant presentations and reports, integrating the inputs of other analysts while deepening and elaborating on these in order to create final reports for sharing with relevant stakeholders (as required).

• Train, share knowledge and create awareness for stakeholders on matters relating to supervision.

• Lead and/or represent the South African Reserve Bank (SARB) at industry meetings, forums, working groups, committees etc.

• Initiate, conduct and participate in investigations, inspections and audits for the purposes of ensuring compliance and maintaining the safety and efficiency of the NPS.

• Collect, collate, analyse and provide accurate and meaningful data and information to relevant stakeholders (as and when required).

• Manage the performance of the analysts in the function by providing them with technical assistance as well as coaching and mentoring them in executing their daily tasks (when required).

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

• the minimum of an Honours degree (NQF 8) in Commerce, Economics, Finance, Risk Management or Accounting, or an equivalent qualification;

• the minimum of 8–10 years’ experience in the banking or financial sector, including evidence of managing deliverables in leading projects; and

• the minimum of 5 years’ experience in a payment system environment.

Additional requirements include:

• knowledge and skill in:

  • industry, business and organisations;

  • quality assurance;

  • continuous improvement;

  • continued learning/professional development;

  • regulatory oversight and supervision;

  • the NPS;

  • the NPS legal framework and regulations;

  • economics;

  • financial markets;

  • bank supervision;

  • the interpretation of financial statements;

  • the Principles for Financial Market Infrastructures (PFMIs);

  • risk management, including risk frameworks;

  • central banking;

  • relevant legislation, for example the National Payment System Act 78 of 1998 and the Financial Intelligence Centre Act 38 of 2001; and

  • digital literacy;

• the ability to:

  • problem-solve and analyse;

  • plan and organise;

  • develop and grow others;

  • exercise judgement and decision-making;

  • be resilient;

  • have impact and influence;

  • build and maintain relationships; and

  • think conceptually.

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.