Job Description

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

• Review, analyse and evaluate non-life insurers’ own risk and solvency assessment process.

• Analyse and interpret risk-based regulatory returns for non-life insurers.

• Conduct research and provide input into the regulatory framework in line with international best practice.

• Interpret and develop amendments to the legislative framework, based on international best practices.

• Contribute towards the international capital framework working committees.

• Develop and implement the supervisory review and evaluation process, in line with international best practice.

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

• a Postgraduate qualification in Insurance, Actuarial Science, Risk Management, Finance or an equivalent qualification (NQF 8);

• a minimum five years’ job-related experience in the non-life insurance sector or in risk management of non-life insurers;

• a good progression in actuarial subjects.

The following would be an added advantage:

• an Honours qualification in any of the aforementioned, an ASSA Associate (or equivalent credentials) designation, or a risk management designation such as PRM or FRM, and practical experience in a financial and/or business and/or regulatory environment

• knowledge of, or experience in climate risk related aspects.

Additional requirements include:

• ability to travel as and when required;

• knowledge of, and experience in, financial, non-life insurance products, regulations or risk models;

• being conversant in the second Pillar of the regulatory framework at both theoretical and practical levels;

• keeping abreast of best practice in capital management;

• being conversant in the Insurance Act 18 of 2017 and its Prudential Standards as well as the information for

• supervisory purposes submitted by the insurance industry;

• an understanding of the Insurance Core Principles, Guidance and Assessment Methodology;

• a high level of knowledge, skills and experience in relevant areas of specialization;

• ability to work in a team and independently;

• effective time management skills;

• proficiency in verbal communication;

• competence in written communication; and

• proficiency in Microsoft Office software packages.

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.