Job Description

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

• Review, analyse and evaluate licensed insurers’ and designated insurance groups’ Own Risk and Solvency Assessment (ORSA) processes and reports.
• Analyse, interpret and assess risk-based regulatory returns and other supervisory information.
• Supervise insurers and insurance groups within the allocated portfolio through a combination of on-site and off-site analysis to identify, assess and mitigate prudential risks.
• Develop and implement risk-based supervisory plans for allocated insurers and insurance groups.
• Process notifications and applications received from insurers and insurance groups and make recommendations regarding their approval or decline.
• Assist with the coordination and implementation of supervisory interventions for insurers, in line with the supervisory ladder of intervention.
• Conduct research and provide input into the development, implementation and enhancement of the regulatory and legislative framework, taking into account international best practices.
• Promote efficient, fair and sustainable insurance markets, as well as policyholder protection.
• Maintain supervisory records, databases and other relevant information relating to insurers and insurance groups within the allocated portfolio.
• Liaise and collaborate with internal stakeholders within the Prudential Authority and the South African Reserve Bank.
• Engage with insurers, financial institutions, local and international regulators, and other relevant stakeholders.
• Contribute to the development of supervisory guidance, public documents and other insurance supervision publications.

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

• A Postgraduate qualification in Accounting, Insurance, Actuarial Science, Risk Management, Finance or an equivalent qualification (NQF 8); and
• a minimum of two to five years’ working experience in the insurance sector or insurance-related experience in the wider finance sector or risk management environment.

Additional requirements include:

• ability to travel as and when required;
• problem-solving and analytical skills and experience;
• financial and business acumen;
• attention to detail;
• excellent verbal and written communication skills and experience;
• the ability to effectively and efficiently manage time;
• proven ability to influence, build and maintain relationships;
• being conversant with the Insurance Act at both a theoretical and a practical level;
• knowledge and understanding of the Insurance Core Principles for Insurance Supervision;
• working knowledge of the various legislation and related supervisory frameworks applicable to insurance entities registered in South Africa;
• knowledge and understanding of key issues and risks facing registered insurers/insurance groups in South Africa;
• knowledge and understanding of financial products and the risks they pose;
• proven knowledge of the financial sector, specifically the insurance industry; and
• knowledge and understanding of corporate governance as well as risk management best practice and standards.

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.