Brief description

The main purpose of this position at the South African Reserve Bank (SARB) is to perform prudential oversight over licensed insurance companies that form part of a financial conglomerate group through a combination of off-site monitoring and on-site inspections, analysis and supervision, to contribute to the financial soundness and sound governance of such insurers and ultimately the financial conglomerate group.

Detailed description

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

 Supervise insurers and insurance groups within the allocated portfolio through a combination of on- and off-site analysis of quantitative and qualitative information to identify and assess risks and then propose mitigating actions.

• Process the notifications and applications received from insurers and insurance groups within the allocated portfolio, and recommend to either approve or decline the applications.
• Provide input into the development and implementation of the regulatory framework.
• Promote efficient, fair and sustainable insurance markets as well as policyholder protection.
• Develop and implement a prudential risk-based supervisory plan for allocated insurers.
• Provide input into, and assist with, the co-ordination and implementation of interventions for problematic insurers, as per the supervisory ladder of intervention.
• Maintain databases and records of all relevant information on insurers and insurance groups within the allocated portfolio.
• Liaise and collaborate with other relevant departments within the Prudential Authority (PA) and the SARB.
• Assist with, and provide input into, the development of public documents relating to insurance supervision.
• Liaise with the industry, other regulators (local and international) and relevant financial institutions.

QUALIFICATIONS

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

• a Homours degree (NQF8) specialising in Accounting, Economics, Financial Management, Insurance or Risk Management, or a relevant equivalent qualification; and
• at least 2–5 years of working experience in the insurance sector or insurance-related experience in the wider finance sector or risk management environment.

Additional requirements include:

• 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 and financial conglomerate 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.