THE JOB AT A GLANCE

• Reporting administratively to the Chief Executive Officer (CEO) and functionally to the Chairman of the Risk Committee and Actuarial Committee, the incumbent will be responsible for strategically developing and implementing detailed Enterprise Risk Management, Regulatory Compliance Frameworks and Actuarial Frameworks incorporating all types of risk as per the risk taxonomy, actuarial control and governance, product, pricing and reinsurance.
• The CRO will act in an advisory capacity to the organisation on corporate governance and best practices in Enterprise Risk Management, Regulatory Compliance and Actuarial function, ensuring that the Organisation’s risk portfolio is within set risk appetite and tolerance limits.
• This role forms part of the RMA Executive Committee team.

WHAT WILL YOU DO?

• Development, implementation and monitoring of risk, compliance, and actuarial related functions
• Oversee the development and implementation of Risk Management and Related Policies
• Oversee the determination of Risk Appetite and Tolerance Levels and the Monitoring thereof
• Oversee the development and implementation of Risk Measurement Methodologies and Techniques
• Oversee the development, implementation and maintenance of a Risk Inventory which encapsulates all identified risks within organisation
• Oversee the Implementation of Risk Management and Regulatory Compliance Systems
• Oversee Risk Management and Regulatory Compliance Education and Training
• Provide/Facilitate the provision of Risk Management and Regulatory Compliance advice
• Roll-out and acceptance of the RMA risk culture within the organisation
• Proactively lead the actuarial function by setting strategy, driving the development of new business in the market, and providing specialist advice across disciplines
• Provide actuarial assurance and leadership to RMA including the development and/or evaluation of necessary actuarial resources within RMA
• Oversee the company’s reinsurance arrangements and develop the reinsurance strategy
• Development and implementation of Enterprise Risk Management, Regulatory Compliance and Actuarial Frameworks, Policies and Standards.
• Oversee the development and Implementation of Enterprise Risk Management and Regulatory Compliance Frameworks and Infrastructure
• Facilitate and oversee the development, implementation and management of the Combined Assurance Framework within the organisation
• Develop actuarial policies for RMA including but not limited to product development and pricing, reserves etc. in order to provide an effective contribution to the company’s strategy with respect to stable growth and healthy profitability
• Develop and implement improved actuarial procedures
• Provide assurance on the appropriateness of methodologies and underlying models used and assumptions made, accuracy of calculations (including the quality and sufficiency of the quality of the data used as well as the appropriateness of approximations and judgements used in calculations)
• Lead the valuations process (modelling, data analysis and assumption development)
• Lead the preparation of actuarial inputs into planning and projection information for the actuarial function
• Lead complex actuarial processes such as actuarial assumption development, providing assurance on the reliability and adequacy of the calculations of the insurer’s technical provisions and minimum solvency capital requirements
   
• Governance and Overseeing the development, monitoring and steering of products and actuarial pricing
• Evaluate new product development opportunities for RMA
• Develop new products for both the individual and group scheme market
• Provide support to the Sales division by participating in the development of new products and meeting with key accounts to present financial information
• Manage the end-to-end implementation of new products and product enhancements
• Monitor and manage existing products to ensure their continuous actuarial reliability and profitability
• Maintain awareness of competitor products, the current regulatory and general business operating environment to support the development of products in line with the strategy of the company
• Monitor industry changes and evaluate and anticipate the cost impact of products to RMA
• Oversee the company’s reinsurance arrangements and develop the reinsurance strategy
• Analyse and assess reinsurance portfolios for the purposes of risk management, experience study, planning and quotation
• Develop best in class pricing and modelling tools for the business
• Assume responsibility for the actuarial pricing, monitoring and steering of products
• Work collaboratively across divisions to set pricing and reserving levels as a part of the top management team consistent with profitability objectives for the organization
• Conduct product pricing of new products for both the individual and group scheme market
• Maintain pricing guidelines, pricing tools, policies and procedures and review on an annual basis
• Accountable for the reserving process and profitability studies
   
• Reporting on, Monitoring and active participation on various committees/ meetings of risk, compliance and actuarial related services.
• Oversee the Regulatory Compliance process
• Oversee the Reporting of Risk Management and Regulatory Compliance results to Executive Management and Board Oversight Committees (e.g. Risk Committee)
• Report on and present Risk and Regulatory Compliance Profiles to Executive Management and Board Oversight Committees (e.g. Risk Committee)
• Monitor the efficiency and effectiveness of Risk Management and Regulatory Compliance functions
• The timeous and accurate completion and submission of the annual Board ORSA report to the Prudential Authority
• Reporting on the practical implementation of risk management outcomes within the day-to-day operations of the business
• Responsible for overseeing regulatory and industry reporting for the actuarial function (i.e. ORSA)
• Provide high quality advice and actuarial services to clients, consistently meeting approved quality standards
• Enhance decision-making through the development of new risk management/mitigation tools as it relates to the actuarial function
• Promote effective and agile risk governance for actuarial related functions
• Ensure actions, decisions and processes take account of risk appetite limits and the potential impact on the risk profile of the area
• Analyse and assess reinsurance portfolios for the purposes of risk management, experience study, planning and quotation
• Represent the actuarial department on actuarial matters in meetings with all RMA Divisions, Exco, and industry representatives
• Represent RMA on actuarial matters in meetings with rating agencies, public officials, and industry analysts
• Interact with appropriate actuarial and regulatory committees on developing initiatives of importance to the organisation
• Attend and participate in meetings of the Board, Risk Committee, Actuarial Committee, Investment Committee
• Evaluate and provide advice on the financial soundness position of RMA
• Provide actuarial assurance and consultation to the business on matters relating to all relevant products
• Provide thought leadership and be an active member of the Exco team
• Provide actuarial signoff on various matters including audited figures, analysis of profits, profit reporting, expense apportionment, bonus recommendations, investment policies, appropriateness of premiums, etc.
• Manage and build external relationships with the Board of RMA, the regulator and other relevant stakeholders
• Facilitate the calculation of and reporting on the own risk solvency assessment ORSA (Own Risk and Solvency Assessment) requirements and other related measures
• Oversee the function’s involvement in the ORSA process

WHAT YOU’LL BRING TO THE TABLE?

• NQF Level 8: Honour’s degree in Finance/Accounting, Business, Actuarial or another relevant field
• At least 3-5 years of experience leading financial (preferably insurance) / risk management and/or actuarial functions
• At least 10 years related financial / risk/ actuarial management experience within a financial service environment 
• Knowledge of business policies, processes and procedures, legal compliance
• Extensive experience and thorough understanding of Compliance, Operational, ORSA, Financial and regulatory matters
• At least 5 years within a managerial capacity
• IFRS 17 experience (advantageous)

Knowledge and Skills required

• Broad based knowledge of the insurance industry and investment risk strategies
• Extensive knowledge and application of Solvency Assessment and Management (SAM) framework
• Extensive knowledge and application of Own Risk and Solvency Assessment methodology (ORSA)
• Extensive knowledge and application of Governance and Operational standards for Insurers (GOI)
• A sound and extensive understanding of ERM principles, processes and philosophy
• Thorough understanding of and ability to implement Solvency Assessment and Management
• Sound knowledge of regulatory requirements and other risk methodologies.
• Sound knowledge of and experience relating to integrated risk management systems
• Significant quantitative/financial/statistical modelling skills and knowledge
• Extensive experience with actuarial, reserving and capital modelling
• Extensive experience in valuations in both the life and non-life space
• Strong knowledge of core functions of an insurance company, general insurance, actuarial and statistical concepts
• Advanced actuarial technical expertise and product specific knowledge
• Sound experience in product development and pricing