Brief description
The main purpose of this position is to perform prudential oversight of designated registered banking entities through a combination of off-site and on-site monitoring, analysis and supervision, thereby contributing to the soundness of governance and financial practices of such banking entities, and ultimately ensuring the safety and soundness of the financial sector.
Detailed description
The successful candidate will be responsible for the following key performance areas:
- Conduct supervisory oversight of designated banks and participate in supervisory practices, including:
- analysing and assessing the strategies, business models and business portfolios of banks;
- analysing, monitoring and forming a view of risks (i.e. credit, liquidity, market, capital and operational risks) that banks are exposed to and the impact thereof on their risk profiles;
- assessing compliance with the Banks Act 94 of 1990, Mutual Banks Act 124 of 1993, the Regulations relating to Banks, Mutual Banks and the Financial Sector Regulation Act 9 of 2017 (FSR Act), including compliance with all prudential and regulatory requirements;
- analysing and assessing the evolving economic and operating environment and the impact thereof on banks’ risk profiles;
- analysing and interpreting financial and risk information, including risk-based regulatory data submissions and the alignment thereof with industry best practices;
- contributing to and participate in risk-based meetings with banks and their auditors; and
- preparing detailed reports based on the outcome of the analysis performed.
- Review, analyse and evaluate banks’ internal capital adequacy assessment process.
- Review and evaluate financial entities’ recovery plans.
- Analyse and interpret regulatory returns for regulated entities.
- Conduct research and provide input into the regulatory framework (e.g. the Banks Act 94 of 1990, Mutual Banks Act 124 of 1993), in line with international best practices.
- Interpret and develop amendments to the legislative framework, based on international best practices.
- Develop and implement the supervisory review and evaluation process, in line with international best practices.
- Manage correspondence and maintain electronic records in line with operational standards.
- Contribute towards the attainment of departmental strategic objectives.
- Contribute towards the attainment of operational objectives.
Job requirements
To be considered for this position, candidates must be in possession of:
- a postgraduate qualification (NQF 8) in Accounting, Banking, Commerce, Economics, Finance or Risk Management; and
- at least two to five years’ experience in the finance sector or financial regulatory environment.
Additional requirements include:
- an in-depth knowledge and understanding of regulatory frameworks and international standards, such as the Basel Committee on Banking Supervision’s (BCBS) Core Principles for Effective Banking Supervision;
- being conversant with the Banks Act 94 of 1990, Mutual Banks Act 124 of 1993, Financial Sector Regulation Act 9 of 2017 and related standards and regulations;
- knowledge of prudential supervision and the supervisory framework applied in South Africa;
- knowledge of basic risk management standards and practices applied by banks and banking groups;
- an understanding of key issues and risks faced by banks and banking groups;
- an in-depth knowledge of the business of banks;
- an understanding of the business models applied by, and the financial and operating environment of, banks; and
- knowledge and understanding of corporate governance and risk management best practices and standards.
Job-related skills and attributes include:
- problem-solving and analytical skills;
- proven facilitation and presentation skills;
- strong interpersonal skills and the ability to build and maintain relationships;
- excellent verbal and written communication skills;
- the ability to manage time effectively and efficiently; and
- proficiency in the use of Microsoft (MS) Office products such as MS Word, Excel and PowerPoint and other related 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.