Brief description
The main purpose of this position is to process, monitor and report on exchange control-related applications and transactions by institutional investors and Authorised Dealers, ensuring compliance with the requirements of the Currency and Exchanges Manual for Authorised Dealers as well as exchange control regulations, policies and procedures.
Detailed description
The successful candidate will be responsible for the following key performance areas:
- Monitor and report on exceptions by institutional investors and Authorised Dealers.
- Process applications and correspondence, ensuring that regulated entities comply with the prescribed policies and the requirements outlined in the Currency and Exchanges Manual for Authorised Dealers.
- Prepare the required statistical reports and ad hoc management information.
- Conduct risk-based inspections.
- Maintain a reliable database of institutional investors and Authorised Dealers.
- Assist the team with other functions, as may be required from time to time, in line with the strategic and operational objectives of the department.
- Independently deliver high-quality work within established practices, processes, rules and regulations.
- Engage with relevant internal and external stakeholders, where applicable, demonstrating the ability to convey and explain information fluently.
- Embrace and leverage analytical tools to automate processes and reduce inefficiencies in monitoring exceptions.
- Evaluate own performance against given criteria and identify and address task-specific learning needs.
- Embed the South African Reserve Bank’s (SARB) culture.
- Proactively broaden knowledge and stay abreast of changes in policies and regulations within the functional area.
Job requirements
To be considered for this position, candidates must be in possession of:
- a Bachelor of Commerce qualification or an equivalent NQF 7 qualification; and
- two to five years’ relevant experience in the financial, banking or regulatory sector.
Added advantage:
- knowledge of the Currency and Exchanges Manual for Authorised Dealers and exchange control regulations.
Additional requirements include:
- knowledge and skill in:
- industry, organisational and business awareness;
- regulatory and supervisory awareness;
- business continuity planning;
- risk and compliance assessment, monitoring and reporting.
- skill in:
- verbal and written communication (including presentation and report writing);
- analysis and problem-solving;
- judgement and decision-making;
- planning and organising;
- a service and stakeholder focus;
- a drive for results;
- competence in Microsoft Office and workflow packages (e.g. Excel, Word, PowerPoint and SharePoint);
- financial and business acumen; and
- the ability to build and maintain professional relationships.
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.