Brief description
The main purpose of this position is to develop and refine the regulatory frameworks of the Prudential Authority (PA) that support achieving its prudential mandate as outlined in the Financial Sector Regulation Act 9 of 2017 (FSR Act).
Detailed description
The successful candidate will be responsible for the following key performance areas:
- Conduct financial sector prudential policy-related research and analysis to monitor and influence the policy positions of international financial sector standard-setting bodies as well as local policy matters set by National Treasury and the legislator.
- Engage National Treasury, the South African Reserve Bank (SARB), other financial sector regulators, industry and other stakeholders in support of South Africa’s stance on policy and regulatory matters, with a specific focus on financial conglomerates, significant owners, beneficial owners and cross-sector institutions (banks, insurance and market infrastructure).
- Draft prudential policy position papers and regulatory instruments.
- Provide input into and implement the PA’s prudential strategic objectives.
- Analyse the relevance/appropriateness of local and international standards within the context of the PA’s mandate.
- Monitor global prudential policy developments and analyse the impact of these on local regulatory frameworks across the sectors regulated by the FSR Act.
- Adopt and adapt international standards to South African requirements so that they are specific to the local environment while also aligned to international criteria.
- Develop and refine policy positions, regulatory frameworks and regulatory instruments empowered by the FSR Act in the context of the Twin Peaks framework.
- Represent South Africa and influence international standard-setting bodies.
- Represent the PA in Parliament and other forums on policy matters and legislation.
- Be a custodian of the relevant PA policy processes and related governance processes.
- Coordinate and complete international surveys related to the field of expertise.
- Brief the PA Chief Executive Officer (CEO), heads of department, divisional heads and the Prudential Committee on policy positions and regulatory instruments.
- Contribute to and/or draft speeches and briefing notes for the PA CEO, the SARB Governor and Deputy Governors as well as any other PA staff member on specialist topics so that the PA/SARB view is represented locally and internationally.
- Coordinate the PA’s house view in collaboration with the SARB and other regulators.
- Conduct and coordinate ad hoc research on prudential policy related topics.
- Take responsibility for the implementation of all future microprudential matters within the PA’s mandate.
Job requirements
To be considered for this position, candidates must be in possession of:
- a postgraduate qualification (NQF 8) in Law (preferable), Accounting, Banking, Economics, Finance or Insurance; and
- at least 8–10 years’ relevant experience in the financial sector.
Additional requirements include:
- problem-solving and analytical skills;
- planning and organisational skills;
- verbal and written communication skills;
- financial and business acumen;
- the ability to be a self-starter and a strong team player;
- keen attention to detail;
- the ability to maintain confidentiality; and
- knowledge of and skills in:
- the financial sector;
- corporate governance and risk management practices and standards;
- the financial sector regulatory framework and core principles as published by the international standard-setting bodies; and
- the South African cooperative banks and cooperative financial institutions regulatory framework as well as international guiding principles.
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.
