Brief description
The main purpose of this position is to perform prudential oversight over registered insurance companies on a solo and group level through a combination of on- and off-site monitoring and supervision to ensure the financial soundness and sound governance of these insurance entities.
Detailed description
The successful candidate will be responsible for the following key performance areas:
- Supervise insurers and insurance groups within the portfolio through a combination of on- and off-site supervisory tools, focusing on both quantitative and qualitative financial and non-financial information, to identify and assess risks and then propose mitigating actions.
- Provide input into the development and implementation of a prudential risk-based supervisory plan for each insurer and insurance group within the portfolio.
- Provide input and assistance into the development and implementation of the regulatory framework.
- Analyse quantitative and qualitative data through the statutory submissions received from insurers and insurance groups.
- Assist with, and provide input into, the co-ordination and implementation of interventions for problematic insurers and/or insurance groups, as per the supervisory ladder of intervention.
- Maintain databases and records of all relevant information on the insurers and insurance groups within the portfolio.
- Liaise and collaborate with other relevant departments within the Prudential Authority (PA) and the South African Reserve Bank (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.
- Process the notifications and applications of a financial and non-financial nature.
- Promote efficient, fair and sustainable insurance markets as well as policyholder protection.
Job requirements
To be considered for this position, candidates must be in possession of:
- a postgraduate qualification (NQF 8) in Accounting, Banking, Economics, Finance, Actuarial Science Insurance or Risk Management, or a relevant equivalent qualification; and
- at least 5–8 years of relevant working experience in a regulatory environment or the financial sector.
- Knowledge and exposure to Insurance Act, FSR Act, GOI and FSI Standards
Additional requirements include:
- problem-solving and analytical skills;
- financial and business acumen;
- attention to detail;
- excellent verbal and written communication skills;
- time management;
- confidentiality;
- influence;
- building and maintaining relationships;
- knowledge of the financial sector, specifically of the insurance industry;
- knowledge of corporate governance as well as risk management practices and standards; and
- knowledge of the International Association of Insurance Supervisors (IAIS) principles and standards as well as other relevant legislation.
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.
