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Lead Actuarial Analyst
4 weeks ago
The purpose of this position is to realise the responsibilities of the Prudential Authority (PA) in respect of the supervision and regulation of actuarial risks in insurance entities. The successful candidates - one position for life actuarial and one position for non-life actuarial - will be involved in operational duties associated with on- and off-site analysis and will be part of a team of risk specialists in the PA responsible for providing specialist knowledge, skills and experience in the life and non-life actuarial risk management area.
The purpose of this position is to realise the responsibilities of the Prudential Authority (PA) in respect of the supervision and regulation of actuarial risks in insurance entities. The successful candidates - one position for life actuarial and one position for non-life actuarial - will be involved in operational duties associated with on- and off-site analysis and will be part of a team of risk specialists in the PA responsible for providing specialist knowledge, skills and experience in the life and non-life actuarial risk management area.
Detailed description
The successful candidates will, among other things, be responsible for the following key performance areas:
- Lead, develop and provide specialist actuarial support with regard to technical provisions reviews.
- Lead, develop and provide specialist actuarial support with regard to further refinements of the solvency assessment and management (SAM) framework.
- Provide actuarial support concerning both solo and group entities including, but is not limited to, the following:
- scrutinising the financial soundness of life and non-life insurers;
- participation in on-site visits to insurers; and
- the consideration of internal model approvals.
- Scrutinise and check the compliance of submissions by insurers.
- Assist in maintaining the statutory returns required by regulated entities.
- Participate in projects initiated within the PA and industry forums.
- Develop and test systems and procedures for internal use.
- Participate in and execute projects initiated within industry forums.
- Transfer knowledge and skills to stakeholders, both inside and outside of the PA.
To be considered for this position, candidates must:
- be a Fellow of the Actuarial Society of South Africa (FASSA); and
- have at least 10 to 12 years' experience that include at least three years of relevant post-qualification working experience in the insurance industry.
- good communication (verbal and written) skills;
- ability to perform under pressure without compromising quality;
- ability to work independently and within a team in a leadership role;
- good interpersonal skills;
- proactive problem-solving skills;
- experience in SAM;
- computer literacy (preferably including programming skills);
- ability to perform and understand technical provisions reserving;
- ability to understand complex financial models; and
- ability to deal professionally with internal and external clients.
- knowledge of the Insurance Act 18 of 2017;
- knowledge of the Prudential Standards;
- knowledge of International Financial Reporting Standards (IFRS) 17;
- knowledge of the risks that insurers take;
- ability to influence, build and maintain relationships; and
- reliable own transport as the position requires travel between the PA's offices in Pretoria and the offices of supervised entities located elsewhere.
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.
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