Head of Model Development

6 days ago


Johannesburg, South Africa Absa Bank Limited Full time

Bring your possibility to life Define your career with us
- With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.Job Summary

Overall job purpose

To develop and maintain actuarial models and provide input to actuarial methodology.

**Job Description**:
Key Accountabilities:

- IFRS17 - fulfilment cashflows, risk adjustment & contractual service margin
- Embedded value - adjusted net worth, present value of future profits & cost of capital
- SAM - technical provisions and life non-market risk solvency capital requirements

2. Relationship management with 3rd party Prophet software provider as well as assist internal colleagues:

- Attend meetings with 3rd party Prophet software provider
- Validate cloud usage reports to ensure billing is correct
- Act as the 1st point of contact to address Prophet related queries of internal colleagues

3. Analytics and financial reporting support:

- Preparation of the analysis of surplus, analysis of embedded value and analysis of basic own funds
- Production of management information for committee meetings

4. 1st line Quality Assurance review and checking to ensure accuracy of model outputs for sound business decision making and ensuring a robust control environment.

5. Model governance by ensuring that the model change documents are sufficiently detailed so that the model change process can be reviewed and signed-off by internal and external stakeholders.

6. People management responsibilities to support talent development and business resilience, may have 1 to 2 direct reports.

Education

Bachelor's Degree: Actuarial Science
- Absa Bank Limited reserves the right not to make an appointment to the post as advertised_


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