Junior Specialist: Actuarial

4 hours ago

Sandton, South Africa Absa Bank Limited Full time

Empowering Africa’s tomorrow, together one story at a time.
- 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

Support the actuarial and insurance risk management functions through technical analysis, process automation, and data validation, ensuring consistency and alignment between internal models, financial systems, and regulatory reporting. Work cross-functionally with pricing, reinsurance, and governance teams to deliver high quality risk management outputs on time.

Job Description

Job Description

Insurance Risk Reporting
- Draft EC sections of the monthly insurance risk profile to support insurance risk management and decision-making.
- Assist with RWA and EC projection calculations for MTP and ACS processes.

Automate Data Validation Using Software Tools
- Use software tools to match Quantitative Reporting Template (QRT) values with management account data and Group Returns across all insurance entities.

Reinsurance Adequacy Analytics and Reporting
- Conduct in-depth analysis of reinsurance data to assess the adequacy and effectiveness of reinsurance arrangements, particularly for entities without a solo Head of Actuarial Function (HAF).
- Calculate reinsurance concentration and credit quality metrics to evaluate counterparty exposure.
- Coordinate and analyse stakeholder input by distributing questionnaires, collecting and collating responses, and providing summarized insights to support actuarial and finance functions.
- Identify and investigate material variances between reinsurance data sets (e.g., system outputs vs. expected values or prior year comparisons).
- Trace discrepancies to their source (e.g., data input errors, structural changes, or timing mismatches) and collaborate with data owners and technical teams to resolve or explain variances.
- Summarise analytical outcomes and variance investigations in clear reports for actuarial, risk, and finance teams. Reports should highlight:

- Areas of over
- or under-concentration with specific reinsurers
- Data quality issues or anomalies
- Insights on alignment between reinsurance structures and business risk appetite
- Recommendations for improving data accuracy, consistency, or reinsurance strategy

Financial Soundness Reviews
- Support the AFS Group HAF in conducting bi-annual reviews of regulatory returns, including:

- Replication of ARO SCR calculations for material SAM components, ensuring alignment with actuarial methodologies and assumptions
- Review of the G5 schedule, including analysis of Absa Life linked and non-linked assets, look-through applied, and G5 classifications

Capital Allocation
- Request, collate, format, and validate data inputs into the AFS capital allocation mode

Education

Bachelor of Science (Honours) in Actuarial Science (essential)

Fellowship with a recognized actuarial body (ASSA,) will be an added advantage

Education

Bachelor Honours Degree: Actuarial Science (required)
- Absa Bank Limited reserves the right not to make an appointment to the post as advertised_

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