Actuarial Control Function Head

5 days ago

Johannesburg, South Africa FirstRand Full time

Job Description

To provide appropriate governance over the risk management system and system of internal controls, an insurer must establish and adequately resource the control functions as set out in regulations and actuarial guidance.
Control functions are a critical part of an insurer’s checks and balances and must provide an independent perspective on risks and breaches of legal or regulatory requirements
- Appointment as Head of Actuarial Function for life insurer.
- All duties and responsibilities as described in Prudential Standard GOI3 and all relevant actuarial guidance including Actuarial Practice Note 106.
- Work closely with first line teams to raise the overall actuarial posture of the business.
- Advise senior management and board committees on actuarial matters and will be expected to be comfortable engaging in such forums and to build impactful relationships.
- Work with other control functions of insurer to manage risk profile of insurer.
- Advise the Asset, Liability and Capital Committee and Board on actuarial matters and provide reports and outputs as required.
- Model validation of pricing and reserving models (both Excel and Prophet models).
- Review of technical provisions, minimum capital requirements and solvency capital requirements.
- Review of balance sheet management assumptions and recommendations for solvency and pricing exercises.
- Review of Embedded Value, Analysis of Surplus and other actuarial valuations.
- Review of Policies.
- Technical review of Own Risk and Solvency Assessments (ORSA).
- Produce actuarial reports for internal and Board committees.
- Ad hoc research on Actuarial developments.
- Challenge and review of actuarial models and assumptions developed for IFRS17.
- Manage a team of actuaries and actuarial students to comply with results.
- Raise the actuarial posture of the life insurer and provide specialist life expertise to the wider FirstRand group if required.

Job Details

26/05/25

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