Associate Insurance Analyst - Pretoria, South Africa - South African Reserve Bank

Description

Job Description

Brief description

The main purpose of this position is to perform prudential oversight of licensed insurance companies on a solo and group level through a combination of off-site and on-site monitoring and supervision to ensure the financial soundness and sound governance of solo insurers and insurance groups.

Detailed description

The successful candidate will be responsible for the following key performance areas:

• Process notifications and applications of a financial and non-financial nature, and recommend approval or decline.
• Provide input into, and assist with, the development and implementation of the regulatory framework.
• Promote efficient, fair and sustainable insurance markets and policyholder protection.
• Provide input into the development and implementation of a prudential risk-based supervisory plan for each insurer and insurance group within the allocated portfolio.
• Provide input into, and assist with, the co-ordination and implementation of interventions for problematic insurers and/or insurance groups as per the supervisory ladder of intervention.
• Provide input into, and assist with, the development of public documents relating to insurance supervision.
• Supervise insurers and insurance groups within the allocated portfolio through a combination of off-site and on-site supervisory tools, focusing on qualitative, quantitative, financial and non-financial information, to identify and assess risks and to propose mitigating actions.
• Maintain databases and records of all relevant information on insurers and insurance groups within the allocated portfolio.
• Liaise and collaborate with other relevant departments within the Prudential Authority (PA) and the South African Reserve Bank (SARB).
• Liaise with industry, other regulators (locally and internationally) and relevant financial institutions.

Qualifications

Job requirements

To be considered for this position, candidates must be in possession of:

• an Honours degree (NQF 8) specialising in Accounting, Actuarial Science, Auditing, Banking, Finance, Insurance or Risk Management; and
• at least 2-5 years of experience in the insurance sector, finance sector or risk management environment.

The following would be an added advantage:

• being a Chartered Accountant (CA(SA));
• being a Financial Risk Manager (FRM); and/or
• being a member of the Actuarial Society of South Africa (ASSA).

Additional requirements include:

• completion of accounting articles;
• problem solving and analysis;
• financial and business acumen;
• attention to detail;
• verbal and written communication;
• time management;
• confidentiality;
• influence;
• building and maintaining relationships;
• knowledge of the finance sector, specifically the insurance industry;
• corporate governance and risk management practices and standards; and
• International Association of Insurance Supervisors (IAIS) and International Organisation of Securities Commission (IOSCO) principles, standards and relevant legislation.

About Us

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.