Insurance Risk Actuary
Johannesburg

Support the Head of Actuarial Function / Insurance Principal Risk Officer in fulfilling their duties, in terms of the Enterprise Risk Management Framework, Insurance Act (18 of 2017) and other supporting regulation.
This particularly includes maintaining the Insurance Principal Risk Management Framework, supporting the Group HAF review and reporting activities.
Responsibilities span across, the regulated insurance group, with a particular focus on the life and non-life insurers across Africa (which sit within the insurance cluster).

• Play an active role in the maintenance and continued embedment of relevant components of the Enterprise Risk Management Framework (ERMF), in particular in the Insurance Principal Risk Management Framework (IPRMF) and the policies supporting this framework.
• Drive the process to ensure the IPRMF and supporting policies are refreshed over the course of a calendar year, in line with the quarterly Board cycles.
• Conduct a first review of IPRMF its supporting policies after an annual update.
• Ensure that relevant stakeholders are suitably engaged and trained on the content of the relevant framework, policies and standards.
• Engage with the broader risk management community as required to ensure that the insurance entities’ risk management process remains fit for purpose and meets Group-wide requirements.
• Oversee the co-ordination of the Insurance Governance Control Forums.
• Perform conformance reviews as deemed necessary.
• Perform key risk processes within the insurance group, with a focus on insurance risks
• Form a key part of the team coordinating the annual Own Risk and Solvency Assessment (ORSA) process and drive the drafting of the associated report.
• Manage the relevant stakeholders that form part of the process, and provide suitable guidance where required.
• Provide input into the group risk appetite setting process, and drive the process to set the insurance group (and insurance cluster) risk appetite.
• Provided challenge to the economic capital methodology proposed across the insurance group.
• Ensure that suitable input is provided into the broader Group-wide risk processes.
• Ensure that suitable input is provided into the group stress and scenario testing, capital and liquidity planning processes.
• Support the Insurance Cluster risk management function with quantifications as required.
• Prepare Board and committee papers as required.
• Contribute to the success of the IFRS 17 project by providing input on design decisions that affect the risk appetite and associated metrics.
• Assist in the development of the activities required to fulfil the review and oversight responsibilities of the group Head of Actuarial Function (HAF) and the successful embedment thereof.
• Support the drafting of the formal reports to the relevant governance forums and Board committees.
• Review the suitability of the current group Own Funds and Solvency Capital Requirements (SCR) calculations, based on the requirements of the Deduction and Aggregation Method
• Perform a review of the quantitative regulatory returns for the insurance group (and qualitative regulatory return once relevant).
• Engage with the HAFs of the insurance entities where required, to ensure that sufficient reliance is placed on their work to avoid duplication of effort.
• Assist the group HAF with the work required to issue relevant advice and opinions to the Board, in line with actuarial guidance.
• Play an active role the production of the formal reporting done in respect of the group HAF's responsibilities.
• Manage direct and indirect reports according to the Performance Development requirements and values.
• Assist with the development of a high-performing team through informal coaching and mentoring to junior team members.
• Approve leave requests for direct reports and manage resource planning
• Motivate direct reports and ensure that their efforts are recognised
• Perform all other duties as reasonably assigned

Qualifications, Knowledge, Experience and Skills

• Bachelor Honours Degree - Actuarial Science
• Digital familiarity (Meets some of the requirements and would need further development)
• Experience in a similar environment at management level
• Leading people - Leadership level (Meets some of the requirements and would need further development)
• Openness to change (Meets some of the requirements and would need further development)
• Process Optimisation (Meets all of the requirements)
• Reasoning (Meets all of the requirements)
• Risk Management (Meets all of the requirements) aa