Senior Financial Risk Specialist
Cape Town and Sandton

Part of a small team of actuaries and quantitative analysts within the Group Risk function that provides deep expertise and knowledge in the oversight of financial risk exposures that could affect the solvency, headline earnings or liquidity positions of the group.

• Collaborate in the development of the Group Risk Strategy
• Setting of KRI limits and thresholds
• Develop robust stress and scenario testing and facilitate these into the business
• Ensure a deep understanding of business, by building and maintaining close business relationships
• Promote clear and concise reporting to relevant Boards and Management Committees
• Support and/or participate in the execution of business change programmes, continuous improvement initiatives, regulatory change programmes and compliance initiatives
• Lead the development of ORSA scenarios with the assistance of internal and external stakeholders
• Engaging with modelling teams to ensure that scenarios are accurately and consistently assessed across solvency, liquidity and earnings metrics
• Ensure that stress testing models are regularly validated and that model output is reviewed in terms of governance structures
• Lead the delivery of reporting on scenario testing outcomes and management actions in the ORSA report
• Engage with Management Structures (CMC, ALCO, BU Exco’s) on the outcomes and insights of scenario testing
• Reviewing changes or proposing changes to Market and Liquidity Risk policies
• Advising on metrics and methodologies to achieve a simplified and optimal approach
• Advising in the approval process of models and methodologies used for measuring market and liquidity risk
• Reviewing new types of product/ activity that give rise to market and liquidity risk
• Reviewing changes to ALM strategies
• Engaging relevant business units around potential stress and scenario testing
• Reviewing business unit mechanisms and processes for the mitigation of risks
• Understand contagion risks to which the group are exposed
• Develop scenario testing to coherently assess the impacts of contagion risk
• Assist in developing risk appetite limits and management frameworks
• Validating models used for Earnings at Risk (EaR) calculations (scope, risk factor shocks & diversification assumptions, address identified model limitations)
• Lead the EaR re-development project to ensure alignment with new IFRS17 accounting standard
• Validate models used for market and liquidity risk management
• Validate Investment Guarantee Reserving models and Economic Scenario Generators

Qualified actuary Fellow of Actuarial Society of South Africa (FASSA) (Required)

• A minimum of 8 years’ experience in an insurance group
• Financial risk management experience would be a distinct advantage, including Asset Liability management and hedging, Capital Management, Value at Risk Reporting & Model Risk Management.
• Good knowledge of the Insurance industry and types of products, as well as an understanding of typical performance and risk measures
• Good knowledge of the Banking industry and types of products, as well as an understanding of typical performance and risk measures
• An understanding of SA Prudential Insurance Standards; Basel capital standards as well as IFRS accounting standards (IFRS17 and IFRS9) will be an advantage.