The main purpose of this position is to ensure that the Risk Support Department(RSD) Discharges its  responsibilities arising from its mission insofar as asset and liability management (ALM) related risk management is concerned. This includes being part of a team of risk specialist in the RSD responsible for providing specialist knowledge, skills and experience in ALM related risk supervision and regulation, specifically relating to liquidity risk and interest-rate risk in banking and insurance companies.

Detailed description

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

• Review and evaluate insurance firms’ ALM frameworks and reports and their ability to manage ALM-related risks.
• Assist with the development of internal policies and processes for supervising ALM-related risks.
• Ensure widespread understanding of the concepts and developments in the fields of the above-mentioned risks throughout the PA.
• Provide expert guidance on matters relating to compliance with minimum regulatory requirements relating to ALM for supervised institutions.
• Develop analytical methods to analyse and interpret risk-based regulatory data submissions.
• Conduct on- and off-site reviews of ALM-related risks for the insurance sector.
• Identify ALM-related risks by processing, reviewing and evaluating relevant applications from supervised institutions.
• Provide specialist support with respect to ALM-related risks within the Prudential Authority (PA).
• Stay abreast of international best practices and developments surrounding ALM-related risks.
• Inform the PA regarding the aggregate behaviour of insurers regarding ALM-related risks.
• Ensure that the own risk and solvency assessment (ORSA) process adequately captures ALM-related risks.
• Assist with the development of internal policies and processes for supervising ALM-related risks.
• Ensure widespread understanding of the concepts and development.

Job requirements

• Postgraduate qualification in Risk Management, Finance, Accounting or Auditing
• Five to eight years’ applicable experience in the insurance or financial sector or within risk management.

The following would be an added advantage

• Applicable ALM-risk management experience.
  • Conversant in the Basel frameworks – related to liquidity risk – at both a theoretical and practical level; and be abreast of best practices in ALM risk management.
  • Familiar with the liquidity risk papers published by the International Association of Insurance Supervisors
• Knowledge of the Insurance Act
• Financial Risk Manager (FRM) or a Professional Risk Manager (PRMIA) qualification and excellent risk and control knowledge

Additional requirements include:

• Knowledge of the risk’s insurance companies face
• Ability to travel, some on-site reviews and assessments will require the candidate to travel locally.
• Effective time management skills
• Innovative analytical/problem-solving skills
• Good verbal and written communication skills
• Good interpersonal skills
• Ability to work in a team and contribute to team success (hybrid and face-to-face); and
• Good working knowledge of Microsoft Office 365 software packages (e.g. Word, Excel and Teams) and other related software packages.