Location: Head Office, Pretoria

Organisation name: Prudential Authority

Department description: Banking and Insurance Supervision

Brief description

• The main purpose of this position is to supervise the activities of insurance entities within insurance groups in respect of prudential regulations relating to governance and management of all risk types. The scope of risks regulated includes insurance, cyber, counterparty, credit, liquidity, underwriting, market, solvency, operational risks and so forth.

Detailed description

• The successful candidate will be responsible for the following key performance areas:
• Supervise, oversee and participate in supervisory practices.
• Contribute towards maintaining a financially sound and stable insurance sector and the overall financial services sector.
• Assess compliance with prudential regulations and applicable financial soundness standards. Install a risk-based, pre-emptive, outcomes-based and integrated supervisory framework. Contribute towards the development of processes and procedures for effective implementation of the Insurance Act 18 of 2017 (Insurance Act) and the prudential standards.
• Review and evaluate the adequacy and appropriateness of the own risk and solvency assessment (ORSA) submissions of each insurer for their specific risk profile.
• Refine the supervisory approach by introducing prudential supervisory best practices.
• Deploy effective supervisory tools for monitoring insurers’ exposure to the above risks.
• Identify cross-sectoral risks and devise appropriate measures to contain them.
• Ensure the sufficiency and appropriateness of capital and solvency requirements of the assigned insurance entities with respect to all prudential risks.
• Ensure that insurers’ risk management practices and governance structures are adequate entities and analyse and interpret risk-based regulatory returns.
• Provide guidance and direction to subordinates, including setting performance standards and monitor performance.
• Make valuable contribution to prudential regulation matters relating to insurance groups.
• Contribute towards attainment of departmental strategic objectives.
• Mentor, train and motivate staff towards attainment of departmental goals.
• Manage the attainment of operational objectives.

Job requirements

• To be considered for this position, candidates must be in possession of:
• A postgraduate degree in Finance, Accounting, Insurance, Banking or Economics.
• Eight years’ experience in the financial services or financial regulatory sector; and
• Two years’ proven experience of managing a team.

Additional requirements include:

• The insurance core principles.
• Conversant with the insurance reserving requirements, at both a theoretical and practical level.
• Knowledge of the modern principles, practices and techniques of prudential supervision.
• Working knowledge of the Insurance Act, Insurance standards, Companies Act 71 of 2008 and associated laws and regulations.
• Understanding of key regulatory issues facing insurance companies and insurance groups.
• Knowledge of, and experience in the insurance system and insurance products, risk models and systems.
• Thought leadership.
• Professionalism and strong ethical values.
• People management skills.
• Ability to engage with executive management on technical aspects.
• Ability to plan and supervise work of others.
• Exceptional attention to detail.
• Ability to exercise independent judgement.
• Strong oral, written and overall communication skills.
• Time management and negotiation skills.
• Problem-solving abilities and analytical skills.
• Ability to influence, build and maintain relationships.