Corporate Actuarial - IFRS17 Manager at Old Mutual South Africa

Job Description

• Provide IFRS 17 valuations for Old Mutual Insure. Improvement, maintenance, and documentation of actuarial processes. Processes followed should adhere to internal governance controls.
• Communication and reporting of results to various stakeholders (including senior management) is a key part of the role.

Reserving

• Produce IFRS 17 valuations at levels that are appropriate and fit for purpose for the business, to be used as the basis for relevant international accounting standards purposes which conform to professional requirements.
• Managing the extraction, processing and reconciling data. This includes further automation of these processes to ensure efficiency and to reduce the risk of errors.
• Review the methodology and calculation of IFRS 17 valuations and provide assurance on the adequacy thereof.
• Provide support in ensuring actuarial best practice in the determination of technical reserves.
• Review technical guidelines in order to recommend financial and statistical assumptions.
• Support methodology, assumption and dependency structures setting.
• Implementation of IFRS17 and other requirements in actuarial models.
• Gain a deep understanding of the impact of IFRS 17 on finance systems and identify opportunities to enhance this landscape.
• Revamp impacted processes in light of the new reporting requirements. This will require the use of innovative thinking and potentially the development of new modelling techniques.
• Manage the preparation of reports for submission to senior management and the audit committee.

Business Support

• Provide actuarial training to management and executives, as required.
• Manage the preparation of reports for submission to senior management, the audit committee and the regulator.
• Participate in the relevant governance structures and policies.
• Comply with data governance and controls framework.
• Complete control documentation required for processes.
• Responsible for relevant Technical Actuarial Review Forums.
• Support the Head of Actuarial Control in performing their oversight functions.

Stakeholder Engagement

• Develop and maintain strong working relationships with the various stakeholders within Old Mutual Insure.
• Manage effective customer service and relations to deliver customer service satisfaction
• Maintain service, quality and desired outputs within a specific functional process through ensuring compliance to tactical policies, procedures and standards.
• Resolve escalated queries and provide feedback to customers on matters resolved.
• Develop work routines in line with operational plans / schedules in order to manage achievement of service delivery goals.
• Share knowledge on, and participate in the creation of new standards, control systems and procedures to maintain service delivery.

Minimum Requirements

• The role will suit technically minded individuals, ideally with in-depth actuarial knowledge and an ability to explain and reconcile different results.
• The role will require a strong ability to apply commercial and innovative thinking, including around automation of actuarial reporting processes. We’d prefer that repetitive work is automated to have time to focus on business matters with deep commercial outcomes.
• Experience with implementing change and an ability to engage with senior stakeholders will be required.
• Leadership skills

Specific requirements include the following:

• Relevant bachelor’s degree in Actuarial Science
• Qualified / nearly qualified actuary, or at least 4 years’ experience in General Insurance
• Strong technical and problem solving skills
• A strong sense of accountability
• Ability to work under pressure
• Technical Provisions / Reserving/ IFRS 17 exposure preferred
• VBA, ResQ and/or SAS experience would be an advantage
• An interest in learning new things and exploring alternative ways of completing tasks

Closing Date

28 February 2023