Financial Risk Specialist at Absa

Job Summary

• Support the Head: Financial Risk & Models to execute his / her duties and responsibilities, particularly in respect of holistic management of the Insurance Key Risk Control Framework; and quantification, oversight, governance monitoring and reporting of financial risks in WIMI and pension & insurance risks in other Absa entities as required. This involves guidance and coordination of relevant 1st and 2nd line functions to fulfil the required quantitative and qualitative requirements

Job Description
Accountability: Effective Management of the Insurance Key Risk Control
Framework
Outputs to deliver this accountability:

• Preparation and annual reviews of the Absa Insurance Key Risk Control Framework
• Collaborate with insurance stakeholders to prepare Policies supporting the Framework and conduct subsequent annual reviews against required timelines
• Assist insurance BU’s to prepare the necessary supporting standards
• Assist actuarial teams with appropriate allowance for requirements of the Insurance environment and regulatory and industry requirements (e.g. SAM, Solvency II, Actuarial Standards).
• Contribute to conformance reviews on the Insurance Key Risk Framework
• Liaise with AGL and Absa risk function (e.g. Market Risk) to ensure alignment with the ERMF and related principle risks
• Assist in refining and redesigning the WIMI governance structure for insurance risks to ensure structures are effective and efficient, and appropriately allow for retrospective control effectiveness assessments and forward-looking risk management
• Advise BU’s on interpretations and implementation of the Framework
• Coordinate the necessary attestation and insurance risk control reporting from impacted BU’s at the required frequency. Develop reporting/attestations templates where required. Verify and obtain sign off for the accuracy and completeness of the BU submissions.

Accountability: Contributions to Pillar II Model Building and Reporting
Outputs to deliver this accountability:

• Understand the regulatory and management requirements and expectations inorder to create models and reports that will provide insight / answers to the questions of senior stakeholders within WIMI and Group, and adhere to best practice industry standards.
• Assist in designing, building, developing and testing the WIMI ORSA, EC, Risk Appetite and related models and relevant reporting capabilities.
• Where relevant, assume ownership for key models and their results, and actively contribute to model validation activities.
• Support the relevant SAM Committees and participate in preparation for the requirements posed by the latest developments in terms of the FSB’s Solvency Assessment and Management (“SAM”).
• Participate in WIMI projects / initiatives to comply with the SAM ORSA requirements
• Define and execute central WIMI responsibilities, including aggregation of BU results, to determine the WIMI group ORSA
• Develop and implement central/aggregate economic capital calculation methodology, based on industry best practice and taking into account AGL specific circumstances.
• Provide/arrange the required quantitative support for BU’s without own resources to generate the required output for the WIMI group ORSA
• Develop and own the delivery of the WIMI ORSA Report, and in this regard facilitate and collate inputs from the WIMI BU’s. Play a key role in ensuring that the ORSA process and model will satisfy the requirements posed by a robust use test.
• Coordinate work with the WIMI BU’s to define the risk appetite for insurance and other risks; and present and approve and regularly review formal risk appetite statements
• Determine an appropriate aggregate WIMI risk appetite, define the required metrics and build and use the necessary models to quantify the aggregate metrics (considering allowance for diversification and correlation)
• Achieve increased use and application of risk appetite in the business and evidence this as part of the ORSA work and report

Advise WIMI BU’s on risk appetite requirements that are appropriate for the WIMI business and consistent with regulatory and group requirements

• Advise BU’s on the application of risk appetite and coordinate the embedding of risk appetite into use in the BU’s
• Undertake the necessary advisory and training activities in WIMI to ensure risk appetite is appropriate, understood and used.
• Implement and follow a procedure to ensure that there are no unknown emerging risk concentrations or potential interactions between types of risks that could threaten the viability of the organisation

Accountability: Financial Risk Models, Monitoring and Reporting
Outputs to deliver this accountability:

• Define, refine and deliver the WIMI financial risk reporting to the Market Risk Committee, Financial Risk Committee and other AGL and Group forums to the required frequency. Deliver MI about risk that is intelligible, actionable and business-focused.
• Collaborate with WIMI BU’s to design and develop required reporting packs, ensuring quality, consistency and timeliness
• Completion of relevant attestation for risk control frameworks and regular risk control reporting
• Present the financial risk reporting to relevant WIMI and group committees as required
• Coordinate secretariat services for the relevant risk committees in WIMI (e.g. Financial Risk Committee or equivalent), review the appropriate governances structures for financial risk in WIMI generally, and Insurance specifically.
• Where necessary, undertake the required aggregate analysis of underlying financial risk information to quantify WIMI / group level risk results and profiles
• Act as liaison with AGL / Group regarding regular and ad-hoc risk reporting
• Act as responsible party for delivering reporting inputs to executive, management and risk committees.

Accountability: Pension Risk Quantification and Management
Outputs to deliver this accountability:

• Assist with the development of a local AGL framework as required and collaborate with the Pension Management Group, Market Risk and others to create the necessary supporting standards for pension risk management in AGL
• If appropriate, draft a local AGL version of the framework
• Participate in appropriate conformance reviews
• Cooperate with the relevant stakeholders (e.g. Pension Management Group, Market Risk, etc.) to design the appropriate risk reporting for AGL Pension Risk
• Collect the required information on Pension schemes across AGL to undertake the necessary to support the Pension Risk Framework
• Complete such regular activities as are required in terms of the Pension Risk Framework, including the review of actuarial assumptions for financial reporting
• Where required, participate in due diligence management risk exercises Perform all other duties as reasonably assigned.

Education And Experience Required

• Nearly qualified or recently qualified actuary, preferably with Enterprise Risk Management as specialism subject. Alternative equivalent strong quantitative qualifications will also be considered.

Qualifications Required (Essential):

• Grade 12
• Relevant Bachelor’s or Honours Degree
• Fully qualified actuary (FASSA / FIA / FFA), or one or 2 actuarial subjects remaining until full qualification.

Alternative Equivalent Strong Quantitative Qualifications Will Also Be Considered.

Knowledge & Skills:

• Sound judgement when making decisions
• Advanced verbal and written communication skills and able to communicate and influence effectively across a range of senior stakeholders (up to board level)
• Ability to work under pressure
• Advanced knowledge of the Insurance environment and regulatory and industry standards (e.g. SAM, Actuarial)
• Knowledge of strategy formulation and strategic thinking ability
• Solid Stakeholder and People management skills
• Solid Analytical and related Computer Skills
• Solid Conflict Management Skills
• Problem Solving and Decision Making – the ability to quickly understand a situation and take decisive action that is bought into by stakeholders.
• Quality & Excellence - Commitment to quality, high standards and robust risk/control management
• Good knowledge of risk, controls and governance processes, tools and practices

Competencies:

• Delivering results and meeting customer expectations
• Persuading and influencing
• Decisiveness
• Working with people
• Coping with pressure and setbacks
• Entrepreneurial and Commercial thinking
• Deciding and initiating action
• Relating and networking
• Learning and researching

Experience:
Essential / Minimum

• 4 -5 years work experience in an actuarial or risk management environment Preferred/ Advantage
• Qualified actuary with diverse work experience

Education

• Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)