Risk and Capital Reporting Actuarial Manager at Old Mutual South Africa

Job Description

The Group Actuarial team is part of the Old Mutual Group Finance division, reporting directly to the Group Chief Financial Officer. The team operates and provides exposure across all the businesses in Old Mutual including the various jurisdictions.

The team has an opportunity available for an experienced actuary to gain unique experience in the inner workings of a complex financial services group. This role will report to the Finance Actuary and be responsible for delivering Old Mutual’s regulatory capital results and other risk management metrics, with the support of a team of actuaries and actuarial students.

The role will build networks across the wider Group, which will assist with future career development as part of Old Mutual’s actuarial rotation programme.

Key Result Areas

Regulatory Reporting

• Work with the regulatory reporting team to ensure quality delivery of capital calculations and Prudential Standards balance sheet information, for both the solo insurance licence as well as the Insurance Group and Financial Conglomerate licences.
• Output will be used for regulatory submissions (quarterly / half-yearly / annual QRTs) and for external publication (half-yearly OML results booklets and financial statements).

Capital forecasting

• Produce reliable projections as part of the annual Business Plan process.
• Ensure regular updates of life business capital allocations are provided to the Group Balance Sheet Management team to help with overall Group capital management.

Scenario testing

• Work with the Group Finance and Group Risk teams to provide capital levels under a range of scenarios (for the annual ORSA process as well as ad-hoc when required).

Governance framework

• Ensure the team’s reporting controls are appropriately performed, and evidence retained.
• Ensure submissions are compliant with relevant technical standards and actuarial methodology principles and guidelines, and ensure methodology is appropriately maintained. Provide technical guidance to stakeholders when needed.

Operational improvements / developments

• Ensure sufficient priority is given to maintaining and improving the tools used in the team’s various processes, including both the actuarial use of OML’s financial consolidation platform, and the team’s spreadsheets.
• Monitor regulatory developments and ensure processes and tools are prepared in advance of these changing requirements.

Ad-hoc business support

• Ensure team maintains sufficient capacity to provide ad-hoc support to the business (e.g. capital calculations for product developments, or analysing the impact of OML subsidiary changes on the regulatory capital position).

Development and coaching

• Ensure that team members are achieving their personal development goals, and that there is a focus on appropriately rotating people into and out of the team over time.

Qualifications and Experience required:

• Qualified actuary
• At least 8 years’ actuarial experience (mostly in a finance reporting role)
• 2-3 years’ management experience
• Ability to collaborate effectively with others, with strong stakeholder engagement skills
• Strong technical skills in capital calculations, actuarial reserving and analysis of surplus
• Organisation and planning
• Ability to work on a wide range of deliverables at once, drive projects to completion within agreed timelines
• Strong sense of ownership, requiring minimal guidance and proactively driving for solutions
• Ability to gather a wide range of information, filter and then use in making sound and balanced decisions
• Strong business acumen
• Excellent communication skills (both written and verbal)
• Willing to learn and grow
• The incumbent will have an added advantage if he/she has had exposure to group consolidation and accounting reporting processes.

Education

• Fellow Of Actuarial Society Of South Africa (FASSA) (Required)

Closing Date

• 30 September 2022