Risk Manager: Insurance Risk at Capitec Bank

Purpose Statement

To enable and support the ongoing risk management in the Capitec Insurance Division through:

Enabling Management to identify risk, and providing oversight over risk management in the business.

Implementing and maintaining a risk framework, including risk definitions, metrics, appetite, limits and approach. Taking ownership for the execution of end-to-end processes, projects, reports, etc.

Monitoring and working with stakeholders on capital management and the management of reinsurance programmes.

Contributing towards the fostering of a risk-focused culture within Capitec Insurance, including pro-actively engaging the business on risk approach and strategy.

Experience

MINIMUM:

• Minimum 3-5 years’ experience in the South Africa Insurance Industry
• Analysing complex issues 
• Calculating and/or reviewing financial soundness results of insurers, including Solvency Capital Requirement calculations
• Ability to apply risk and capital expertise in commercial environment
• Exposure to Corporate Governance Frameworks

IDEAL:

• 5+ years’ experience in the South Africa Insurance Industry (preferably in Risk Management and / or Actuarial Audit and Consulting)
• Analysing complex issues 
• Calculating and/or reviewing financial soundness results of insurers, including Solvency Capital Requirement calculations
• Contributing to ORSA exercises
• Ability to apply risk and capital expertise in commercial environment
• Exposure to Corporate Governance Frameworks
• Communicating to senior stakeholders in written and verbal form
• Regulatory interactions, including the Prudential Authority and Financial Sector Conduct Authority

Qualifications (Minimum)

• A Relevant Professional Qualification in Actuarial Science

Qualifications (Ideal or Preferred)

• Actuarial Society of South Africa Technical Member (TASSA) / Actuarial Society of South Africa Fellow (FASSA / CERA)

Knowledge

MINIMUM:

• Knowledge about the Prudential Standards – Governance and Operational Standards for Insurers (GOIs) and Financial Soundness Standards for Insurers (FSIs) 
• Awareness of the requirements in insurance related regulations e.g. Insurance Act, Long Term Insurance Act (LTIA), Short Term Insurance Act (STIA), Policyholder Protection Rules (PPRs) and other relevant regulations
• Knowledge of the South African Insurance Industry

IDEAL:

• In-depth knowledge of the Prudential Standards (GOIs and FSIs) and various insurance related regulations
• Risk metrics and approaches used in the risk management of insurance companies
• In-depth knowledge of the South African Insurance Industry
• Knowledge about IFRS 17 will be desirable

Skills

• Analytical Skills
• Business writing skills
• Consultation skills
• Planning, organising and coordination skills
• Verbal Reasoning skills

Conditions of Employment

• Clear criminal and credit record