Job Vacancies at South African Reserve Bank

• The purpose of this position is to realise the responsibilities of the Prudential Authority (PA) in respect of the supervision and regulation of operational risk in insurance entities. The successful candidate will be involved in operational duties associated with on- and off-site analysis and will be part of a team of risk specialists in RSD who are responsible for providing specialist knowledge, skills and experience in the operational risk management area.

Detailed Description
The successful candidate will, among others, be responsible for the following key performance areas:

Supervision

• Participating in supervisory practices in relation to operational risk in regulated entities, including inspecting regulated entities’ risk appetite and management practices with respect to operational risk.
• Ensuring regulated entities’ compliance with regulations governing operational risk.
• Supporting other risk teams, including the IT Risk, Credit Risk and Market Risk divisions with supervisory duties with regards to operational risk related elements.
• Monitoring regulatory entities’ exposure to operational risk, as reported to the PA under the various operational risk approaches.
• Input and possible participation in the Own Risk Self Assessments (ORSA) of regulated entities in relation to operational risk.
• Providing operational risk specialist support.
• Contributing to risk-based meetings with regulated entities and their auditors.
• Staying abreast of international best practice and developments surrounding operational risk.
• Supporting the Divisional Head and Manager: Operational Risk with regards to all operational risk matters.

Job Requirements
To be considered for this position, candidates must have:

• A degree in either Banking, Commerce, Risk Management, Accounting or Audit;
• A postgraduate qualification in any of the afore-mentioned will be an added advantage; and
• 4 - 6 years’ relevant working experience in the insurance sector.

Additional requirements are as follows:

• Knowledge of the Insurance Core Principles
• Knowledge of relevant components of Regulations relating to insurance industry
• Knowledge of insurance products
• An understanding of the key issues and risks facing insurance entities registered in South Africa and related entities, with a specific focus on Operational Risk
• Competence in basic office information technologies
• Analytical / problem solving capabilities
• Strong verbal and written communication
• Ability to work in a team and contribute to team success.
• Effective time management skills
• Reliable own transport as the position requires regular travel between the PA’s offices in Pretoria and the offices of institutions which are generally outside Pretoria.

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• The purpose of this position is to perform prudential oversight of registered insurance companies on a solo and group level through a combination of on-site and off-site monitoring and supervision to ensure the financial soundness and sound governance of insurance entities.

Detailed Description
The successful candidate will be responsible for the following key performance areas:

• Process notifications and applications of a financial and non-financial nature and recommend if they should be approved or declined.
• Implement the supervisory plans of allocated insurers or insurance groups (i.e. insurers with a lower risk profile and a risk rating of ‘limited’ or ‘no concern’).
• Monitor the financial soundness of insurers and insurance groups through the analysis of their monthly, quarterly and annual submissions (both quantitative and qualitative).
• Regularly update and/or prepare the initial risk assessment document for an insurer and insurance group, considering the operational structure, business model, financial information, governance and own risk and solvency assessment (ORSA), including recommendations to close identified gaps.
• Prepare packs for on-site visits.
• Attend on-site visits and participate in engagements under the guidance of a senior analyst/manager.
• Draft memorandums and reports relating to the outcomes of on-site visits.
• Maintain databases and records of all relevant information on insurers and insurance groups within the assigned portfolio.

Job Requirements
To be considered for this position, candidates must be in possession of:

• a Bachelor’s degree (NQF 7) in Accounting, Banking, Economics, Finance or Law; and
• two years’ experience in the insurance sector, finance sector or risk management environment.

Additional requirements include:

• accounting or legal articles (would be an added advantage);
• problem-solving and analytical skills;
• financial and business acumen;
• attention to detail;
• verbal and written communication skills;
• time management skills;
• the ability to maintain confidentiality;
• building and maintaining relationships;
• financial sector knowledge, specifically of the insurance industry;
• corporate governance and risk management practices and standards; and
• IAIS and IOSCO principles, standards and relevant legislation.

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• The main purpose of this position is to monitor the closed-circuit television (CCTV) to ensure the adherence to all aspects of cash-handling procedures in the cash centre.

Detailed Description
The successful candidate will be responsible for the following key performance areas:

• Plan and ensure the availability of resources (equipment) for the running of the Cash Control Room.
• Work independently and ensure adherence to controls, established practices, given processes, rules and regulations.
• Continuously monitor the cash-handling environment via CCTV to ensure compliance with laid-down procedures.
• Provide regular updates on non-compliance identified and report (daily, weekly and monthly) to team leader.
• Identify, evaluate and solve defined, routine and new problems within a familiar context, applying solutions based on relevant evidence and procedures.
• Evaluate own performance against given criteria, identify and address task-specific learning needs.
• Take responsibility for managing the performance and development of the team.

Job Requirements
To be considered for this position, candidates must have:

• a minimum of a Higher Certificate (NQF 5) in Risk and Compliance Management or an equivalent qualification;
• two to five years’ experience in a cash-handling environment; and
• exposure in a CCTV/surveillance environment will be an added advantage.

Additional requirements include:

• verbal and written communication skills;
• confidentiality/sensitivity to confidential information;
• judgement and decision making;
• analysis and problem solving;
• services and stakeholder focus;
• attention to detail; and
• resilience.