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The South African Reserve Bank is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the “Currency and Bank Act of 10 August 1920”, as a direct result of the abnormal monetary and financial conditions which World War I had brought
Brief description
The main purpose of this position is to realise the responsibilities of the Prudential Authority (PA) in respect of the supervision and regulation of life/non-life actuarial risks in insurance entities. The successful candidates will be involved in operational duties associated with on- and off-site analysis and will be part of a team of risk specialists in the PA responsible for providing specialist knowledge, skills and experience in the life/non-life actuarial risk management area.
Detailed description
The successful candidate will be responsible for the following key performance areas:
- Provide actuarial support concerning both solo and group entities, this includes but is not limited to the following:
- scrutinising the financial soundness of life/non-life insurers;
- participation in on-site visits to life/non-life insurers; and
- the consideration of internal model approvals.
- Scrutinise and check the compliance of submissions by life/non-life insurers’ actuaries.
- Assist in maintaining the statutory returns required by regulated entities.
- Participate in projects initiated within the PA and industry forums.
- Develop and test systems and procedures for internal use.
- Maintain and upgrade databases.
- Participate in and execute projects initiated within industry forums.
- Transfer knowledge and skills to stakeholders, both inside and outside of the PA.
QUALIFICATIONS
To be considered for this position, candidates must be in possession of:
- have a relevant Honours degree (NQF 8) in Actuarial Science;
- be actively pursuing studies and ideally have passed or been exempted from at least two A-series subjects of the Actuarial Society of South Africa. Credit will also be given for passes in any of the more advanced subjects; and
- 0 – 2 years’ relevant working experience, preferably in the life/non-life insurance industry.
The following would be an added advantage:
- good communication (verbal and written) skills;
- ability to perform under pressure without compromising quality;
- ability to work independently and within a team;
- good interpersonal skills; and
- proactive problem-solving skills.