Manager – Market Risk (Insurance, FMIs and Cross-sectoral)

Brief description

The main purpose of this position is to manage a team of market risk specialists within the Market Risk Division in the Prudential Authority (PA) at the South African Reserve Bank (SARB). The scope of this position spans market risk, counterparty credit risk, margin requirements and other areas deemed appropriate across insurers, financial market infrastructures and other relevant financial institutions impacted by specific cross-sectoral regulations or market initiatives falling within the scope of the division.

Detailed description

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

• Conceptualise, monitor and manage operational work plans drawn from the division’s strategy (primarily focused on markets analysis, regulation and supervision), and provide managerial direction, leadership and technical guidance to a team of market risk specialists.
• Perform supervisory duties for relevant areas and financial institutions, including assessing compliance with applicable regulations and standards.
• Develop fit-for-purpose regulatory instruments, including subsequent attendance to all post-implementation matters. 
• Conduct quantitative and qualitative research, and develop and implement appropriate analytical techniques, procedures and controls to enhance regulatory capability and supervisory depth.
• Work collaboratively on relevant initiatives with other teams within and outside of the division, including providing expert technical input to supervisory teams, policy development specialists and other stakeholders.
• Manage stakeholder engagements and relationships (internal and external to the PA). 
• Manage team performance, learning and development, succession planning and talent development.
• Identify and mitigate risks related to own function, and ensure compliance with relevant governance frameworks. 

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

• a postgraduate degree (at least NQF level 8) in Computer Science, Economics, Finance, Insurance Investment Management, Mathematics, Statistics, or another relevant quantitatively focused degree; preference will be given to candidates with financial mathematics or financial engineering post-graduate qualifications;
• at least 8–10 years of relevant working experience in the financial services or financial regulatory sector; 
• relevant knowledge of and experience in the insurance and financial market infrastructure environments, market risk, counterparty credit risk and/or quantitative analytics (including model development, validation, etc.) focused on investments and financial derivatives; and
• at least 2 years of proven experience in managing teams.

The following would be an added advantage: 

• being a Chartered Financial Analyst (CFA);
• being a Financial Risk Manager[1] (FRM);
• having a Certificate in Quantitative Finance[2] (CQF) or another appropriate industry-recognised certification; and/or
• having a Master of Business Administration (MBA) degree or another relevant Master’s-level (or higher) management-related degree.

Job-related knowledge:

• a critical understanding of local and global financial markets, derivative instruments, financial risk management principles, as well as investment and margin practices;
• sound knowledge of insurance and financial market infrastructure (particularly central counterparties) business models;
• functional knowledge across the core activities of such businesses leading to the generation of market and counterparty credit risk, technology enablement areas, market risk, counterparty credit risk, audit etc.;
• sound knowledge of appropriate trading, investment, operations and risk management systems used by insurance, financial market infrastructures (as appropriate) and other relevant supervised financial institutions;
• sound knowledge of pricing, investment and risk models and methodologies across the trading, investment and risk environments;
• knowledge of the relevant International Association of Insurance Supervisors (IAIS), International Organization of Securities Commissions (IOSCO), as well as Solvency Assessment and Management (SAM) frameworks as relevant to market risk, counterparty credit risk etc.;
• working knowledge of the Insurance Act 18 of 2017 and the Financial Markets Act 19 of 2012, and associated laws and regulations;
• working knowledge of the various legislation and supervisory frameworks applicable to financial entities registered in South Africa;
• an understanding of the critical issues and risks facing financial entities in South Africa, with a specific focus on the financial markets;

Job-related skills and attributes:

• a robust yet adaptable management approach;
• highly structured and methodical work techniques;
• thought leadership;
• problem-solving and analysis skills;
• the ability to lead change;
• establishing focus;
• driving results;
• promoting teamwork and collaboration;
• developing and growing others;
• a service and stakeholder focus;
• being highly articulate;
• effective verbal and written communication skills, including report-writing;
• building and maintaining relationships;
• project experience;
• high resilience; and 
• the capability to work in a high-pressure and complex environment.

In line with the SARB’s commitment to diversifying its workforce, preference will be given to suitable candidates from designated groups. People with disabilities are welcome to apply.

 

The SARB offers remuneration and benefits commensurate with the level of the position and in line with the market. The level at which the successful applicant will be appointed will depend on his/her competence and experience.

About SARB

 

Primary mandate of the SARB

 

Section 224 of the Constitution of South Africa states the mandate of the SARB as follows:

The primary object of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic.

The South African Reserve Bank, in support of its primary objective, must perform its functions independently and without fear, favour or prejudice.

 

WHAT WE DO

 

Monetary Policy

 

The Constitution gives the SARB the mandate to protect the value of the rand. We use interest rates to keep inflation low and steady.

 

Financial Stability

 

The SARB has a mandate to protect and enhance financial stability. We identify and mitigate systemic risks that might disrupt the financial system.

 

Prudential Regulation

 

The Prudential Authority regulates financial institutions and market infrastructures to promote and enhance their safety and soundness, and support financial stability.

 

Financial Markets

 

Open market operations are the main tool we use to implement monetary policy. We manage South Africa’s gold and foreign exchange reserves.

 

Financial Surveillance

 

The SARB is responsible for regulating cross-border transactions, preventing the abuse of the financial system and supporting the regulation of financial institutions.

 

Payments and Settlements

 

The SARB is responsible for ensuring the safety and soundness of the national payment system, which is the backbone of South Africa’s modern financial system.

 

Statistics

 

The SARB provides important economic and financial statistics that present an overview of the economic situation in South Africa.

 

Research

 

Research conducted by the SARB focuses on economics, financial stability, banking and emerging trends in finance. Our research supports policy decision-making.

Banknotes and Coin

 

The SARB has the sole right to make, issue and destroy banknotes and coin in South Africa.