(1253) Divisional Head - Capital Management

Brief Description

The main purpose of this position is to provide leadership and strategic direction to the Capital Management Division by providing technical advice and support to frontline supervisors in banking, insurance and financial market infrastructures (FMIs) regarding the application and interpretation of prudential legislation, particularly in relation to regulatory capital.  

Detailed Description

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

• Provide input into the departmental strategy and operational plan and communicate and clarify the vision and strategic goals of the South African Reserve Bank (SARB), the Prudential Authority (PA) and the Policy, Statistics and Industry Support Department (PSISD).
• Develop strategic and operational plans for the Capital Management Division that are aligned with the PA and PSISD strategies and manage the implementation thereof, including building the division’s capacity and capability.
• Lead the Capital Management Division, ensuring the delivery of high-quality support and advice to the PA and relevant departments within the SARB on the interpretation and application of primary and subordinated legislation as well as information including, but not limited to, regulations, prudential standards, directives, circulars and guidance notes.
• Lead and oversee capital adequacy assessments such as the Internal Capital Adequacy Assessment Process, Own Risk and Solvency Assessment, Market Infrastructures Capital Assessment Process and Financial Conglomerate Supervision Capital and Risk Assessment.
• Provide oversight for the approval of the issuance of capital instruments by regulated institutions.
• Align, coordinate and manage resources to deliver on the Capital Management Division’s objectives.
• Influence and provide input into various PA governance structures on regulatory capital matters.
• Develop and oversee the implementation of the Capital Management Division’s policies, procedures and systems requirements, and ensure alignment with related functions and the organisational value chain.
• Clarify performance expectations and roles for the team within the division, prioritise tasks as well as manage resource utilisation, the quality of deliverables and cost control.
• Manage the performance and development of direct reports, create a performance and innovation culture, and promote and support career development within the division.
• Ensure continuous improvement in the delivery and functioning of the Capital Management Division.
• Identify and mitigate divisional risks and ensure compliance with relevant governance frameworks.
• Ensure compliance with the SARB’s legislative and regulatory requirements and that divisional risks are identified (through operational risk assessments) and assessed, and that adequate and effective risk mitigating measures are implemented.
• Oversee and ensure that the internal audit findings are addressed promptly and adequately.
• Lead change by creating and maintaining a culture that is supportive of the SARB’s values, and by promoting diversity and inclusion in the workplace.

Job Requirements

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

• a postgraduate degree (NQF 8) in Accounting, Actuarial Science, Finance or Law; 
• a Chartered Accountant South Africa (CA(SA)) or equivalent qualification (would be an added advantage); and
• a minimum of 10 to 12 years’ experience in capital management within the financial sector or regulatory environment, with at least five years’ experience in a managerial role.

Additional Requirements Include:

• knowledge of and skill in:
• industry, business and organisational knowledge; 
• quality assurance; 
• continuous improvement; 
• continuous learning/professional development; 
• prudential supervision, regulation and legislation;
• financial sector;
• financial markets and instruments;
• relevant policies and procedures;
• thought and strategic leadership; and
• people management.

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 experience and competence.

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.