(1279) Divisional Head – Enforcement and Resolution

Brief Description

The main purpose of this position is to provide leadership and strategic direction to the Prudential Authority (PA) Enforcement Team, which is responsible for investigating the possible non-compliance by regulated entities with relevant legislation and implementing sanctions and enforcement decisions taken by the PA. This position is also responsible for managing the PA Resolution Team in fulfilling its mandate of overseeing the resolution of failed non-systemically important supervised financial institutions in accordance with applicable legislation. 

Detailed Description

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

• Contribute to the development of the departmental strategy and take responsibility for the division’s operational plan.
• Plan and prioritise work to achieve the division’s objectives and manage the use of resources to increase efficiency, as required.
• Lead the division in developing, reviewing and implementing the framework, guidelines and procedures for the consistent enforcement of regulatory instruments in respect of PA-regulated financial institutions. 
• Lead the division in developing, reviewing and implementing a resolution framework for non-systemically significant financial institutions regulated and supervised by the PA. 
• Instil a pre-emptive, risk-based and outcomes-focused approach to enforcement and resolution.
• Manage the development and refinements to the PA Regulatory Action Committee’s (PARAC) terms of reference and procedures to ensure optimal functioning of the PARAC, as and when required. 
• Lead and drive the delivery of work in the division relating to assessing the appropriateness of recommended sanctions and enforcement decisions to enable effective decision-making by the PARAC.
• Recommend an appropriate resolution strategy in respect of financial institutions in financial distress, in collaboration with relevant stakeholders and in accordance with applicable financial sector laws. 
• Lead and direct engagements with external stakeholders for monitoring international and domestic developments, and assess their relevance and applicability to the work of the division.
• Establish and maintain strategic direction and focus within the division, ensuring alignment with the South African Reserve Bank’s (SARB) mandate as well as compliance with relevant frameworks and legislation.
• Contribute to the PA and SARB’s strategic initiatives, especially those with a direct impact on the division, and encourage collaboration within the division, the department and across the other PA departments. 
• Direct and coordinate the division’s budget, governance, control and risk management activities to maximise efficiency and effectiveness as well as ensure that risks are identified, assessed and mitigated timeously.
• Manage the performance and development of direct reports, create a performance culture in the division, and promote and support career management and development. 
• Monitor, evaluate and report on the division’s performance outputs and achievements.
• Lead change by creating and maintaining a culture that reflects the SARB’s values and promotes 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 Law, Compliance, Risk Management, Finance, Auditing or Accounting, or an equivalent qualification; and 
• a minimum of 10 to 12 years’ experience in financial sector regulation or in a similar environment, with at least five years’ experience in a managerial role.

Additional Requirements Include:

• knowledge of and skill in:
• the financial sector and its key risks and developments, preferably in banking and insurance;
• prudential supervision, regulation and legislation as well as applicable regulatory frameworks;
• an understanding of the legal framework and/or best practice regarding financial distress assessment, resolution planning, turnaround or insolvency proceedings;
• people management;
• strategy development and implementation;
• strategic decision-making and thought leadership;
• planning and organising;
• advanced verbal and written communication;
• problem-solving and analysis; and
• the ability to work under pressure.

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.