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23 Feb 2022

Full-Time Financial Risk Specialist

Sheila Western Cape,Pinelads,

Job Description

Your time is now to be your exceptional best at Old Mutual!

Job Description

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

Role Overview

The role is based in Cape Town.

You will work as part of a small team of actuaries within the Group Risk function that provides oversight over financial risk exposures that could affect the solvency, headline earnings or liquidity of entities within the OML group. The aim is to ensure that financial risk exposures are identified, classified and measured consistently and that exposures are managed within a clearly defined risk appetite.

The role offers a challenging blend of strategic input and governance, technical comprehension and relationship building, leading with influence and conscientious execution. It offers the opportunity of close interaction with senior management across the OML Group.

Key Result Areas

Lead 2nd line deliveries in terms of Old Mutual’s Stress and Scenario testing framework:
Develop scenarios with the assistance of internal and external stakeholders
Engaging with modelling teams to ensure that scenarios are accurately and consistently assessed across solvency, liquidity and earnings metrics
Ensure that stress testing models are regularly validated and that model output is reviewed in terms of governance structures
Own the delivery of management reporting on scenario testing outcomes and the available management actions to mitigate impacts
Engage with Management Structures (CMC, ALCO, BU Excos) on the outcomes and insights of scenario testing.
Perform assessments of risk interconnectedness within the OML Group to:
Understand contagion risks to which the group are exposed through financial transactions and operational arrangements in place
Understand the causal relationships between different risk types that could trigger contagion risk
Develop scenario testing to coherently assess the impacts of contagion risk
Assist in developing risk appetite limits and management frameworks to mitigate and control potential contagion risk.
Ensure that the following model validation activities are regularly performed:
Validating models used for Earnings at Risk (EaR) calculations (scope, risk factor shocks & diversification assumptions, address identified model limitations)
Lead the EaR re-development project from a 2nd line perspective to ensure alignment with new IFRS17 accounting standard
Validate models used for market and liquidity risk management
Validate Investment Guarantee Reserving models and Economic Scenario Generators
Provide 2nd line oversight and support to the OML Model Risk policy owner with respect to model risk management practices in the Group generally.

Oversight of Financial Risks in OML
Assist the OML CRO and Head of the Actuarial Control Function in their review of the impact of material financial transactions (i.e. special and normal dividends, corporate activity) on the risk profile
Assist with the technical review of regular exercises to confirm risk appetite limits and targets for solvency, liquidity and EaR exposures
Assist with the oversight of market and liquidity risk across the Group.
Leadership Requirements
Demonstrate leadership behaviours that are aligned to Old Mutual’s values
Set an example of high performance, personal growth, and professional excellence
Self-motivated and oriented towards developing new approaches/strategies that are practical.
Comfortable to challenge ideas and to effectively influence others.
Personal attributes
Excellent verbal and written communication skills
The ability to perform under pressure, related to both time and consequence
The ability to interact and work with different teams across a diverse front
Strong forward-thinking and analytical skills
Pragmatic and numerate
Logical thought processes and critical thinking skills resulting in sound judgment
Decision-making abilities.
Qualifications, Skills And Experience
Senior Actuarial Student or Qualified actuary
A minimum of 6 years’ experience in an insurance group
Modelling experience, particularly stress testing, in the context of an SA insurance group would be a distinct advantage
Good knowledge of the Insurance industry and types of products
Good knowledge of the Banking industry and types of products
An understanding of typical performance and risk measures of insurance groups
An understanding of SA Prudential Insurance Standards; Basel capital standards as well as IFRS accounting standards will be an advantage.

Financial Risk, Liquidity Risk, Model Risk, Risk Management, Stress Management


Bachelors Degree (B): Actuarial And Financial Mathematics (Required), Fellow Of Actuarial Society Of South Africa (FASSA)

Closing Date

25 February 2022

Old Mutual Limited has adopted a mandatory Covid-19 vaccination policy requiring its workforce to be fully vaccinated against Covid-19 by 1 April 2022. All prospective employees are required to disclose their vaccination certificates or cards as part of the recruitment process.

If you have an objection to taking the Covid-19 vaccination, you will be required to produce a negative PCR test (at your own cost) on a weekly basis as an alternative to vaccination. Prospective employees must inform the recruiter of their election prior to start date.

Please refer to the Old Mutual policy for further detail. Old Mutual reserves the right to amend this policy from time to time.

How to Apply

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Job Categories: WordPress. Job Types: Full-Time. Job Tags: Financial Risk Specialist.

Job expires in 82 years.

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