Senior Insurance Risk Specialist

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Job Summary

This senior role focuses on overseeing insurance risk management, including data processes, calculations, and reporting key metrics to AFS Board and AGL Exco committees. Responsibilities include reviewing and challenging risk metrics, contributing to ICAAP, ORSA, and disclosures, and providing assurance on product pricing and terms. The role entails end-to-end model governance, updating the Model Risk Framework, and participating in model risk committees. Strategic duties include supporting financial reviews, reinsurance adequacy, stress testing, and forecasting over the medium term. Additionally, the role involves developing talent, embedding data analytics, and aligning risk strategies across AFS entities. Climate risk management and regulatory engagements are integral, alongside preparing risk insights for senior stakeholders. The position demands expertise in risk oversight, actuarial analysis, regulatory compliance, and leadership.

Job Description

Insurance risk oversight and reporting, including

• Oversight and support of data processes, calculations and reporting of key insurance risk metrics
• Production and presentation of insurance risk management information (monthly insurance risk reporting) to AFS Board and AGL Exco committees
• Check and challenge of key insurance risk metrics
• Responsible for monthly EC calculations and reporting
• Attend, check and challenge Life risk forums
• Consolidation and review of the published Insurance risk disclosures (Booklet and Insurance Risk Note)
• Consolidation / drafting of the insurance risk sections of the AGL ICAAP and relevant sections of the ORSA report
• Consider how other group wide policies impact insurance specific policies and standards.

Product and pricing reviews

• Performing and reporting on product reviews
• Assess the insurance and financial risk exposure of proposed new product development
• Provide assurance to relevant stakeholders regarding the appropriateness of pricing structures and terms and conditions of new products or product changes
• Reviews and signs-off on various product reprice, refinements / amendments. 
• Supporting the A&I PRC as an advisor on actuarial matters
• Act as an assurance partner in the NAPA process by providing sign-off from a financial risk management perspective for life and non-life insurance and sitting on the respective PRC committees as a voting member.

Model governance and model risk oversight

• Responsible for end-to-end oversight of model lifecycle controls
• Preparation of Model Risk reporting and management & Report on insurance model risk management in the relevant AFS and AGL forums
• Refresh of the Model Risk Management Framework, Policy and Standard(s)
• Chair the model governance and control forum (MGCF) and attend AGL Model Risk Committee
• Present Insurance Model Risk updates to the AGL Models Committee annually
• Annual Review, update, governance approval & training of the Model Risk Framework and reviews of the supporting policies for AFS Group
• Evaluates and provides advice on the development and use of internal models.
• Act as the co-ordination point between model principal risk team and insurance operations

Support Group HAF activities

• Financial Position review
• Reinsurance Adequacy review
• Stress and scenario testing review

Support MTP and ACS processes

• Support business with MTP and ACS processes
• Prepare and present risk results at Exco and Board level
• RWA and EC forecasting over the MTP period

Contributes to the following Risk management strategy initiatives / deliverables

• The Development the AFS wide risk management strategy and plan.
• The Review and challenge of business entity risk management strategy and plans
• The alignment between AFS BU & AFS Risk management objectives, strategies and policies to solo entities.
• The approach proposed / used to manage AFS’ material risks.
• Strategic Risk Assessment on the AFS Group Strategy

General

• Manage and develop talent to support business resilience, providing technical and organisational support to key resources while offering guidance and mentorship.
• Provides data analytics insights, machine learning and AI capabilities to risk management teams.
• Supports risk teams with embedding smarter processes and interfaces.
• Supports the Business with the interconnected monitoring of insurance risk management and climate risk management
• Support AFS senior management in Prudential Authority engagements
• Prepare content for AGL risk booklet and pillar 3 report
• Conducts integrated assurance.

Education

Bachelor Honours Degree: Actuarial Science (Required)

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised