(931) Market Risk Analyst (Insurance, financial market infrastructure, and cross-sectoral)

Brief description

The main purpose of this position is to realise the responsibilities of 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 banks, 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:

•    Understand institutions’ strategies and business models in the relevant environments to which the risk types mentioned above relate. 
•    Monitor the relevant industry’s exposure to the risk types.
•    Monitor industry compliance with the regulations governing these risk types.
•    Benchmark institutions’ risk management practices with respect to best practice.
•    Provide specialist input with regards to the risk types to front-line supervision and policy development.
•    Develop analytical methods to analyse and interpret risk-based regulatory data submissions.
•    Participate in capital/own fund requirement adequacy assessments.
•    Contribute to risk-based meetings with representatives of institutions and their auditors.
•    Conduct thematic reviews pertaining to the risk types.
•    Develop and maintain regulations and instructions governing the statutory requirements for the risk types. 
•    Develop internal policies and processes for supervising the risk types.
•    Participate in international and domestic forums related to the establishment of regulations pertaining to the risk types.
•    Ensure widespread cognisance and understanding throughout the PA of the concepts and developments in the field of the risk types.

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

•    a postgraduate degree (NQF 8) in Banking, Computer Science, Data Science, Economics, Finance, Financial Mathematics, Financial Engineering or Statistics, or another relevant quantitatively focused postgraduate degree; and
•    at least 5–8 years of applicable experience in the banking, insurance, financial market infrastructures or financial regulatory sectors in positions related to the risk types.

The following would be an added advantage:

•     Chartered Financial Analyst (CFA) holder;
•    Financial Risk Manager (FRM) or Professional Risk Manager (PRM) holder;
•    Certificate in Quantitative Finance (CQF) or another appropriate industry-recognised certification

Additional requirements include:

•    a critical understanding of local and global financial markets, derivative instruments, financial risk management principles, 
•    understanding of investment and margin practices; sound knowledge of insurance and financial market infrastructure (particularly central counterparties) business models; 
•    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;
•    working knowledge of the Insurance Act 18 of 2017 and the Financial Markets Act 19 of 2012 
•    Good working knowledge of Microsoft 365 software packages (i.e. Word, Excel, and PowerPoint) and other related software packages;
•    knowledge of reporting software packages such as PowerBI and Tableu;
•    proficiency in programming, particularly in languages such as Python or R; 
•    effective time management skills;

 

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.