Brief description
The purpose of this position is to realise the responsibilities of the Risk Support Department (RSD) in respect of the supervision and regulation of market risk, equity risk in the banking book, margin requirements and counterparty credit risk (risk types) emanating from the activities in which institutions, falling under the supervisory scope of the Prudential Authority (PA), participate.
Detailed description
The successful candidate will be responsible for the following key performance areas:
- Understanding institutions’ strategies and business models in the relevant environments to which the risk types relates;
- monitoring the relevant industry’s exposure to the risk types;
- monitoring industry compliance with regulations governing these risk types;
- benchmarking an institution’s risk management practices with respect to the risk types management best practice;
- evaluating an institution’s internal models for management of these risk types;
- providing specialist input with regards to the risk types to front-line supervision and policy development;
- developing analytical methods to analyse and interpret risk-based regulatory data submissions;
- participating in capital/own fund requirement-adequacy assessments;
- contributing to risk-based meetings with representatives of an institution and their auditors;
- conducting thematic reviews pertaining to the risk types; and
- informing the RSD of the aggregate behaviour of banks pertaining to the risk types.
Regulation
- Developing and maintaining regulations and instructions governing statutory requirements for the risk types;
- developing internal policies and processes for supervising the risk types; and
- participating in international and domestic related forums in the establishment of regulations pertaining to the risk types.
Training
- Ensuring widespread cognisance and understanding throughout the PA of the concepts and developments in the field of the risk types.
Job requirements
To be considered for this position, candidates must be in possession of:
- a postgraduate degree (at least NQF level 8) in Finance, Banking, Economics, Mathematics, Statistics, Computer Science, Data Science, or another relevant quantitatively focused degree; preference will be given to candidates with financial mathematics or financial engineering post-graduate qualifications;
- 5-8 years applicable experience in the banking, insurance or financial regulatory sector in positions related to the risk types;
- knowledge of, and experience in, the banking, insurance, and financial market infrastructure systems, financial products, regulations, and risk type approaches and models;
- asset class experience across equities, FX, fixed income, etc;
- thorough knowledge of the various standards developed by the international standard setting bodies related to the risk types at both a theoretical and practical level.
The following would be an added advantage:
- Chartered Financial Analyst (CFA);
- Financial Risk Manager (FRM) certification;
- Certificate in Quantitative Finance (CQF) or another industry-recognised certification; and/or
- Master of Business Administration (MBA) or another relevant Master’s-level (or higher) management-related qualification.
Additional requirements include:
- Knowledge of the relevant acts and associated laws, supervisory frameworks, and regulations pertaining to Banks, Insurance, Financial Market Infrastructures, and more generally the financial sector.
- Knowledge of the relevant Basel frameworks, including the Basel Core Principles for Banking Supervision, market risk, counterparty credit risk, credit valuation adjustments, and so forth.
- Functional knowledge across the trading unit, technology enablement areas, product control, finance, market risk, counterparty credit risk, audit, and so forth.
- Knowledge of counterparty credit risk, margin practices and Market Risk measures and concepts.
- A critical understanding of local and global financial markets, derivative instruments, and financial risk management principles.
- Sound knowledge of global financial markets, trading and risk management systems, valuation adjustments, pricing, and risk models and methodologies, including credit, funding, and so forth.
- Good working knowledge of Microsoft Office 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.
- Strong verbal and written communication skills.
- Strong work ethic and commitment.
- The ability to work in a team and contribute to team success.
- Decision-making abilities with the ability to initiate action.
- The Ability to foster collaborative relationships with individuals across diverse departments and varying levels of seniority.
- Reliable transport as the position requires regular travel between the PA’s offices in Pretoria and the offices of supervised institutions, which are generally outside Pretoria.
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.
