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Finance Manager, Finance, Insurance Services

This role will be dedicated to the Solvency Assessment and Management (SAM) implementation project for the first two years, with the focus being on the development and documentation of processes around Strategic Planning and Capital Management, Performance Management and Own Risk and Solvency Assessment (ORSA). Furthermore, the role will ensure that the internal reporting systems are adequate for reporting purposes. Subsequent to the implementation of SAM, this position will be integrated into the Finance Structure and will assume responsibility over some of the new Business as Usual requirements around Capital Planning, Measurement and ORSA processes that will be defined by the SAM project.

This position will report directly to the CFO of Standard Bank Insurance Services, which is part of Personal and Business Banking.



Key Result Areas

  1. Strategic Planning and Capital Allocation (including the annual budgeting process)
  2. Define and document the requirements for an enhanced strategic planning process which includes projections of risk exposures and regulatory capital and economic capital requirements over the strategic planning period. Enhance the strategic planning process to include the projection of the cash flows in order to understand the liquidity constraints of the strategic plans. Alignment to the Standard Bank methodology for strategic and capital planning where appropriate.
  3. Define and document a process by which the impact on the current BU operational plans are considered in the strategic planning process and the capital allocation process. Define and document the level at which capital will be allocated in the business, i.e. product level vs. risk level.
  4. Define the role of the risk function and the actuarial function in development and review of the enhanced strategic planning risk /reward metrics.

  1. 2. Internal reporting (Performance Management)
  2. Develop a balanced scorecard for performance management of key management who are responsible for risk management in the organisation. Update the remuneration policies in line with the new balance scorecard. Clearly communicate the performance metrics used in performance management to the relevant staff.
  3. Provide clear internal communication on individual and business performance to all staff in order for those concerned to measure their performance against the metrics defined in the balance scorecards.

  1. 3. Risk Appetite
  2. Develop and document an ORSA process that ensures that all risk exposures are monitored against risk limits/thresholds and risk appetite.
  3. Define and document the out of model governance requirements and validation requirements regarding calculations performed outside of the capital model to enable the assessment of the accuracy and reliability of these calculations
    1. 4. ORSA
    2. Define and document the roles and responsibilities of the risk management function, the actuarial function and finance function with regards to the ORSA process. Define and document the role of the different divisions that will be required to complete the ORSA inputs for their respective areas of responsibility.
    3. Develop and document the ORSA process to be followed by the organisation which should be utilised within the strategic and business planning process.
    4. Define a formal ORSA process to ensure that the identification of all risks is an integral part of the process within the business Units. The identification of all risks over the short and long term and include an emerging risk identification process
    5. Full integration of the risk management framework with the ORSA and update of the ORSA on a timely basis to reflect business or market changes relating to all risk.

The ideal candidate will have the following competencies:

Ability

  • Define and document a process to feed product development and pricing changes into strategic plans
  • Define and document the process that aligns IFRS reporting process with that of SAM to enable consistency and to reduce duplication of effort.
  • Reporting systems need to be updated to include SAM requirements
  • a. Document the requirement for the Board to sign-off the enhanced strategic planning process and the enhanced metrics.
  • Redesign the existing statutory reporting process to produce the information required by SAM.
  • Internal reporting (Performance Management)
  • Strategic Planning and Capital Allocation (including the annual budgeting process)
  • Develop and document an ORSA process that ensures that all risk exposures are monitored against risk limits,
  • Define and document the reporting requirement regarding governance aspects for Pillar 3 reporting.
  • Provide high level training for staff o the need for the ORSA process, including the roles of Risk management, Finance and the actuaries
  • Document the Board's responsibility for ensuring effective challenge of strategic plans and capital allocation in light of the BU operational plans.
  • Define and document the additional data requirements from external sources such as asset managers to complete the reporting templates.

Experience

  • short-term regulatory reporting (ST returns), process design and documentation will serve as an advantage.
  • Exposure and involvement in the Solvency Assessment and Management (SAM) project

Knowledge

  • CA (SA) with 3 - 5 years post article experience within the short-term Insurance Industry.

Standard Bank is a South African-based financial services company with a global presence. Standard Bank believes that it is through their people that they will succeed and that only by working together will they make their offering to its customers. Standard Bank - Moving Forward.

Apply online before 12/02/2012.
Finance Manager, Finance, Insurance Services