Head Actuarial Risk

Rand Mutual Assurance; Gauteng; Hybrid; ZAR 200 000 - 300 000; Full time

Job summary

An established insurance company based in South Africa is seeking a Head : Actuarial Risk Management. This role is crucial for leading actuarial frameworks and risk functions while ensuring compliance with industry standards. Candidates should have a strong actuarial background, including a relevant degree and significant experience in risk management and team leadership. The position offers competitive compensation and flexible work arrangements within a supportive and collaborative environment.

Benefits

Competitive salary package

Personal and professional development opportunities

Flexible work arrangements

Qualifications

• Minimum 8-10 years of actuarial experience in an insurance environment.
• At least 5 years of management experience leading actuarial teams.
• Demonstrated experience in actuarial risk management and reserving.

Responsibilities

• Develop and implement actuarial risk management frameworks.
• Lead the development and validation of actuarial models.
• Prepare and present comprehensive actuarial risk reports.

Skills

Actuarial risk management

Capital modeling

Data analysis

Team leadership

Education

NQF Level 8 : Honour's degree in Actuarial Science, Mathematics, Statistics or related field

Member of Actuarial Society of South Africa

Actuarial Fellowship

ASSA Life Insurance Practicing Certificate

Job description

The Head : Actuarial Risk Management will be responsible for leading the actuarial risk function within the organization, reporting directly to the Chief Risk Officer.

The incumbent will develop and implement actuarial risk frameworks, methodologies, and models to identify, measure, and monitor all actuarial-related risks.

This role is critical in ensuring that the organization maintains appropriate reserves, meets solvency requirements, and manages risk within defined appetites while supporting product development and pricing strategies.

What Will You Do?

Actuarial Risk Framework Development and Implementation

Develop and implement actuarial risk management frameworks, policies, and standards

Design and implement actuarial risk measurement methodologies and techniques

Establish actuarial risk appetite and tolerance levels

Develop and maintain actuarial risk models aligned with business strategy

Develop and implement actuarial control cycle within the risk management framework

Ensure compliance with actuarial standards of practice

Provide actuarial insights to enhance risk management processes

Develop actuarial policies and procedures to support risk management objectives

Actuarial Modelling, Analysis and Reporting

Lead the development and validation of actuarial models for risk assessment

Conduct complex actuarial analysis to identify, measure, and monitor risks

Analyze data to identify trends, patterns, and emerging risks

Develop and enhance actuarial risk reporting frameworks

Prepare and present comprehensive actuarial risk reports to Executive Committee and Board Risk Committee

Conduct stress testing and scenario analysis on actuarial models Provide actuarial risk insights to support business decisions

Review and validate accuracy of actuarial calculations and reports

Solvency, Capital Management and Reserving

Lead the actuarial components of the ORSA process

Develop and implement capital models to assess capital requirements

Monitor and report on solvency position and capital adequacy

Ensure appropriate reserving methodologies and assumptions

Lead the review of technical provisions and reserve adequacy

Contribute to the development of reinsurance strategy from an actuarial perspective

Monitor and report on the impact of business decisions on solvency and capital

Provide actuarial input into SAM reporting requirements

Product Development and Pricing Support

Provide actuarial risk oversight for new product development

Review pricing models and methodologies from a risk perspective

Analyze product profitability and risk profile

Assess the impact of new products on the organization's risk profile

Ensure pricing strategies align with risk appetite

Evaluate product performance against expected outcomes

Provide actuarial input into product design to optimize risk-reward profile

Collaborate with business units to develop risk-adjusted pricing strategies

People Management and Stakeholder Engagement

Lead, develop and motivate the actuarial risk team

Establish clear performance objectives and development plans

Identify and develop talent within the actuarial function

Build and maintain relationships with key stakeholders

Collaborate effectively with other risk functions

Represent the actuarial risk function on relevant committees

Engage with external stakeholders including regulators and industry bodies

Foster a culture of continuous learning and improvement

What You'll Bring to the Table?

NQF Level 8 : Honour's degree in Actuarial Science, Mathematics, Statistics or related field

Member of Actuarial Society of South Africa (required)

Actuarial Fellowship (required)

ASSA Life Insurance Practicing Certificate (required)

Additional Practicing Certificates (advantageous)

Minimum 8-10 years of actuarial experience in an insurance environment

At least 5 years of management experience leading actuarial teams

Demonstrated experience in actuarial risk management, capital modelling, and reserving

Experience with IFRS 17 implementation (advantageous)

What Will You Get in Return?

This is an exciting opportunity within the Rand Mutual Assurance Actuarial team, offering exposure to an interesting combination of technical and business issues.

This is a great time to join RMA as we look to grow the Life business and develop our actuarial team.

We offer great opportunities for personal and professional development in a stable company that's years strong.

The role comes with a competitive salary package and various benefits.

Flexible work arrangements (combination of remote and in the office).

Furthermore, you will be a part of a dedicated group of colleagues who value teamwork and collaboration.

Turnaround Time

The shortlisting process will only start once the application due date has been reached.

The time taken to complete this process will depend on how far you progress and the availability of managers.

Kindly note that should you not receive a response within 21 days please consider your application unsuccessful.

Our Commitment to Transformation

In accordance with the employment equity plan of Rand Mutual Assurance and its employment equity goals and targets, preference may be given, but is not limited, to candidates from under‑represented designated groups.