Senior Risk Analyst - Insurance Operations

Placements24; Mtubatuba Local Municipality; Hybrid; ZAR 900,000 - 1,300,000; Full time

Benefits offered by this job

Competitive salary package

Medical aid and pension

Professional development support

Opportunities for advanced certs

Job summary

Placements24 is recruiting a senior risk professional for a major insurer in Richards Bay, KwaZulu-Natal. The role focuses on identifying, assessing, and mitigating operational risks while developing robust risk frameworks and providing strategic insights to senior management.

The candidate should have a strong quantitative background, 5+ years in operational risk, and proficiency with SQL, Python, and R to translate data into actionable business outcomes.

Qualifications

• Master's degree in a quantitative field is preferred.
• 5+ years of experience in operational risk management in SA or similar market.
• Strong knowledge of risk frameworks (COSO, Basel II/III).
• Excellent analytical, reporting, and stakeholder communication skills.
• Proficiency with data analysis tools (SQL, Python, R).

Responsibilities

• Identify, assess, and monitor operational risks across all functions.
• Develop, implement, and maintain the operational risk management framework.
• Conduct risk assessments, scenario analyses and stress testing.
• Design KRIs and KPIs to track risk levels.
• Investigate risk events, identify root causes, and recommend actions.
• Deliver risk management training and awareness programs.
• Ensure regulatory compliance and best practices in risk management.
• Prepare comprehensive risk reports for senior management and committees.
• Collaborate with internal audit and compliance teams on risk management.

Skills

Operational risk management

COSO / Basel II/III

Data analysis (SQL, Python, R)

Analytical thinking

Report writing & presentation

Stakeholder engagement

Independent / multi-priority work

Education

Master's degree in Finance, Economics, Statistics, Mathematics, or related quantitative field

Tools

SQL

Python

R

Job description

About the Role

Our client, a prominent player in the insurance industry, is seeking a highly analytical Senior Risk Analyst to join their operations team based in Richards Bay, KwaZulu-Natal . This role is integral to identifying, assessing, and mitigating operational risks across the business. The successful candidate will be responsible for developing and implementing robust risk management frameworks, conducting risk assessments, and providing strategic insights to senior management to ensure business resilience and compliance. We are looking for an individual with a strong quantitative background, excellent analytical skills, and a proactive approach to risk identification. This is a critical position that supports the sustained growth and stability of our client's operations. The ideal candidate will possess a deep understanding of operational risk methodologies and a commitment to best practices within the South African financial services sector. You will play a key role in fostering a strong risk-aware culture throughout the organization. Your expertise will be vital in safeguarding the company's assets and reputation. The role requires meticulous attention to detail and the ability to translate complex risk data into actionable business strategies.

Key Responsibilities

• Identify, assess, and monitor operational risks across all business functions.


• Develop, implement, and maintain the company's operational risk management framework.


• Conduct regular risk assessments, scenario analyses, and stress testing.


• Design and implement key risk indicators (KRIs) and key performance indicators (KPIs) to track risk levels.


• Investigate risk events, analyze root causes, and recommend corrective actions.


• Develop and deliver risk management training and awareness programs to staff.


• Ensure compliance with regulatory requirements and industry best practices related to operational risk.


• Prepare comprehensive risk reports for senior management and relevant committees.


• Collaborate with internal audit and compliance teams to ensure a cohesive risk management approach.


• Stay abreast of emerging risks and industry trends impacting the insurance sector.

Requirements

• A Master's degree in Finance, Economics, Statistics, Mathematics, or a related quantitative field is preferred.


• A minimum of 5 years of experience in operational risk management, preferably within the insurance or financial services industry in South Africa .


• Strong understanding of risk management frameworks (e.g., COSO, Basel II/III).


• Advanced analytical, quantitative, and problem-solving skills.


• Proficiency in data analysis tools and techniques (e.g., SQL, Python, R).


• Excellent report writing and presentation skills.


• Ability to work independently and manage multiple priorities effectively.


• Strong understanding of insurance operations and business processes.


• Professional certifications such as FRM or PRM are advantageous.


• Excellent communication and interpersonal skills to effectively engage with stakeholders at all levels.

Benefits

• Our client offers a competitive salary package with performance-based incentives.


• Comprehensive medical aid, a generous pension fund, and annual leave are included.


• Opportunities for professional development, including support for advanced certifications and further education, are readily available.


• You will be part of a forward-thinking team dedicated to operational excellence.


• The role provides exposure to a wide range of risks, fostering significant professional growth.


• We promote a healthy work-life balance and offer various employee wellness initiatives in Richards Bay, KwaZulu-Natal .


• Chance to influence risk strategy across the organization.