Actuary/Cons : Risk & Capital Management - SLS Actuarial

Apply now »

Date: 05-Aug-2022

Location: Bellville, Western Cape, South Africa

Company: Sanlam Group

Who are we?

Sanlam Life and Savings (SLS) is focused on serving our retail and corporate clients in South Africa and further developing our strategic advantages in the South African market. Sanlam Life and Savings consists of three clusters - Sanlam Corporate, Sanlam Retail Mass and Sanlam Retail Affluent. The Sanlam Life and Savings Office provides strategic direction, coordination and support to the three clusters, as well as performing governance oversight that includes assurance provided by second line of defense functions in SLS, to enable us to meet our business objectives.

Business Description

Sanlam Life and Savings (SLS) offers retail and corporate life insurance and investment products in South Africa. The cluster provides clients with a comprehensive range of appropriate and competitive financial solutions, designed to facilitate long-term wealth creation and protection. SLS believes in creating and cultivating a positive, energised working environment that gives you every opportunity to achieve success. We are committed to transformation and embracing diversity. 

SLS: Risk Management forms part of the SRA: Actuarial department. It provides risk and balance sheet management services for the entire SLS. 

The focus areas of SLS: Risk Management for 2022 are as follows:

  • To deliver efficient risk reporting and management solutions across SLS.
  • Enhancing the strength and security of the SLS Cluster’s strategy, balance sheet and income streams by providing suitable projections, sensitivities, stress data, other risk management information, and the analysis of such information.
  • Improving the understanding of the drivers of the future SLS Cluster profit streams.
  • Improving the ORSA processes & documents, and improving the business value derived from these.
  • Risk & balance sheet optimisation.

What will you do?

Role description and Output/Core Tasks:

  • Maintain and develop models through which insurance business performance (i.e. profits, embedded values, return on capital) can be projected and sensitivity-tested for business planning purposes;
  • Develop and maintain Required Capital Frameworks for SLS’s insurance business for the post IFRS 17 environment;
  • Projection model rebuild for IFRS 17 purposes also allowing for budget model and balance sheet management requirements;
  • Support risk and capital management within SLS in view of further business and regulatory requirements. 
  • Design, implement and review solutions for the Own Risk and Solvency Assessment (ORSA) of Sanlam Life and the SLS Cluster and, in particular, with regards to:
    • Forward looking projections;
    • Stress & scenario testing; and
    • Management Information.

What will make you successful in this role?

Requirements:

 

Qualifications:

  • Senior actuarial student or qualified actuary

 

Experience and skills:

  • Valuations and/or product development experience 
  • IFRS 17 knowledge and experience
  • Modelling skills

 

The following would be advantageous:

  • SAM experience
  • Wide knowledge base
  • Understanding of insurance products, including their risks and value drivers (i.e. IFRS profit, Embedded Values etc.)

 

Personal attributes and Competencies:

  • The desire to optimise how businesses operate
  • Knowledge seeking/learning orientation
  • Ability to combine conceptual thinking with practical solutions
  • Ability to work independently as well as part of a team, also across departments, businesses, clusters and legal entity boundaries 
  • Ability and desire to innovate
  • Good communication skills

Knowledge and Skills

Actuarial Problem Solving
Actuarial Negotiation
Business knowledge
Business analysis

Personal Attributes

Business insight - Contributing through others
Optimises work processes - Contributing through others
Develops talent - Contributing through others
Self-development - Contributing through others

Build a successful career with us

We’re all about building strong, lasting relationships with our employees. We know that you have hopes for your future – your career, your personal development and of achieving great things. We pride ourselves in helping  our employees to realise their worth. Through its four business clusters – Sanlam Life and Savings, Sanlam Investment Group, Sanlam Emerging Markets, Santam, as well as MiWay and the Group Office – the group provides many opportunities for growth and development.

Core Competencies

Cultivates innovation - Contributing through others
Customer focus - Contributing through others
Drives results - Contributing through others
Collaborates - Contributing through others
Being resilient - Contributing through others

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. 

Closing date : 29 August 2022

Our commitment to transformation

The Sanlam Group is committed to achieving transformation and embraces diversity.  This commitment is what drives us to achieve a diverse, inclusive and equitable workplace as we believe that these are key components to ensuring a thriving and sustainable business in South Africa.  The Group's Employment Equity plan and targets will be considered as part of the selection process.