Job Description

Brief description

The main purpose of this position is to provide leadership and strategic direction to the Accounting, Auditing and Industry Analysis Division by providing technical advice and support to frontline supervisors in banking (include cooperative banks and mutual banks), insurance as well as financial market infrastructures (FMIs) regarding the application and interpretation of accounting and auditing matters, prudential legislation and applicable standards; as well as analyse and oversee frameworks related to industry information disclosures (e.g. Pillar 3)

Detailed description

The successful candidate will be responsible for the following key performance areas:


Provide input into the departmental strategy and operational plan and communicate and clarify the vision and strategic goals of the South African Reserve Bank (SARB), the Prudential Authority (PA) and the Policy, Statistics and Industry Support Department (PSISD). Develop strategic and operational plans for the Accounting, Auditing and Industry Analysis Division that are aligned with the PA and PSIS strategies and manage the implementation thereof, including building the division's capacity and capability. Develop and oversee the implementation of processes relating to accounting and auditing standards in the context of the PA. Lead the division by ensuring the delivery of high-quality support and advice to the PA and relevant departments within the SARB on the interpretation and application of primary and subordinated legislation as well as information including, but are not limited to, prudential standards, regulations, directives, circulars and guidance notes across the banking, insurance and FMI sectors. Oversee the provision of technical guidance to the PA on accounting and auditing matters affecting regulated institutions (e.g. International Financial Reporting Standards (IFRS), particularly IFRS 9 and 17). Approve auditor and engagement partners' applications in collaboration with frontline supervision colleagues. Provide oversight of Pillar 3 disclosures. Oversee industry analysis through the compilation of, among other things, monthly industry booklets and publications as well as trigger reports (i.e. management information reports outlining a high-level overview of specific ratios and information per individual entity). Align, coordinate and manage resources to deliver on the division's objectives. Influence and manage relationships with internal and external stakeholders to ensure accounting and auditing support across banking, FMIs and insurance by engaging with external stakeholders - primarily regulated institutions, professional industry bodies and industry associations (e.g. Basel Committee on Banking Supervision, Banking Association South Africa, South African Insurance Association, Association for Savings and Investment South Africa, International Accounting Standards Board, Independent Regulatory Board for Auditors, South African Institute of Chartered Accountants, and Actuarial Society of South Africa) to clarify the interpretation of prudential legislation in the context of accounting and auditing. Influence and provide input into various PA governance structures on matters related to accounting and auditing. Clarify performance expectations and roles for the team within the division, prioritise tasks as well as manage resource utilisation, the quality of deliverables and cost control. Manage the performance and development of direct reports, create a performance and innovation culture, and promote and support career development within the division. Ensure continuous improvement in the delivery and functioning of the Accounting, Auditing and Industry Analysis Division Identify and mitigate divisional risks and ensure compliance with relevant governance frameworks. Ensure compliance with the SARB's legislative and regulatory requirements and that divisional risks are identified, operational risk assessment reports are compiled and assessed, and that adequate and effective risk mitigating measures are implemented. Oversee and ensure that the internal audit findings are addressed promptly and adequately. * Lead change by creating and maintaining a culture that is supportive of the SARB's values, and by promoting diversity and inclusion in the workplace.