Job Description

Introduction

Guardrisk, part of Momentum Group Limited, is South Africa's leading provider of cell captive business and alternative risk transfer solutions, offering tailor-made risk financing and access to professional reinsurance markets. As the market leader, we specialise in innovative cell captive structures that allow clients to operate their own insurance products within a ring-fenced facility, including underwriting, actuarial, legal, compliance and financial reporting services - without the costs and complexities of establishing an insurance company. Registered for most statutory classes of non-life and life insurance, we provide customised cover and strategic risk solutions. Our services cater to corporates that are serious about risk management, those facing complex or high-cost risks and businesses looking to offer their own branded insurance products.

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Role Purpose

To provide independent review and validation of actuarial assumptions, IFRS 17 and SAM basis setting, Prophet and ResQ model development for both IFRS 17 and SAM and other ad-hoc activities across the first-line Balance Sheet Management functions.

Requirements

Qualifications

Fellow of the Actuarial Society of South Africa (with Life Fellowship preferable)



Preferable - Life practicing certificate

Experience

Minimum 10 years post-qualification actuarial experience, with at least 5 years in a senior validation, modelling, or assumption governance role.

Knowledge

Advanced understanding of Life valuations across both IFRS 17 and SAM



Core Prophet model development capability



Advanced understanding of IFRS 17 and SAM standards



Advanced understanding of financial reinsurance mechanics

Duties & Responsibilities

Responsibilities, work outputs and individual contribution

Assumption and Model Reviews

Prepare assumption review and model development review workplans



Review actuarial assumptions (e.g., Lapses, Mortality, Expenses etc.) used in long contract boundary models



Review and pressure test contract boundary assumptions across both IFRS 17 and SAM.

Modelling and Validation

Review and validate gross and financial reinsurance Prophet modelling and associated output (existing and new models) on a SAM and IFRS 17 basis, including ORSA projections



Review IBNR triangulation

Results and Reporting

Provide high-level review of IFRS 17 and SAM Annual results



Document and communicate output of reviews and validations to Balance Sheet Management Functions and broader stakeholders

Governance & Oversight

Work with outsourced Head of Actuarial Function to provide comfort on validations performed and output thereof, feeding into Head of Actuarial Function review processes.

Competencies

Developing Strategies:

Are comfortable leading people; coordinates and directs groups; seeks to control things.

Examining information

: Analyses and processes information; asks probing questions; strives to find solutions to problems.

Interpreting Data:

Interprets data rationally by quantifying issues; applies technology as a means to evaluating data; evaluates information objectively

Providing Insights:

Is focused on continuously improving things; provides insights by identifying key issues; makes intuitive judgements.