Job Description

Closing Date 2024/05/03
Reference Number MMH240419-1
Job Title Product Specialist Leader
Position Type Permanent
Role Family Actuarial
Cluster Momentum Corporate
Remote Opportunity Some of the time
Location - Country South Africa
Location - Province Western Cape
Location - Town / City Bellville
IntroductionThrough our client-facing brands Metropolitan and Momentum, with Multiply (wellness and rewards programme), and our other specialist brands, including Guardrisk and Eris Property Group, the group enables business and people from all walks of life to achieve their financial goals and life aspirations. We help people grow their savings, protect what matters to them and invest for the future. We help companies and organisations care for and reward their employees and members.Through our own network of advisers or via independent brokers and utilising new platforms Momentum Metropolitan provides practical financial solutions for people, communities and businesses. Visit us at
Role PurposeThe above-mentioned position is currently available in the Structured Solutions team. The candidate will join the Structured Solutions team and be primarily responsible for the management of retail discretionary participation business. The candidate may also assist with the development and management of corporate structured and/or guaranteed investments.
Requirements

• Qualified or nearly qualified actuary;
• At least five (5) years relevant experience preferred;
• Experience with RiskAgility Financial Modeller will be advantageous;
• Good knowledge of discretionary participation business as well as structured and/or guaranteed investments;

Duties & ResponsibilitiesThe incumbent will be responsible for the following:

• Ongoing management of retail discretionary participation business, including but not limited to the oversight, evaluation and projection of assets and liabilities;
• Identifying improvements to the discretionary participation book or the management thereof, including obtaining approval for the changes from the various governance forums;
• Assisting in the development of corporate structured and/or guaranteed investments including conducting the necessary quantitative analysis, solution research, stakeholder engagement, compiling detailed product specifications and preparation of product approval documents for the various governance forums;
• Reviewing and proposing changes to discretionary participation business management actions;
• Recommendation of bonus rates (interim, final, claim, reversionary or terminal where applicable) for discretionary participation business;
• Review and update of the bonus philosophy which may require creating new bonus smoothing formulae;
• Building, updating or reviewing appropriate models in order to quantify financial impacts appropriately;
• Reviewing and proposing changes to the segment Principles and Practices of Financial Management (PPFM);
• Managing the implementation of statutory and contractual requirements for retail discretionary participation business;
• Mitigating financial, legal, reputational and other pertinent retail discretionary participation business risks by ensuring administration systems are continuously rigorously tested for adherence to contractual obligations;
• Mitigating operational risks by adding a layer of governance to manual processes inherent within retail discretionary participation business;
• Reviewing legal documentation (for example, client contracts, counterparty agreements, etc.);
• Actuarial, compliance and performance reporting for retail discretionary participation business;
• Establishing and maintaining strong relationships with various internal and external stakeholders and assisting them in analysing, supplying and translating information on retail discretionary participation business;
• Driving projects to completion within stipulated timelines;
• Undertaking ad-hoc actuarial tasks including the resolution of technical queries; and
• Managing a small team. This requires delegation, review and analysis of work, and ensuring appropriate development opportunities for staff.

Competencies

• Ability to work accurately under pressure;
• High attention to detail and quality orientation;
• Strong analytical and problem solving skills;
• Good written and verbal communication skills;
• Good time management skills;
• Ability to work in a team as well as independently

PolicyWe are committed to Employment Equity, diversity and inclusion when recruiting internally and externally. All appointments are made in alignment to our Employment Equity goals and we encourage people with disabilities to apply.

Momentum Metropolitan