Internal Audit Manager (Model Risk: Insurance Models)

Empowering Africa’s tomorrow, together…one story at a time.

With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.

Job Summary

The Internal Audit Manager (Model Risk: Insurance Models) – VP is responsible for providing independent, objective assurance over Absa Financial Services / Absa Insurance, with a specific focus on actuarial and insurance model risk.
This is a senior actuarial specialist and subject matter expert (SME) role within Internal Audit, providing assurance over the design and operating effectiveness of controls, the integrity of actuarial outcomes, and compliance with applicable actuarial guidance and regulatory requirements.

Job Description

Key Accountabilities / What You’ll Be Responsible For

Actuarial Models & Regulatory Coverage

Provide assurance over actuarial methodologies, governance, and outcomes relating to:

• Liability valuation models, capital calculation models, and embedded value calculation models.
• Compliance with relevant actuarial guidance and regulatory requirements, including SAM, ORSA, and IFRS 17.
• The completeness, accuracy, and appropriateness of data used in liability, capital, and embedded value calculations, including experience investigation analysis inputs and outputs.

Audit Planning & Delivery Leadership

• Participate in the 6+6 audit planning cycle, providing input that reflects the risk and control profile, business strategy, and material risks impacting the insurance business.
• Identify risks for audit coverage by participating in planning sessions and stakeholder engagements.
• Design fit‑for‑purpose testing strategies for key controls that mitigate identified risks across the end‑to‑end insurance actuarial environment (e.g., assumptions, methodology, data inputs, model runs, results governance, reporting).

Execute and Manage Audit Testing (DEA & OET)

• Manage the execution of Design Effectiveness Assessments (DEA) and Operational Effectiveness Testing (OET) in line with Internal Audit methodology.
• Lead and coach audit team members through planning, walkthroughs, test execution, documentation, and quality review to ensure outputs are evidence‑based, technically sound, and audit‑ready. Quality Reporting & Issue Assurance

• Apply strong business and technical judgement to assess evolving risks and control weaknesses. 
• Produce high‑quality audit reports with observations that are insightful, clearly articulated, root‑cause based, and supported by appropriate evidence.
• Drive the development of agreed actions that sufficiently mitigate risk and support the Issues Assurance process.

Stakeholder Management & Collaboration

• Develop and maintain strong relationships with key audit and business stakeholders through continuous engagement and structured interactions.
• Engage proactively with Internal Audit colleagues across assignments; request technical support where needed and provide guidance and best practices to uplift audit quality and consistency across the team.

Business & Domain Knowledge Development

• Develop an in‑depth understanding of Absa Insurance and apply that knowledge to identify, assess, and document key risks and controls within relevant processes.

Minimum Requirements

• Relevant degree in Statistics, Mathematics, Actuarial Science, Data Science, or a related quantitative field.
• At least all CTs completed and CA1.
• 5+ years’ experience in the insurance market (consulting or industry).
• Experience auditing in the insurance environment is advantageous.

Skills & Competencies

• Strong understanding of core actuarial concepts and principles.
• Strong technical capability, problem identification, and analytical skills.
• Hands‑on experience with programming and/or analytical tooling (e.g., automation, data interrogation, model result interrogation).
• Strong proficiency in Microsoft tools (especially Excel) and experience with Prophet, Emblem, R and/or ResQ is desirable.
• Excellent written and verbal communication; ability to explain complex actuarial concepts clearly to non‑specialist stakeholders.
• Ability to manage multiple deliverables, take initiative, priorities effectively, and meet deadlines with clear direction from a supervisor.
• Proven ability to build and maintain strong client/stakeholder relationships (internal or external).

Education

Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised