Head of Credit (ROA)

Head of Credit (RoA)

R1.8m (Neg) plus STI + LTI

Cape Town

Our client is the largest life insurer in South Africa. Its core businesses include long-term savings, asset management, short-term insurance and banking. They have R120bn credit portfolio spanning various businesses and investment portfolios. This includes several retail credit portfolios both in South Africa and in the rest of Africa business and a number of investment credit portfolios. Supporting the COO of GBSM you will be responsible for:

Key performance areas

• The credit strategy resides within the broader business and client strategy set by the Group as credit solutions are tailored with insurance/savings products across to the group to provide a holistic client centric proposition. Responsible to develop and incorporate these requirements into the credit strategy.
• Identify the emerging risks across the credit landscape, and proactively adjust the credit strategy in response to these risks.
• A significant portion of the credit portfolio forms part of the wider asset liability matching process for the guaranteed liabilities. The Head of Credit is accountable to ensure the credit origination effort across the group fits into the ALM requirement by considering the term profile and fixed, CPI linked and floating nature of assets.
• Develop and own the risk budgeting tools and methodologies for credit risk, including the methodology to aggregate various risk portfolios. As part of setting the credit strategy, cascade the risk appetite to the various credit segments/opportunities to ensure the Group optimize risk adjusted returns.
• Identify credit opportunities within shareholder capital and optimise fixed income/bond portfolio.
• There is a separate credit team in each of the credit businesses (i.e. small banks or retail lender) and investment credit boutiques that is responsible for the credit management and execution at business unit level. The GBSM Head of Credit needs to influence and assist
  these business units to manage their respective credit portfolios within the broader credit risk strategy and risk limits, with is achieved via active participation in the relevant committees.
• Develop and enhance the Credit Reporting & Monitoring framework which meets the requirements of various external & internal stakeholders.
• Support and identify diversification opportunities across the Group (South Africa, international and Rest of Africa(RoA)).
• Ensure appropriate asset allocation, framework design, limits and investment mandate as well as setting appropriate benchmarks and performance targets, setting risk limits and negotiating asset management fees.
• Support capital & funding optimization and effective resource allocation.
• Ongoing market surveillance of investment opportunities locally, across Africa and abroad.
• Assisting with asset manager due diligence, selection, and monitoring.
• Responsible for driving credit portfolio management and optimization.

Qualifications and experience

• Relevant Actuarial degree/CA (SA) and relevant post-graduate qualification geared toward finance and investments.
• 10 years’ + relevant experience in either Banking or Insurance with a specific focus on Credit within life company.