(1736) Operational Risk Analyst at South African Reserve Bank

Pretoria, Gauteng, South Africa -

Full Time

Start Date

Immediate

Expiry Date

15 Oct, 26

Salary

0.0

Posted On

17 Jul, 26

Experience

5 year(s) or above

Remote Job

Yes

Telecommute

Yes

Sponsor Visa

Skills

Risk Management, Compliance Management, Internal Controls, Payment Systems, Risk Assessment, Regulatory Analysis, Policy Development, Cyber Security Risk, Business Continuity Planning, Stakeholder Management, Problem Solving, Critical Thinking, Digital Literacy, Facilitation, Reporting, Quality Assurance

Industry

Banking

Description

The successful candidate will be responsible for the following key performance areas: * Develop and implement policies, procedures, frameworks and standards specific to Policy and Regulation and Licensing Division’s (PRLD) risk and compliance management. * Proactively identify, assess and respond to new or emerging payments, risks arising from changes in the payments ecosystem system, regulatory reforms by other regulators and standards/principles issued by standard setting bodies. * Analyse risks associated with policy, regulatory, licensing and authorisation environments and develop risk frameworks that support the mitigation of these risks. * Evaluate the effectiveness of policies, regulations and directives issued by the PRLD from a risk perspective and recommend changes or improvements. * Design, monitor and maintain PRLD control systems to deal with violations of legal rules, regulatory requirements, memorandum of understanding (MOUs) and internal PRLD policies. * Collaborate with the National Payment System Department’s (NPSD) Risk and Compliance Unit, Risk Management and Compliance Department (RMCD) and industry structures to manage policy and regulatory risks and support reporting to the governance structures of the SARB. * Conduct relevant risk assessments (e.g. operational risk assessments and cyber security), collect and analyse documentation, statistics, reports and research/market trends impacting the policy and regulation environment. * Compile management reports, heat maps and risk assessments to inform policy and regulatory processes. * Coordinate PRLD strategic risks input into the department’s strategic risk register. * Contribute to business continuity plans impacting the policy and regulation division, to limit risks affecting the NPSD and NPS. * Facilitate the PRLD’s remediation or closure of findings emanating from internal audits, external audits and/or any other internal/external assessment/evaluation reviews (e.g. Financial Action Task Force, Financial Sector Assessment Program and periodically monitor and report on the status thereof. * Build payment risk awareness among PRLD personnel by providing support and training. * Keep abreast of local and global trends, threats, opportunities and plausible scenarios relevant for the payments’ ecosystem risk management landscape. * Build and maintain sound professional relationships with internal and external stakeholders through effective collaboration and teamwork. About SARB Primary mandate of the SARB Section 224 of the Constitution of South Africa states the mandate of the SARB as follows: The primary object of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic. The South African Reserve Bank, in support of its primary objective, must perform its functions independently and without fear, favour or prejudice. WHAT WE DO Monetary Policy The Constitution gives the SARB the mandate to protect the value of the rand. We use interest rates to keep inﬂation low and steady. Financial Stability The SARB has a mandate to protect and enhance ﬁnancial stability. We identify and mitigate systemic risks that might disrupt the ﬁnancial system. Prudential Regulation The Prudential Authority regulates ﬁnancial institutions and market infrastructures to promote and enhance their safety and soundness, and support ﬁnancial stability. Financial Markets Open market operations are the main tool we use to implement monetary policy. We manage South Africa’s gold and foreign exchange reserves. Financial Surveillance The SARB is responsible for regulating cross-border transactions, preventing the abuse of the financial system and supporting the regulation of financial institutions. Payments and Settlements The SARB is responsible for ensuring the safety and soundness of the national payment system, which is the backbone of South Africa’s modern ﬁnancial system. Statistics The SARB provides important economic and ﬁnancial statistics that present an overview of the economic situation in South Africa. Research Research conducted by the SARB focuses on economics, ﬁnancial stability, banking and emerging trends in ﬁnance. Our research supports policy decision-making. Banknotes and Coin The SARB has the sole right to make, issue and destroy banknotes and coin in South Africa. The National Payment System (NPS) comprises of the entire payment process including all the tools, systems, mechanisms, institutions, agreements, procedures, rules or laws applied or utilised to effect payment. The NPS therefore facilitates the circulation of money, that is, it enables transacting parties to exchange value. Participants within the NPS provide the payment mechanisms/instruments and infrastructure to enable the participants and their clients to effect payments. These instruments can be credit cards, cheques, and electronic funds transfers (EFTs), such as debit and credit orders for example. The generation of financial transactions arising from the use of these instruments result in interbank payment and settlement obligations. Central banks have always played an important role in countries' national payment systems. Where payments result in interbank obligations, central banks normally provide the interbank settlement facilities.

Responsibilities

The role involves developing and implementing risk and compliance frameworks specifically for the Policy and Regulation and Licensing Division. The analyst will identify emerging payment risks, monitor control systems, and coordinate strategic risk reporting for the South African Reserve Bank.