Internal Audit Manager (Model Risk: Insurance Models)

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.

• Provide assurance over actuarial methodologies, governance, and outcomes relating to liability valuation models, capital calculation models, and embedded value calculation models.
• Ensure compliance with relevant actuarial guidance and regulatory requirements, including SAM, ORSA, and IFRS 17.
• Assess the completeness, accuracy, and appropriateness of data used in liability, capital, and embedded value calculations.
• Participate in the 6+6 audit planning cycle, providing input that reflects the risk and control profile.
• Identify risks for audit coverage by participating in planning sessions and stakeholder engagements.
• Design testing strategies for key controls across the end-to-end insurance actuarial environment.
• Manage the execution of Design Effectiveness Assessments and Operational Effectiveness Testing.
• Lead and coach audit team members through planning, documentation, and quality review.
• Produce high-quality audit reports with clear observations and root-cause analysis.
• Develop and maintain relationships with key audit and business stakeholders.

• Relevant degree in Statistics, Mathematics, Actuarial Science, Data Science, or a related quantitative field.
• All CTs completed and CA1.
• 5+ years’ experience in the insurance market (consulting or industry).
• Experience auditing in the insurance environment is advantageous.
• Strong understanding of core actuarial concepts and principles.
• Hands-on experience with programming and/or analytical tooling.
• Strong proficiency in Microsoft tools (especially Excel).
• Excellent written and verbal communication skills.
• A proven ability to manage multiple deliverables and prioritize effectively.