Risk Manager

JOB SPECIFICATION – RISK MANAGER

Workerslife Management Services is a wholly owned subsidiary of the Workerslife Group of Companies - An employment opportunity as a Risk Manager currently exists within Workerslife Group.

PURPOSE OF THE JOB

To serve as the second-in-command within the Risk Management Control Function and to provide dedicated operational and strategic support to the Head of Risk Management. The Risk Manager assumes full responsibility for the function in the Head’s absence and acts as a principal point of continuity, ensuring that risk identification, assessment, monitoring, mitigation, and reporting activities are executed without interruption across the Workerslife Group.

The role supports the Board of Directors and senior management in maintaining a sound, independent, and effective risk management system aligned with the Insurance Act 18 of 2017, Prudential Standards, FSCA conduct requirements, and internationally recognised ERM frameworks (COSO / ISO 31000). The incumbent deepens the function’s technical capacity, leads day-to-day risk operations, coordinates cross-functional risk activities, and contributes to embedding a robust risk culture across the Group.

MINIMUM REQUIREMENTS FOR THE POSITION

• A degree (NQF 7) in Risk Management, Accounting, Law, Finance, or other relevant field (e.g., B.Com, LLB, BSc Actuarial)
• Postgraduate qualification (Honours / Masters / PGDip in Risk Management or related) is strongly preferred
• 5 years of experience in a Risk and/or Compliance Management environment.
• 2 - 3 years of relevant experience at an Assistant Manager / Officer level.
• CRMP, or equivalent professional risk certification is advantageous
• Fit and proper requirements for key persons, as prescribed under the Insurance Act 18 of 2017 and Prudential Standard GOI 4 (Fitness and Propriety of Significant Owners and Key Persons of Insurers), must be met and maintained.

3. COMPETENCIES

• Knowledge of and exposure to recognised ERM Frameworks (COSO / ISO 31000)
• Sound understanding of the Insurance Act 18 of 2017, Prudential Standards
• Strong knowledge of insurance products, financial reporting, and actuarial concepts
• Corporate governance best practices and King IV principles
• Generic and financial sector legislation (FAIS, FIC, Companies Act)
• Proficiency in risk management software platforms and GRC tools
• Advanced computer literacy (MS Office, particularly Excel and PowerPoint)
• Role of IT in financial services and associated cyber/operational risks
• At all times remain fit and proper for the role

CONTENT OF THE JOB

General Management Responsibilities

• Assume full accountability for the Risk Management Control Function whenever the Head of Risk is unavailable (leave, travel, incapacity, or vacancy), including attendance at ARC and Board sub-committee meetings in that capacity
• Maintain continuity of all risk reporting cycles, regulatory submissions, and governance obligations during the Head’s absence
• Act as primary point of contact for the ARC Chairperson, Director – Governance, and the Executive Committee on risk matters when the Head is absent
• Proactively brief the Head on material developments, decisions taken, and issues escalated during periods of absence
• Support the Head in succession planning, knowledge transfer, and cross-training within the Risk function
• Represent the Risk function at internal governance structures, combined assurance forums, and regulatory engagements as delegated by the Head.

Operational Risk Management & Framework Implementation

• Execute the day-to-day operations of the risk management process including risk identification, assessment, monitoring, and mitigation across all Workerslife Group entities
• Maintain and continuously update the Group Risk Register, ensuring all material risks are accurately captured, assessed, and assigned to risk owners
• Coordinate the implementation and ongoing monitoring of the risk framework and risk appetite across business units, ensuring the business remains within Board-approved limits
• Facilitate periodic risk assessments with business unit heads and compile risk event and loss data for analysis and reporting
• Support the Head in conducting stress testing, scenario analysis, and ORSA processes in line with Prudential Standards
• Assess the appropriateness and effectiveness of internal controls, risk policies, and risk mitigation measures and recommend improvements
• Monitor changes in the business risk profile and flag emerging risks to the Head for escalation to the Board.

Regulatory Compliance & Research

• Monitor applicable legislation and regulatory developments (Insurance Act 18 of 2017, Prudential Standards, FSCA conduct requirements, FIC Act, IFRS 17, SAM evolution) and brief the Head on business implications
• Keep abreast of changes to ERM frameworks, risk software, and global best practices and share updates with the team
• Proactively identify and escalate emerging risks to the Head for onward reporting to the Board
• Assist the Head in preparing responses to regulatory enquiries from the PA and FSCA
• Ensure all risk management activities comply with the Group’s regulatory obligations and internal policies.

Stakeholder Engagement, Culture & Knowledge Management

• Build and maintain effective working relationships with business unit heads, Compliance, Internal Audit, Actuarial, Finance, and Legal to embed risk management across the three lines of defence
• Champion a risk-aware culture and assist the Head in delivering risk training and awareness programmes to staff across the Group
• Provide advisory support to business units on risk-related matters, new product assessments, and strategic initiatives
• Contribute to combined assurance efforts and co-ordinate with internal and external assurance providers as directed by the Head
• Maintain and improve personal technical knowledge through continuous professional education (CPE) and IRMSA engagement
• Present effectively at internal forums and share methodology updates, risk developments, and best practices with stakeholders

Send applications to [email protected] +27 (0) 12 305 7400 for the attention of HR Support.

For further enquiries you may contact HR department at (012) 305 7400. For more information about Workerslife, please visit www.workerslife.co.za

Work Location: In person