Associate IT Risk Analyst

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 successful candidate will support a team of analysts and senior analysts responsible for, among others, the following key performance areas:

Supervision

• Participating in supervisory reviews and practices (desktop and prudential meetings) in relation to information technology risk in PA-regulated insurers as well as support colleagues with PA-regulated banks and market infrastructures, including inspecting risk appetite and management practices with respect to information technology and information technology risk.

• Determine whether financial entities have established appropriate information technology frameworks, policies, and processes that address areas such as information technology governance, system development, project management, architecture, etc., and have made investments in information technology commensurate with the size and complexity of the operations.

• Ensuring regulated entities’ compliance with regulations governing information technology risk.

• Support other risk teams, including the Operational Risk, Credit Risk, and Market Risk divisions with supervisory duties with regard to IT-related elements.

• Research and develop regulations and methods to analyse and interpret information technology risk-based information.

• Monitoring regulated entities’ exposure to information technology risk, as reported to the PA under the various operational risk approaches.

• Providing technical information technology risk specialist support and guidance (SME).

• Assist with the development, analysis and interpretation of information technology / information technology risk assessments, surveys, and questionnaires.

• Staying abreast of international best practice and developments surrounding information technology risk matters to benchmark and implement locally.

Job requirements

To be considered for this position, candidates must have:

• An honours degree in Information Technology, Informatics, Risk Management

• Applicable information technology risk management experience

• At least 4 years’ relevant working experience in the Insurance, banking or financial sector

The following would be an added advantage:

• Certified in any of the following - CRISC, CISA, CGEIT, or equivalent certifications

• Knowledge of the best practice standards and frameworks at both theoretical and practical level

Additional requirements are as follows:

• Knowledge of, and experience in; the insurance, banking or financial market infrastructure systems; financial, insurance and banking products; regulations, and technology systems used in the various financial sectors with particular emphasis on IT / IT risk matters

• Knowledge and understanding of information technology / information technology Risk Frameworks e.g., NIST, COBIT, ISO 27001, ITIL, ISO 31000, ISO 38500 and further developments in this space.

• Information technology/information technology risk, audit, etc.

• Knowledge and understanding of the risks that banks, insurance, and financial market infrastructures face.

• Competence in basic office information technologies.

• Ability to work in a team and contribute to team success.

• Reliable own transport as the position requires regular travel between the PA’s offices in Pretoria and the offices of banks, insurance entities, and financial market infrastructures which are generally outside Pretoria.

In line with the Bank’s commitment to diversifying its workforce, preference will be given to suitable candidates from designated groups. People with disabilities are welcome to apply.

The Bank offers remuneration and benefits commensurate with the level of the position and in line with the market. The level at which the successful applicant will be appointed will depend on his or her experience and competence.