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South African Reserve Bank
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 be responsible for, among others, the following key performance areas:
Ensuring regulated entities’ compliance with regulations governing information technology and Fintech related risks.
Assessing the adequacy and effectiveness of IT governance, operational resilience, technology risk management, outsourcing and third-party risk management frameworks within regulated institutions.
Evaluating the prudential implications of emerging technologies, including artificial intelligence, cloud computing, digital assets, distributed ledger technology, embedded finance, open finance and Banking-as-a-Service models, etc.
Identifying, analysing and escalating institution-specific, sector-wide and systemic risks arising from IT Risk, Fintech developments, technology concentration, cloud dependencies, critical third-party arrangements and interconnected digital ecosystems.
Participating in supervisory reviews, onsite engagements, thematic assessments, licensing applications, regulatory approvals and innovation-related assessments.
Identifying regulatory gaps, emerging risks and risk transmission channels arising from technological innovation, evolving business models and activities occurring outside the traditional regulatory perimeter.
Producing risk assessments, supervisory reports, regulatory analyses and recommendations to support risk-based supervision and decision-making.
Providing specialist technical support and subject matter expertise on IT Risk, Fintech and emerging technology matters to supervisory teams and relevant stakeholders.
Monitoring domestic and international regulatory, supervisory and technology developments to benchmark industry practices and support the evolution of the Prudential Authority's supervisory approach.
Developing and delivering training, presentations, research and thought leadership initiatives relating to IT Risk, cybersecurity, operational resilience, Fintech and emerging technologies.
Staying abreast of international best practice and developments surrounding information technology risk and Fintech matters to benchmark and implement locally and develop regulation and methods to analyse and interpret information technology risk-based information.
Job requirements
To be considered for this position, candidates must have:
An honours degree in Information Technology, Fintech, Digital Technologies, Informatics, Risk management, or equivalent.
A minimum of 6 - 8 years of experience in Banking / Financial Sector, Fintech, IT Risk or IT Audit.
Applicable information technology risk management experience.
Financial-sector, regulatory, risk or technology experience.
Experience assessing complex technology-enabled business models.
Senior stakeholder engagement.
Proven ability to assess complex and emerging technologies for prudential, IT Risk, and Fintech impact.
The following would be an added advantage:
Master’s degree in any of the specified fields.
Further certifications in any of the following: CRISC, CISA, CGEIT, CISM or equivalent certifications will be an added advantage.
Additional requirements are as follows:
Advanced knowledge of Fintech operating models, emerging technologies, and innovation ecosystems.
Advanced application of IT Risk and governance frameworks.
Ability to integrate supervision, regulatory guidance, and policy development.
Senior stakeholder engagement and influence.
Bank supervision legislation, regulation, principles, procedures, practices and tools.
Risk identification, assessment and management.
Risk reporting/ intelligence in the supervision of banks.
Continued learning/ professional development.
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.