Actuarial Specialist

Job Description

Absa Bank is hiring an Actuarial Specialist to support actuarial and insurance risk management through technical analysis, process automation, and data validation. The role involves working across functions including pricing, reinsurance, and governance to deliver robust risk management outputs. This hybrid position plays a key part in ensuring consistency between internal models, financial systems, and regulatory reporting.

Requirements

• Bachelor of Science (Honours) in Actuarial Science (essential)
• Fellowship with a recognized actuarial body (e.g., ASSA) is an added advantage
• Strong technical and analytical skills for insurance risk reporting and regulatory compliance
• Experience with calculating RWA and EC projections for MTP and ACS processes
• Ability to automate data validation using software tools
• Capability to match QRT values with management account data and Group Returns
• Understanding of reinsurance data analysis, including concentration and credit quality metrics
• Competence in tracing data discrepancies and coordinating with data owners to resolve them
• Strong report-writing skills for summarising analytical outcomes, insights, and recommendations
• Experience with bi-annual reviews of regulatory returns and replication of ARO SCR calculations
• Familiarity with SAM components and actuarial methodologies
• Proficiency in G5 schedule review and capital allocation processes

Responsibilities

• Draft EC sections of the monthly insurance risk profile
• Assist with projection calculations for MTP and ACS processes
• Automate data validation and match QRT values with internal reports
• Conduct analysis of reinsurance data to assess adequacy and effectiveness
• Calculate reinsurance concentration and credit quality metrics
• Distribute and analyse stakeholder questionnaires to support actuarial insights
• Investigate material variances in reinsurance datasets and trace discrepancies
• Collaborate with data owners and technical teams to resolve data issues
• Compile clear reports for actuarial, risk, and finance teams
• Highlight over/under-concentration, data quality issues, and strategy alignment
• Support the Group HAF in regulatory return reviews and ARO SCR calculations
• Review and analyse the G5 schedule and capital allocation data inputs