Brief Posting Description
This is a critical role within the Old Mutual Emerging Markets (OMEM) group of businesses where the individual is responsible for all capital allocation decisions across the emerging markets. All capital is owned by the center and the individual is required to ensure adequate returns are made on allocated capital and that excess is returnd to the center. The individual is required to build strong relationships across the business as well as with Group Head Office (plc) who likewise has ownership of all group capital.
The individual is responsible for all credit and market risks as well as management of the ALM, Treasury and Capital Management functions and teams. This includes the management of over R75bn of shareholder funds and non-profit products, as well as a hedging program covering in excess of R180bn guaranteed portfolios.
There is a requirement to make tough decisions and also to be very responsive to a frequently changing agenda, where action is required to be taken quickly and decisively.
The individual will be a regular presenter at boards and risk committees and so needs to be a confident experience specialist in this area of expertise.
A key part of the role is to drive the change across OMEM on how capital, funding and risk appetite is allocated to achieve greater economic performance for the Group.
Lead the Balance Sheet Management (BSM) team and manage the core operational functions:
Market Risk and Investment Management:
- Ensure market risks are identified and risk mitigations actions put in place
- Ensure effective management of hedging programs for OMEM’s market risk exposures, through appropriate mandates and Service Level Agreements
- Communicate the results of the program to senior management and other stakeholders within OMEM Plc
- Manage the investment management processes for the OMEM Shareholder portfolios to achieve optimal results, working closely with Old Mutual Investment Group and the Insurance business units
Treasury and Capital Management
- Manage the OMEM Capital Plan and all the treasury transactions required to deliver on this plan (capital allocation, funding requests, dividend payments, etc.)
- Manage OMEM funding and Liquidity Risk Plan and all activities required to deliver on this plan, including internal and external funding, and the Funds Transfer Pricing policy.
- Drive the OMEM Capital Management Committee agenda and all preparation for these meetings
- Through the product approval process and capital allocation process, ensure that economics of products are sound, and that products are optimally structured from a shareholder perspective
- As policy owner for Treasury, Liquidity and Capital Management policies across OMEM, ensure these policies are fully embedded within OMEM business units
Group Credit Risk Management
- Manage the OMEM credit risk plan and ensure that business unit plans are consistent with this plan
- Through ownership of the credit risk management policy, ensure that credit risk related activities are carried out within the right framework, and that risk appetite is optimally allocated amongst business units as part of the Business Planning process
Deliver on financial objectives of the function:
- Deliver on economic value added (EVA) targets
- Deliver on the shareholder investment portfolio performance
- Deliver an optimal cost of funding and capital for the OMEM Group
Manage stakeholders and ensure the BSM function is an effective enabler for the front-line business:
- Chair the BSM Insurance and Banking Committees and ensure the effective functioning of these forums.
- Work effectively with the business units to ensure they operate in line with Group policies, and enable them to be more competitive by leveraging the strengths of the OMEM balance sheet
- Report regularly to the Executive Risk Committee and the OMEM Board Risk Committee on BSM related matters
- Play a key advisory role to the Finance Director and the Capital Management Committee on important strategic issues
- Manage key external stakeholders, including banking and debt capital market investor relationships
- A seasoned and balanced business leader, capable at operating comfortably at senior executive level, with an enterprise level perspective and able to think at macro level
- Able to build strong relationships with top level senior stakeholders internally and externally
- Possess the emotional fortitude to make sound judgments under pressure when required
- Excellent communication skills, and experience with written communications and presentations at Board and Executive Committee level in a large organisation
- A strong track record of being able to lead and develop a high performance team
Qualifications and experience
- A qualified actuary or CA with at least 15 years’ experience in a major financial services institution
- At least 5 years’ experience in an Actuarial function of an insurance company, or a Treasury/Capital Markets function within a banking or investment management institution
- Experience operating at senior management level
- Experience building relationships with executive level stakeholders, internally and externally
- Experience leading a major change management initiative within a large organisation