Internal Audit Manager – Model Risk (Insurance Models)

About the role

The Internal Audit Manager (Model Risk: Insurance Models) will provide independent assurance over Absa Financial Services' actuarial and insurance model risk. This senior position combines actuarial expertise with internal audit methodology to ensure the integrity of model outcomes and regulatory compliance.

Key responsibilities

• Provide assurance over actuarial methodologies, governance and outcomes for liability valuation, capital calculation and embedded value models.
• Verify compliance with actuarial guidance and regulations such as SAM, ORSA and IFRS 17.
• Assess data completeness, accuracy and appropriateness used in model calculations.
• Participate in the 6+6 audit planning cycle, identifying risks and designing testing strategies for the end‑to‑end actuarial environment.
• Execute Design Effectiveness Assessments (DEA) and Operational Effectiveness Testing (OET) in line with internal audit standards.
• Lead and coach audit team members throughout planning, execution, documentation and quality review.
• Produce high‑quality audit reports with clear, root‑cause based observations and drive remediation actions.
• Develop and maintain strong relationships with audit and business stakeholders.

Required profile

• Senior actuarial specialist with deep knowledge of insurance model risk.
• Proven experience in internal audit, preferably within financial services or insurance.
• Strong understanding of regulatory frameworks (SAM, ORSA, IFRS 17) and actuarial best practices.
• Ability to design and execute audit testing strategies and to communicate findings effectively.

Required skills

• Actuarial modeling
• Regulatory compliance (SAM, ORSA, IFRS 17)
• Audit methodology (DEA, OET)
• Data analysis for model inputs and outputs

What we offer

• Opportunity to work within a leading African financial group.
• Exposure to complex insurance models and regulatory environments.
• Professional development and leadership responsibilities.