University of the Witwatersrand

Deutsche Internationale Schule Pretoria

Senior Risk Manager (AAG, AFA, AMASSA)

As secretary of NN Non-life group's Reinsurance Steering Committee (which is accountable to the Asset & Liability Committee of the Management Board), I am charged with the on-going coordination of the committee and the related optimisation of the reinsurance strategy and policy implementation of the group's licensed entities (operating mainly in The Netherlands & Belgium).

I work closely with colleagues across the first line of defence i.e. business units (incl. P&C personal, commercial, and corporate lines of business, as well as group and individual disability insurance lines of business) and business functions (incl. underwriting, product management, pricing, claims, actuarial, legal, business & financial control and reporting) and second lines (both risk & actuarial) of defence and with NN Re (the group internal reinsurance entity).

Nationale-Nederlanden

Senior Balance Sheet Manager (Reinsurance Strategy & Policy)

Underwriting and reinsurance risk oversight and support: over the activities of NN’s international business units, in collaboration with the International Chief Underwriting Officer, including:
•	Proactive challenge and review of product design and underwriting practices in the context of commercial, emerging risk and portfolio factors.
•	Critical review and challenge of reinsurance programmes and processes.

Group risk oversight and support of international business units (Hungary, Greece, Romania, and Bulgaria), reporting to the Group Head of Risk Oversight (who reports to the Group Chief Risk Officer), including:
•	Annual & quarterly review and challenge of risk, performance, control, and operating capital reports of business units
•	Review and challenge of business unit annual business strategy and planning, ORSAs, risk culture & maturity
•	On-going business unit support, review and challenge of relevant group and business unit specific ERM topics
•	Support with the development of appropriate internal reinsurance programmes
•	Coordination and collaboration with other group risk functions, i.e. legal, compliance, IT, operational and financial risk management.

Senior Risk Manager (Group Risk Oversight & Support: International Business)

Group-wide UW and RI risk management and governance, reporting to the Group CUO, including:
•	Serving as founder and secretary of the Group-Wide UW & RI Risk Forum, driving various work streams including: Governance, New & Emerging Risks, Risk Appetite, Reinsurance, Exposure Management, Management Actions & Mitigations, and Assurance.
•	Critical review and oversight of group, operating entity & business unit underwriting policies and practices in the context of commercial, emerging risks, and portfolio exposure growth factors.
•	Critical review and challenge of group-wide reinsurance programmes and processes.
•	Quarterly reporting against insurance, reinsurance and credit risk appetite limits.

Group-wide internal capital model (regulatory & economic) governance and validation, reporting to the Group Chief Risk Officer and Group Board Risk Committee, including:
•	Quarterly delivery of assurance (through fit-for-purpose reporting) to the Group Board Risk Committee.
•	Design and execution of annual & quarterly validation reviews against board-approved validation and model change policies.
•	Coordination and collaboration with other internal and external assurance providers.
•	Ongoing development and up-hold of model governance policies (for model change, validation & review, data, and use).

Group-wide ERM and governance, reporting to the Group Chief Risk Officer, including:
•	Head of Risk Control Function (simultaneously for x3 non-life and x2 life insurance licenses), reporting directly to the relevant Board Risk Committees.
•	Oversight over the risk control functions of Irish and Mauritian captive non-life reinsurance licenses.
•	Other business units covered: Santam Re and Specialist (Agriculture and Niche).
•	Advising business unit boards, serving on risk committees of specialist underwriting businesses and a new business committee.
•	Coordination and collaboration with other internal and external assurance providers.
•	Training and facilitation of risk workshops.

Santam Insurance

Head of Risk Function (x5) & ERM Actuary & Internal Model Governance and Validation Function Leader

During this brief intermezzo of independence, I assisted my contract partners, Dynamo Analytics (UK), with the independent review of two annual Lloyd's of London managing agent model validation exercises.

I also advised my own insurance clients on the implementation of their Solvency Assessment and Management (South African equivalent of Solvency II) programmes.

Self Employed

Independent Actuarial Contractor

Regulatory framework development:
Responsible for the development, as part of a highly-skilled project team of actuaries and senior regulators, of an IAIS-principles compliant regulatory framework for (re)insurance in South Africa, using Solvency II as template:

1. Chairing and participating in various industry forums relevant to non-life (re)insurance. 

2. Developing and supporting the third South African Quantitative Impact Study under SAM (SA QIS3), including technical specifications, workbooks, completion manuals and other project-related documentation and returns for use by industry. 

3. Providing specialist technical support to the South African non-life (re)insurance industry on SA QIS3 related matters. 

4. Designing, checking and presenting Pillar III annual quantitative reporting templates and documentation for non-life (re)insurance under SAM.

5. Review of internal capital model applications submitted to the FSB in terms of the SAM Internal Model Approval Process (IMAP), including Lead Reviewer of a leading Cell Captive insurer’s internal model application.  

6. Providing subject-matter expertise to the FSB’s Reinsurance and Lloyd’s Regulatory Review Projects. 

7. Providing subject matter expertise as an active member of National Treasury’s BRICS Reinsurance Project. 

8. Participating in SAM-related policy debates and decision-making processes. 

9. Reviewing SAM-related legal drafts.  

Regulatory Supervision: 
1. Thematic reviews, on-site visits and internal capital model reviews 
2. Sharing knowledge internally within the SAM Business Unit and the other FSB departments. 
3.  Liaising with and providing specialist technical support to other FSB departments. 
4. Representing the FSB and presenting at various SAM-related industry workshops. 
5.  Representing the FSB at various industry forums, meetings and functions e.g. SAIA’s Reinsurance Board, SAIA’s Non-Life Insurance workshops etc.

Financial Services Board

Senior Specialist (SAM Project Team)

1. Secondment to the Deloitte U.S. practice’s Actuarial, Risk, & Advanced Analytics Center in Chicago for a period of 3 months (2013) to provide property & casualty actuarial specialist audit support services to approximately 30 attest clients.  This experience provided an excellent opportunity to apply and refine my technical reserving skills in respect of U.S. claims liabilities.  

2. Maintaining and enhancing the internal capital model of a niche insurance and reinsurance group and developing the associated risk and actuarial committee reports. 

3. Advising clients about on-going Solvency Assessment and Management ("SAM") regulatory developments. Assisting clients participating in SAM Quantitative Impact Studies (QIS), including the Solvency II QIS 5 on behalf of the Irish subsidiary of a niche insurance and reinsurance group. 

4. Member of the Deloitte SAM / Solvency II Project Team, responsible for developing relevant technical marketing and training material (internal and external) for the various divisions of the Financial Institutions Services Team at Deloitte. 

5. Training the Financial Services Board (FSB) on the Non-Life Underwriting Risk Module of the Solvency II QIS 5 standard formula. 

6. Advising clients on new business opportunities and the capital and reserving requirements. 

7. Presenting at client actuarial and new business committee meetings. 

8. Conducting high-level actuarial product development, pricing and due diligence reviews. 

9. Conducting and co-signing audit reviews of insurance and reinsurance clients. 

10. Assisting clients with applications to the FSB for new insurance business licences, including development of business projection models and applications to adopt alternative reserving methodologies. 

11. Marketing and practice development, including preparation of tender and proposal documentation and assistance with client quotations and billing decisions.

Deloitte South Africa

Senior Actuarial Analyst

Assistance with the continuous development and conceptualisation of simulation-based internal models (focusing on premium and reserve risk capital modelling and reinsurance optimisation) for Allianz Group, including: 
o Participation in the discussion of model methodology and design. 
o Ensuring model compliance with Solvency II requirements. 
o Programming and adaptation of complex model components in the Igloo. 
o Development and maintenance of VBA-Macro-based Excel input and output files. 
o Conceptualisation and implementation of technical and programmatic tests and validation of model approaches through detailed analysis of model output, benchmarks and comparative studies. 
o Review and development of model documentation and user guides. 
o Assistance with independent external reviews of client internal risk model parameterisation, output and validation. 

Assistance with the actuarial valuation of technical insurance liabilities for several German insurance companies, using ResQ.

Adriaan Ras