Mbongeni Madela
Risk Analyst
Cape Town
Summary
Seasoned Risk Analyst with over eight years of comprehensive experience identifying and analyzing areas of potential risk threatening success of investment and insurance companies. Methodical and meticulous professional polished in identifying potential losses and making recommendations to limit risk through process and control improvement. Holistic perspective on governance value chain through integration of second and third lines of defense perspectives. Good quantitative and critical thinking abilities paired with knowledge ISO 31000.
Overview
18
18
years of professional experience
6
6
years of post-secondary education
Work History
Risk Analyst
Allan Gray Proprietary Limited
08.2019 - Current
- Completed a two year Allan Gray Leadership Development Program
- Compiled and put in place risk profiles for group subsidiaries that did not exist before, i.e. Life entity and African businesses.
- Communicate and familiarised risk profiles with relevant executive management.
- Maintenance and continuous improvement of business risk profiles.
- Assist the Group Head of Risk with enhancing the Group Enterprise Risk Framework/System.
- Assist the Group Head of Risk with identification and reporting of key risks in the organisation.
- Good understanding of legislative environment affecting Group entities.
- Establishing and maintaining stakeholder relationships with first line managers and executive management risk owners.
- Assist with the compilation of the annual Own Risk and Solvency Assessment process for the life insurance company from risk perspective.
- Work with compliance function to understand key legislation issues and provide risk advisory.
- Understanding business processes, identifying associated risks and root cause analysis.
- Play advisory role to business in process and control improvement.
- Compiling risk reports and presenting risks to relevant management committees.
- Mentoring junior risk analyst.
Enterprise Risk Officer
Old mutual wealth management
07.2014 - 12.2017
- Successfully implemented Enterprise Risk Management Framework in two of important business within the group, being Multi-Manager Asset Management and Stockbroking businesses where none existed before.
- Played a key role in the successful implementation of Board Notice 158 for the life insurer business.
- Highlighted risk of poorly integrated business continuity plans for the Old Mutual Wealth Group and oversaw subsequent enhancement of these plans.
- Supported the Head of Risk in Old Mutual Wealth to implement the Old Mutual Group Enterprise Risk Framework and policies
- Implemented risk framework for Hedge Funds for Management Company per Board Notice 52
- Core portfolio included a life insurer, a multi asset manager, collective investment scheme, in-house asset manager and Category I FSP
- The main responsibilities of the role included: Creation and maintenance of risk logs for assigned business units and subsidiaries
- Establish and maintenance of stakeholder relationships with key operations and executive management
- Engage and challenge management on the assessment of their risks
- Compiling risk reports and presenting these at respective board of directors
- Designed and managed the process of policy attestations which entailed business units assessing and attesting to level of compliance with group policies
- Managed relationship with co-assurors (internal audit, external audit, compliance) for my portfolio of entities
- Managed relationship with the regulator for my portfolio of entities
- Ensured robust management of outsourced risk as this was one of the top risks in the portfolio
- Played a key role in the development the ORSA (Own Risk and Solvency Assessment) for the life insurer and led the 2017 ORSA report submission
- Facilitating reporting, escalation and reporting of risk events in the business
- Creating awareness of policy changes
- Holding training and awareness presentation for staff and management on ERM framework to enhance risk culture
- Coach junior staff trainees in the Old Mutual Chartered Accountant Program.
Senior Auditor/Audit Manager
Old mutual life Assuarance Company
07.2006 - 06.2014
- Reviewed Risk Functions across the Emerging Markets against group standards and regulatory requirements and was part of the subject matter lead team. The reviews included countries such as Namibia, Kenya, Zimbabwe, etc.
- Areas of expertise over this period includes: Corporate Governance (Risk, Compliance and general good practice governance reviews); Finance processes, Asset management, Actuarial Valuation
- These focus areas span across different business types, i.e
- Retail, institutional, asset management and distribution
- I’ve covered jurisdictions other than South Africa, i.e
- Namibia, Malawi, Kenya and Zimbabwe
- Old Mutual Wealth, Retail distribution and Customer Service business areas
- My core responsibilities particularly as a manager included the following: Assist senior management team with the compilation of risk based audit plans for my portfolio
- Responsible for executing audit assignments which includes these key elements: Planning audit engagement; Managing junior staff in the team; Stakeholder engagement; Report writing of findings
- Ensuring quality standards and adherence to audit methodology
- Ensuring delivery of audits within timelines and budgets.
Education
Bachelor of Accounting science Honors -
University of South Africa
01.2005 - 03.2006
bachelor of commerce Accounting -
University of The Western Cape
01.1997 - 04.2001
Certificate in risk management -
University of Cape Town
01.2018 - 12.2018
Skills
Report Writing
Verbal and written Communication
Root Cause Analysis
Microsoft 365 suite
Coaching
Accomplishments
- Risk Analyst – Allan Gray
- Successfully completed a 2-year Allan Gray Leadership Development Program in 2023.
- Implemented the risk profiles for subsidiaries where none existed before and socialized enterprise risk management framework in these businesses.
- Enterprise Risk Manager – Old Mutual Wealth
- Successfully implemented Enterprise Risk Management Framework in two of important business within the group, being Multi-Manager Asset Management and Stockbroking businesses where none existed before.
- Played a key role in the successful implementation of Board Notice 158 to a life insurer business.
- Implemented enhancements to quality of reporting to group governance structures, in particular the various boards.
- Implemented risk framework for Hedge Funds for a Management Company per Board Notice 52 of Collective Investment Schemes Act.
- Played a leading role in the submission of first 2017 ORSA.
- Acted as Lead for Risk Function and successfully facilitated the first FSB visit for Hedge Funds in 2017.
- Highlighted the severe risk of poor Health and Safety Plan and oversaw the implementation and formalization of the H&S plan and became H&S Committee member.
Affiliations
- Certified internal auditor, institute of internal auditors
- Individual member, institute of risk management south africa
Timeline
Risk Analyst
Allan Gray Proprietary Limited
08.2019 - Current
Certificate in risk management -
University of Cape Town
01.2018 - 12.2018
Enterprise Risk Officer
Old mutual wealth management
07.2014 - 12.2017
Senior Auditor/Audit Manager
Old mutual life Assuarance Company
07.2006 - 06.2014
Bachelor of Accounting science Honors -
University of South Africa
01.2005 - 03.2006
bachelor of commerce Accounting -
University of The Western Cape
01.1997 - 04.2001