As a wholly-owned subsidiary of the African Reinsurance Corporation Group, African Reinsurance Corporation (South Africa) Limited (“Africa Re South Africa” or “ARCSA”) is responsible for writing both treaty and facultative business in South Africa, Lesotho, Botswana, Swaziland and Namibia. ARCSA opened as a representative office in 1995 and delivers reinsurance solutions for all classes of business. It was incorporated in late 2003 and commenced business in 2004 as a separately capitalised subsidiary.
ARCSA is regulated under the joint regulatory regime of the South African Reserve Bank Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA). The Company currently transacts non-life reinsurance business as duly licensed under the Insurance Act, 2017 and is due to commence life reinsurance business following the variation granted on its licence in June 2021.
Africa Re Group provides a parental guarantee to ARCSA.
Internal Audit Function is currently outsourced to the Africa Re Group’s Internal Audit Department located at Africa Re’s Head Office.
The Group Internal Audit, for this function, proposes a risk-based audit plan, conducts reviews of ARCSA, monitors the implementation of previous audit recommendations, and reports to the Audit Committee of the Board. The Group Director of Internal Audit serves as head of ARCSA’s Internal Audit Control function for statutory purposes.
The Consultant or Consulting Firm, herewith both called the “Consultant”, who shall perform the Internal Audit function is expected to provide independent assurance to the Audit Committee of the Board of ARCSA, ARCSA Executive Management and other stakeholders on the adequacy and effectiveness of risk management, controls and governance processes in
African Reinsurance Corporation South Africa (ARCSA). As such, the Consultant will:
- evaluate and contribute to the improvement of risk management, control, and governance processes using a systematic and disciplined approach,
- assist the Company in maintaining effective controls by evaluating their effectiveness and efficiency and by promoting continuous improvement,
- monitor the Company’s progress in implementing the audit recommendations, and
- work on an adoc basis on specific audit mission which may be requested by ARCSA Management, Group Management, the Audit Committee or the PA.
The Consultant will be required to adhere to the terms of reference stated below and where necessary expand the scope.
4. SCOPE OF THE WORK
6. EVALUATION PROCESS AND SELECTION CRITERIA
7. PRESENTATION OF TENDER
8. COMPANY AND OTHER GENERAL REQUIREMENTS
9. CLARIFICATION AND AMENDMENT
10. PROPOSAL SUBMISSION
