Insurance – Prudential Regulatory Consultant - Director

The world of Risk and Regulation has been going through a period of fundamental change – it continues to evolve in a fast moving political and commercial environment as do the businesses it affects. We are working across the financial services sector with our clients dealing with the impacts and adaptations required - join us on the journey and be part of creating a new and relevant financial services industry. The Insurance Risk and Regulatory team has significant growth plans and is looking to expand its leading prudential regulatory business. We are looking for individuals at Director grade who have relevant experience and knowledge of prudential regulation in the insurance market to advise and deliver regulatory change projects to our large number of clients in this sector. PwC is the leading assurance and advisory firm in this space and our team is expanding and looking for additional talent to supplement the team with prudential and structuring knowledge and experience.

Background to the Insurance Regulatory Market

The regulatory environment for the insurance industry in the UK is continuously changing. Recently firms have had to adapt their business models to changes arising from Brexit, the challenges of Covid-19 (both operationally and financially), the current low yield environment and applying and embedding the Senior Manager and Certification Regime (SM&CR). In an ever changing environment, insurers are having to continue to navigate the complex Solvency II regime, including in the way they structure their capital, manage their risk and capital requirements and how they manage their supervisory relationships both in the UK and internationally.

Yet, the regulatory environment continues to evolve. Following its implementation in 2016, Solvency II is now going through its first major review on the Continent, whilst the UK Government has also instigated a review of Solvency II, recognising that the UK is no longer bound by a single maximum harmonising European Directive. Beyond Solvency II, regulatory developments continue, including in the areas of operational resilience, climate change and recovery and resolution planning. Firms are keen to understand these upcoming regulatory changes and will require support in implementing them.

Capital providers continue to seek opportunities within the insurance sector, leading to investment and M&A activity, as such there is a high demand for regulatory diligence and capital structuring services, as well as for support with regulator engagement and approval processes as businesses startup or undergo major change. Client’s value the knowledge, insight and regulatory relationships that we hold.

Working within our Team

As the leading provider of professional services to the insurance industry, PwC works with all of the leading insurers in the UK. If successful, you will work on a range of exciting projects across many areas of the regulatory spectrum gaining a diverse understanding of the risks faced by insurers and provide advice on innovative solutions. As a team we work collaboratively on projects, often with colleagues from other specialisms. We also aim to empower individuals to seek areas of focus, supporting development in those areas through on the job learning and mentoring. You will also have access to PwC’s market leading development framework in order to get full support through your personal development.

Responsibilities

You will:

• Be a member of the Insurance Risk and Regulatory proposition leadership team, contributing to the setting of the strategy for the team and leading the delivery of parts of the strategy;
• Take a lead role in managing the delivery of some of our largest and most complex projects, working closely with engagement partners;
• Be the lead responsible person for projects not requiring direct partner oversight, you will have full oversight responsibility for these projects, including signing on behalf of the firm;
• Be responsible for parts of our go-to-market strategy, developing propositions, coaching and developing the team and marketing our services to clients;
• Build and maintain client relationships relevant to our team, building deep and trusted relationships with the most senior people at our clients and working as part of account teams with colleagues from other specialisms;
• Lead and contribute to thought leadership in areas of emerging and evolving regulation;
• Contribute to the operational running and development of the team, through involvement in recruitment, training, mentoring and other areas.

Requirements

The following skills are required for this role:

Essential skills:

• Prior knowledge of the insurance sector, including a strong understanding of prudential regulation (Solvency II) and regulatory expectations faced by insurers;
• Experience advising, supervising or working for insurers in a senior risk or regulatory capacity;
• An ability to understand, interpret and communicate complex prudential regulation to a range of audiences;
• Strong client handling and relationship management skills;
• Strong written and verbal communication skills;
• Experience of problem solving and ability to implement and deliver solutions tailored to clients’ needs; and
• Experience in leading or supervising teams to deliver multiple projects on time and to a high quality.

Desirable Skills:

• The range of technical skills our clients are looking for is broad. Whilst we welcome applications from all those who fit with the responsibilities and essential skills set out above, we particularly would welcome applicants with skills in one or several of the following areas:
• Accounting or actuarial experience / qualifications;
• Solvency II Pillar 3 reporting experience e.g. in producing or reviewing the content of QRTs, SFCRs, RSRs and ORSAs;
• Experience in undertaking or reviewing regulatory processes e.g. approvals and notifications;
• Knowledge / experience of capital management and/or capital structuring, including managing capital at Lloyd’s and the associated processes and requirements;
• Knowledge / experience of modelling, maintaining or reviewing external credit ratings; and
• Experience in designing, implementing or reviewing risk management frameworks for insurers.

Risk
Risk is all around us and in our complex world, is changing all the time. Our teams bring people from diverse backgrounds together, using their skills and cutting-edge technology, to help solve complex problems. We are pioneers in a world of changing risk and our market leading services build resilient organisations. Join us and together, we can support our clients to rethink risk.

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