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Job Title Insurance
Job descriptionThe Senior Advisors have all had successful and senior executive careers and bring a diverse range of experience to the PRA. Some have a commercial background relating to regulated banks or insurers, often CEO / CFO / CRO or similar, or holding roles within relevant professional services organisations, advising at that level. Others come from a public sector regulatory background – again typically at Director or Executive Director level. They are a diverse group. The objective is to provide a different – and wider - perspective from those working closely on regulatory issues within the PRA. The role is often seen as a logical transition from an executive career towards non-executive director roles, with many parallels to that style of working. Senior Advisors provide challenge and support in a variety of areas, for example by: participating in board assessments and Governance reviews; providing ad hoc advice to PRA senior management; participating in the PRA’s annual review meetings of the largest firms it supervises; sitting on Senior Management Function “fit and proper” approval panels for senior executives at regulated banks and insurers, and participating on project boards. Role Requirements The PRA has a wide ranging work program to assess and mitigate risks to insurers’ financial resilience, from the changing economic, financial markets and claims environment; and a significant policy related agenda as the PRA takes on additional policymaking responsibilities under the Government’s Future Regulatory Framework, including supporting the review of the Solvency II regulatory framework. The PRA is seeking to appoint a Senior Adviser with deep expertise across financial management / regulatory capital and actuarial matters for UK insurers (Life & GI). This Senior Adviser role will focus on supporting and challenging PRA staff across Supervision and Policy, with a particular emphasis on actuarial colleagues, advising on capital / financial risk management and actuarial topics in particular. The Senior Adviser will share their experience from industry with colleagues across the PRA to help the organisation develop its expertise in this area. The Senior Adviser will provide support and guidance to the PRA senior executives on key challenges which firms are facing, working closely with colleagues who are developing policy in this area; undertaking research or supervising UK insurers. The Senior Adviser will maintain and build relationships with key industry stakeholders and other international regulators. The successful applicant will have the ability to: Challenge and probe PRA regulated firms on actuarial and finance topics Digest and synthesise information quickly, think critically, communicate effectively Be independent-minded and contribute to robust and well-informed debate Influence the PRA’s senior decision-making bodies; and develop good working relationships with the organisation’s staff in order to influence and shape outcomes which deliver the PRA’s objectives Engage with PRA senior actuarial colleagues and the IFoA on matters of common interest Essential Criteria The successful applicant will have: Deep knowledge of insurance reporting and disclosure Very extensive experience of finance / actuarial issues in the UK insurance sector including at senior executive and/or board level. Experience developing and overseeing the finance / actuarial / capital management strategy of an organisation or one of its major functions; , Chief Actuary; Chief Risk Officer or equivalent. An understanding of the PRA’s objectives, and its regulatory and supervisory approach Familiarity with the concepts and framework relating to capital / risk / actuarial / financial reporting issues as set out by the PRA, the BoE and FCA Familiarity with international regulatory developments on actuarial matters QualificationsThe Bank values diversity and inclusion – we want to reflect the society we serve better, we want the best people to work for us and we want our workplace to be inclusive. We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation. One way we support diversity and inclusion is through our staff-run networks, which are summarised here. We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working. This role is therefore open to flexible working patterns. We are also committed to making workplace adjustments for all of our employees as needed, and also for candidates throughout all stages of the selection process. We are a member of the Disability Confident scheme, summarised here, and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.