Skip to main content

Prudential Manager - Insurance / Asset & Wealth Management Regulation

Posted: 5 Feb 2021 Closes: 7 Mar 2021
Bristol, Edinburgh, London, London Region UK Competitive
Permanent & Full-time -1450423801

Job description

Who we are looking for:

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.

PwC's Insurance, Asset and Wealth Management Risk and Regulatory team has significant growth plans and is looking to expand its leading prudential regulatory business. The team is looking for ambitious and dedicated candidates at Manager level who have gained prudential regulatory experience in the insurance and / or asset and wealth management sectors. Individuals with experience and familiarity with the Solvency II, ICAAP, CRD IV, BIPRU and the EBA's proposals for a new prudential regulatory framework for investment firms are needed. We typically apply this knowledge in the context of regulatory reviews, business restructuring, new business set up and transactional work.
Our team offers the opportunity to work across all three of our focus sectors so that you can widen and deepen your prudential experience.

Background to the Insurance, Asset and Wealth Management Regulatory Environment:

The regulatory environment for the financial services 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, firms in our focus sectors are having to continue to navigate the complex prudential regimes, laid out in Solvency II, CRD IV and implemented into UK regulation. This includes the way firms 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. The EBA's proposals for a new Investment Services Prudential Regime will affect asset managers and wealth managers / advisers from the end of 2021. Beyond Solvency II and IFPR, actual and expected 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, asset management and wealth management / advice sectors, 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, asset and wealth management sectors, PwC works with all of the leading insurers, asset and wealth managers 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.
The responsibilities will vary depending upon the client and engagement profile. Amongst others, you will be:
  • Building meaningful relationships with clients and internally across the PwC network through client engagements and networking;
  • Being the main client contact and lead manager on engagements, or supporting more senior
  • team members in this role on larger or more complex projects;
  • Coaching more junior team members and reviewing their work;
  • Preparing regulatory analysis and reports;
  • Being agile and working across a range of different subjects and projects;
  • Developing specialist regulatory knowledge and supporting our subject matter experts in delivering insight and expertise in areas of regulation, potentially moving towards being a subject matter expert yourself;
  • Identifying and assessing key controls for demonstrating compliance with applicable regulations;
  • Technical research, analysing current and emerging regulation and supporting an assessment of their impact on a client or the sector generally;
  • Communication of regulatory findings, verbally and written, to clients in a pragmatic and helpful manner;
  • Supporting senior team members in identifying and developing opportunities through marketing and sales activities and client contact programmes with senior client staff.

The following skills are required for this role:
Essential skills:

  • Knowledge of the insurance, asset or wealth management sector, including an understanding of prudential regulation (Solvency II and / or CRD IV and IFPR) and regulatory expectations faced by insurers, asset or wealth managers;
  • Insurance, asset or wealth management regulatory experience, gained through working at a regulated firm or regulator, or within a professional services firm or similar;
  • Ability to manage and deliver against deadlines while working on multiple projects;
  • Strong written and verbal communication skills;
  • Strong client handling and relationship management skills;
  • Experience of problem solving and being able to implement and deliver solutions tailored to clients' needs.

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;
ICAAP, CRD IV, COREP reporting as well as elements of the broader FCA regime and requirements.

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 and maintaining

Risk Assurance

We're a leading provider of trust in the digital world - in the eyes of our people, our clients and our stakeholders. Today's business environment is different. More complex. More connected. Companies not only face new and unknown risks, but also new and untapped opportunities. Our team is at the forefront of this change, join us to be a part of transforming how risk is perceived and capitalised on.
Not the role for you?

Did you know PwC offer flexible contract arrangements as well as contingent work (ie temporary or day rate contracting)?
The skills we look for in future employees

All our people need to demonstrate the skills and behaviours that support us in delivering our business strategy. This is important to the work we do for our business, and our clients. These skills and behaviours make up our global leadership framework, 'The PwC Professional' and are made up of five core attributes; whole leadership, technical capabilities, business acumen, global acumen and relationships.

Learn more here:

Valuing Difference. Driving Inclusion.

We work in a changing world which offers great opportunities for people with diverse backgrounds and experiences. We seek to attract and employ the best people from the widest talent pool because creating value through diversity is what makes us strong as a business, enabling us to solve important problems and deliver value to our clients. We encourage an inclusive culture where people can be themselves, are valued for their strengths and are empowered to be the best they can be. As an organisation with an increasingly agile workforce, we also support different ways of working offering flexible working arrangements. Learn more here about our work to support an inclusive culture.


Share Job