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Insurance - Prudential Regulatory Consultant - Senior Manager

Posted: 5 Feb 2021 Closes: 7 Mar 2021
Bristol, Edinburgh, London, London Region UK Competitive
Permanent & Full-time -1095696900

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. 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 Senior Manager 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, 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 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.


The responsibilities will vary depending upon the client and the engagement profile. Amongst others, you will be:
  • Leading teams on engagements - acting as team leader on engagements and being responsible for day-to-day liaison and building meaningful relationships with clients;
  • Being responsible for the production of regulatory analysis and reports, coaching others and reviewing / owning the end deliverable;
  • Whilst being agile and working across a range of different subjects and projects, it is usual for a senior manager to have or develop a specialism where you will become a 'subject matter expert' on aspects of regulation;
  • Designing and assessing key systems and controls for demonstrating compliance with applicable regulations based on own knowledge and experience;
  • Directing technical research, supporting responses to consultation papers from relevant regulatory bodies;
  • Managing and directing the development of marketing materials and sales activities and supporting more senior team members with marketing campaigns and client discussions;
  • Maintaining client contact programme with senior client staff, relationship building and networking with clients and internally across PwC; and
  • Participating in PwC's Thought Leadership; taking a leading role in the development and delivery of client engagements.

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 either a 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 others 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 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.


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