Supervisor - Insurance Supervision

  • Location

    London

  • Sector:

    Banking, Financial Services, Insurance

  • Salary:

    £36,000 to £41,500 (subject to experience and skillset)

  • Published:

    about 2 months ago

  • Expiry date:

    2020-12-01

  • Client:

    #

About:

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people. It is a diverse organisation. Each of its 4,000 plus staff are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

The Insurance Supervision Directorate promotes the safety and soundness of over 500 insurers operating in the UK. This includes general insurers, life insurers, friendly societies and the London market. We help identify and mitigate potential risks before they can have an adverse effect on policyholders and financial stability. We face a complex and challenging task, one that presents numerous opportunities to protect policyholders and UK financial stability and one that delivers real and lasting benefits to society.

Department Overview

We are looking to recruit a number of supervisors in the Insurance Directorate of the Prudential Regulation Authority. Supervisors identify, analyse and mitigate risks to the safety and soundness of insurers. They form judgements on the risks that a firm poses to the PRA’s objective and how to address any shortcomings.  Our supervisors come from a diverse range of backgrounds including the financial services industry, consulting and business advisory, accountancy, actuarial, compliance, non-financial industries, other parts of the PRA and the wider Bank.

Insurance Directorate is fully committed to diversity and equality for all staff. This role can be carried out as part of a job-share arrangement and / or with flexible working. Applications are invited from staff who work, or wish to work, part-time, as well as those who wish to work full-time. Join us, and you will get the training, support and tailored working options to build a lasting career within the PRA or the wider Bank. 

Job description

Supervision roles offer you the opportunity to work in a varied and challenging environment and to put your analytical, problem solving and professional skills into practise. Supervisors implement the PRA’s risk framework, which provides a structure for work that we need to undertake when forming our judgements. We expect our supervisors to develop and maintain technical competencies across the elements of the risk framework, to be able to form informed judgements on the firms’:

  • Business strategy and performance

  • Systems of governance

  • Financial risk management (market, credit, insurance)

  • Risk management and system of controls

  • Capital / solvency and liquidity; and

  • Recovery and resolution arrangements.
    More generally, you will get an opportunity to:

  • Carry out supervision work that is intellectually stimulating;

  • Gain technical knowledge and skills transferrable across the supervision and the wider PRA/ Bank;

  • Hone your relationship management and influencing skills with challenging internal and external stakeholders, including senior management and Board members;

  • Work closely with specialists across the organisation (actuarial, risk management, policy, legal);

  • Gain a unique insight into the financial services industry, financial markets and the UK regulatory system;

  • Contribute to ad hoc departmental and divisional initiatives and to take forward topical thematic issues or explore new ways of working.

Role Requirements

Minimum (Essential) Criteria:

  • Good critical analytical skills – able to analyse complex information and exercise judgement to identify and present key risks and issues;

  • Good written and oral communication skills;

  • Good interpersonal skills – able to build and maintain relationships with individuals at all levels  seniority (internal and external), and to influence and challenge where appropriate;

  • A proven team player, flexible, pragmatic, and willing to help others to achieve results;

  • Ability to present yourself and represent the PRA in a professional and credible manner.

Desirable Criteria

The list below provides a summary of the technical characteristics of the role, and any previous experience will be taken into account:

  • Strategic business analysis;

  • Financial analysis - ability to critically examine firms' financial statements (regulatory and externally reported information, management information);

  • Broad understanding of the financial services industry and markets and key regulatory challenges / priorities;

  • Broad understanding of the role of the Bank of England and the PRA;

  • Knowledge of insurance and / or asset management business models and markets;

  • Financial risk management (credit, market, insurance);

  • Capital / solvency management;

  • Corporate finance and financial structuring;

  • Prudential insurance regulation
    However, the desirable attributes are not essential for a successful application. For those new to supervision, this role will enable you to acquire a broad range of technical competencies and transferable skills. For colleagues with previous supervisory or related background, this could be a way to broaden your experience, deepen technical ability and develop soft skills.

We anonymise applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission. Please complete work history and the application form questions as requested because incomplete submissions will not be reviewed.

The closing date for applications is Tuesday 1 December.

As a unique institution, we have a reward package which sets us apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. We also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives including an on-site medical and dental unit. 

This specific role offers a base salary of c. £36,000 to £41,500 (subject to experience and skillset) 

The total package also includes:

  • A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.  The current cost to the Bank of providing this pension is 35% of your salary.

  • A discretionary performance award based on a current award pool and target award of 10%, with a maximum potential award of 25%

  • A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits 

  • 25 days annual leave with option to buy up to 13 additional days through flexible benefits

  • Private medical insurance and income protection insurance