Insurance Regulation Senior Associate
Line of service
Senior Associate/Senior Consultant
Financial Services Risk and Regulation - Risk and Prudential
Financial services risk and regulation
Who we are looking forPwC's Assurance practice is growing their capability within the Insurance Regulatory space and is looking to recruit individuals at Senior Associate grade, who have relevant experience and knowledge of the insurance market to advise and deliver 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.
Background to the Insurance Regulatory MarketOver the past 8 years, insurance regulatory projects have been largely related to understanding and implementing Solvency II. As the regulatory landscape shifts from Solvency II implementation, we continue to advise our clients on a wide range of prudential regulatory issues including Internal Model Approval Process, Model Validation and Risk Management Effectiveness as well as helping our clients understand the regulatory and capital implications of structuring and M&A deals.
With Brexit now firmly in insurers’ minds, we continue to provide advice on European and global regulation, advising clients on their legal entity restructuring and rationalisation, authorisations and capital optimisation. The insurance deals market is also active and the regulatory aspects of due diligence are often some of the biggest hurdles that potential buyers need to clear in order to complete a transaction.
In addition, the value insurers offer to their clients and quality of their services and products continues to be scrutinised by the FCA’s continued focus on the customer. Clients continue to focus on fair treatment of customers, governance over the distribution chain and implementation of the Insurance Distribution Directive early in 2018.
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 aim to provide autonomy for individuals to seek areas of focus, supporting development in those areas through on the job learning. You will also have access to PwC’s market leading development framework in order to get full support through your personal development.
As the leading provider of professional services to the Insurance industry, PwC works with all of the leading insurers and also has a heavy presence in the mid-tier, broking, mutual, life and pensions and London markets. Through this we have an excellent understanding of the challenges which the industry is facing.
- Supporting the team in developing opportunities through marketing and sales activities
- Building meaningful working relationship with clients and internally across PwC through client engagements and networking
- Supporting the team on engagements by preparing regulatory analysis and reports
- Being a knowledgably advisor to clients relating to areas of regulatory services
- Support the team in identifying and documenting key controls for demonstrating compliance with applicable regulations
- Assist technical research by supporting the responses to consultation papers from relevant regulatory bodies
- Aid the team in communication of regulatory findings, verbally and written, to clients in a pragmatic and helpful manner
RequirementsThe following skills are required for this role:
- Educated to degree level coupled with further relevant professional qualifications (ACA, CIMA, CCA, insurance industry qualification or equivalent)
- Prior knowledge and experience of insurance sector, including a working understanding of risk, capital or conduct management processes and procedures
- Insurance or other FS regulation experience
- Strong written and verbal communication skills are imperative
- Client handling and relationship management skills are essential
- Experience of problem solving and being able to develop solutions tailored to clients’ needs
Previous experience in a role auditing or supervising insurance companies would be particularly relevant
The range of technical skills our clients are looking for is broad. We need individuals with skills in one or several of the following areas:
- An ability to understand, interpret and communicate complex regulation
- Experience of regulatory capital requirements
- Project assurance and project management
- Experience of model assurance and validation
- Designing and reviewing regulatory disclosures and market reporting
- Experience with risk management frameworks and governance
- Rating agency requirements
- Conduct Risk monitoring including product governance, distribution models and sales process
- Insurance Distribution Directive