Senior Associate Risk Assurance Insurance Regulation
Customer outcomes - Alongside the implementation of IDD, the FCA have been increasingly focused on the fairness of customer outcomes, and in particular ensuring adequate protections for vulnerable customers, and the fairness of pricing practices within the General Insurance industry. To an extent not previously seen, there is therefore the need for insurers and distributors to ensure fair customer outcomes are embedded into: the governance of a firm; the design of a firm’s systems and processes; and the culture of a firm. This is a key area in which our team supports clients.
Operational resilience - The operational resilience of firms is also an increasing area of focus for both the PRA and FCA. High profile operational failures in other sectors (such as banking), has meant the insurance sector is also coming under increasing scrutiny, with more thoughtful and sophisticated operational recovery plans needed, which align to both modern day ‘on demand’ customer expectations and evolving operating models including use of global infrastructure, third party outsourcing and new technology e.g. cloud based systems.
Changing business models - Competition and the availability of capital within the insurance sector remains at a record high and as such firms are being forced to seek out new ways of competing. This can be in the form of process efficiency savings, creating and leveraging greater customer insight, or building scale and diversification. Each of these has the possibility of being beneficial or detrimental to policyholders, depending on how they are undertaken. We support firms in developing and implementing plans which would align to regulator expectations and in supporting regulator engagement on such major initiatives. One specific aspect of this is the use of technology by compliance functions, where we assist clients to explore the use and application of “Reg-Tech” solutions to support and enhance regulatory processes.
(Re)Structuring - Regulation continues to be a key driver and consideration of global transformational programmes. We continue to provide advice to support global insurers and startups in successfully obtaining authorisation to trade, help them rationalise their legal structures in light of regulatory uncertainties and implement operating model changes that meet the ever-increasing regulatory expectations.
As the leading provider of professional services to the Insurance industry, PwC works with all of the leading insurers in the UK and 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 that the industry is facing.
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 and mentoring. You will also have access to PwC’s market leading development framework in order to get full support through your personal development.
Supporting more senior team members in the delivery of projects;
Preparing regulatory analysis and contributing to client reports;
Being a knowledgeable advisor to clients relating to areas of regulation;
Identifying and documenting key controls for demonstrating compliance with applicable regulations and contributing to the assessment of these;
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; and
Building meaningful working relationships with clients and internally across PwC through client engagements and networking.RequirementsThe following skills are required for this role:Essential skills:
Prior knowledge and experience of insurance sector, including a working understanding of risk 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; and
Experience of problem solving and being able to develop solutions tailored to clients’ needs.We may consider individuals who do not have insurance specific knowledge but who have broader Financial Services (FS) knowledge and regulatory experience.Desirable Skills: 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 working in a compliance function, preferably with and insurer or broker;
Project assurance and/or project management expertise;
Experience of regulatory processes (e.g. authorisations, change of control process, Part VII Transfers);
Experience designing and reviewing regulatory functions and processes;
Experience with risk management frameworks and governance, particularly in relation to customer outcomes and conduct risk;
Experience with conduct risk monitoring including product governance, distribution models and sales process; and
Experience implementing or managing compliance with the Senior Manager & Certification Regime.
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.
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