PwC's Risk Assurance practice is growing its capability within the Insurance Regulatory space and is looking to recruit individuals at Manager 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 to supplement the team with compliance and conduct knowledge and experience.

Background to the Insurance Regulatory MarketThe regulatory environment for the insurance industry in the UK is continuously changing. During 2018-2019, insurers are considering the impact on their business model from changes arising from Brexit, the Insurance Distribution Directive (IDD), the Senior Manager and Certification Regime (SM&CR) and GDPR alongside the ongoing scrutiny and review from their regulators, and making commercial decisions on the acquisition and disposal of businesses within a heavily regulated environment.

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.

Responsibilities

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 smaller 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, supporting the responses to consultation papers from relevant regulatory bodies;

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.

Requirements

Prior knowledge of the insurance sector, including a strong understanding of a relevant area of compliance, structuring or regulation;

Ability to manage and deliver against deadlines while working on multiple projects;

Insurance or other FS regulatory experience, gained through working at a regulated firm or Regulator, or within a professional services firm or similar;

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.

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?

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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 www.pwc.com/uk/careers/experienced/apply

Diversity

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, as well as those who reflect the diverse nature of our society. And we aim to encourage a culture where people can be themselves and be valued for their strengths. Creating value through diversity is what makes us strong as a business and as an organisation with an increasingly agile workforce, we're open to flexible working arrangements where appropriate.

Learn more here www.pwc.com/uk/diversity