Senior Supervisor - Insurance Directorate

20 Sep 2019
10 Oct 2019
Clearance Level
None / Undisclosed
Job Type
The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation. Each of its 4,000 plus people 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 Supervisors in the Insurance Directorate of the Prudential Regulation Authority. The directorate focuses on domestic and international insurance firms, which vary in size, complexity and business model.

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:
  • Lead in supervision work that is intellectually stimulating
  • Gain technical knowledge and skills transferrable across supervision and the wider PRA / Bank
  • Hone your relationship management and influencing skills through owning relationships 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

Essential Skills and Experience
  • Broad understanding of the financial services industry and markets and key regulatory challenges / priorities;
  • Understanding of the role of the Bank of England and the PRA;
  • Strong critical analytical skills - able to analyse large volumes of complex information and exercise judgement to identify and present key risks and issues and to propose alternative solutions;
  • Ability to prioritise work proactively and independently with a clear focus on achieving the PRA's objectives;
  • Strong written and oral communication skills;
  • Strong interpersonal and stakeholder management skills - able to build and maintain relationship with individuals at all levels of 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 Skills and Experience

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)
  • 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

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 10 October 2019.

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 £50-55,000 (subject to experience and skillset)

The total package also includes:
  • A non-contributory, career average pension
  • 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
Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.

We continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Our focus on inclusion is intended to build greater diversity in order to reflect the society we serve and be an employer of choice.