Conduct & Compliance Regulatory Consultant - Insurance

Job description

Who we are looking for

The world of Risk and Regulation has been going through a period of fundamental change - it continues to evolve in a fast moving political and commercial environment as do the businesses it affects. We are working across the financial services sector with our clients dealing with the impacts and adaptations required - join us on the journey and be part of creating a new and relevant financial services industry. The Insurance Risk and Regulatory team has significant growth plans and is looking to expand its leading regulatory business.

We are looking for individuals at Senior Manager grade who have relevant experience and knowledge of conduct & compliance regulation in the insurance market to advise and deliver regulatory change projects to our large number of clients in this sector. PwC is the leading advisory firm in this space and our team is expanding and looking for additional talent to supplement the team with conduct & compliance knowledge and experience.

Background to the Insurance Regulatory Market

The regulatory environment for the insurance industry in the UK is continuously changing and the expectations of regulators are increasing. Recently firms have had to adapt their business models to changes arising from Brexit, the challenges of Covid-19 (both operationally and financially), and the enduring low yield environment. As well as an ever changing macro environment, insurers and brokers are having to navigate complex regulation whilst seeking to achieve their strategic goals in a competitive market. The treatment of vulnerable customers, plans on consumer duty, new rules for general insurers on pricing and the long term effects of pension freedoms for life insurers are just some of the areas where compliance and regulatory specialists are having to guide businesses on the requirements and expectations of regulators.

Further change is also coming. The UK government continues to look to position the UK for long-term growth and to enhance international competitiveness in a post-Brexit era, including reviewing the role of regulators and the current suite of regulation. Operational resilience requirements are being rolled out and climate change, culture, and inclusion and diversity are areas of regulator focus, raising the bar of expectation for market participants. Firms are keen to understand these upcoming regulatory changes and will require support in implementing them.

Capital providers continue to seek opportunities within the insurance sector, leading to investment and M&A activity, as such there is a high demand for regulatory diligence and post-deal services. Firms are therefore looking for support with regulator engagement and approval processes as businesses startup or undergo major change. Client's value the knowledge, insight and regulatory relationships that we hold.

Working within our Team

As the leading provider of professional services to the insurance industry, PwC works with all of the leading insurers in the UK. 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 brokers and provide advice on innovative solutions. As a team we work collaboratively on projects, often with colleagues from other specialisms. We also aim to empower 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.

Responsibilities

The responsibilities will vary depending upon the client and the engagement profile. Amongst others, you will be:

• Leading teams on engagements - acting as team leader on engagements and being responsible for day-to-day liaison and building meaningful relationships with clients;

• Being responsible for the production of regulatory analysis and reports, coaching others and reviewing / owning the end deliverable;

• Whilst being agile and working across a range of different subjects and projects, it is usual for a senior manager to have or develop a specialism where you will become a 'subject matter expert' on aspects of regulation;

• Designing and assessing key systems and controls for demonstrating compliance with applicable regulations based on own knowledge and experience;

• Directing technical research, and supporting the evaluation of how regulatory changes may impact clients or industry groups;

• Managing and directing the development of marketing materials and sales activities and supporting more senior team members with marketing campaigns and client discussions;

• Maintaining client contact programme with senior client staff, relationship building and networking with clients and internally across PwC;

• Participating in PwC's Thought Leadership; taking a leading role in the development and delivery of client engagements; and

• Being a senior / leading member of the team more broadly, contributing to aspects of the running of the team (distinct from individual engagements), and supporting the personal development of more junior team members.

Requirements

The following skills are required for this role:

Essential skills:

• Prior knowledge of the insurance sector, including a strong understanding of conduct regulation and regulatory expectations faced by insurers and brokers;

• Experience advising, supervising or working for insurers/brokers in either a risk and compliance or regulatory capacity;

• An ability to understand, interpret and communicate complex regulation to a range of audiences;

• Strong client handling and relationship management skills;

• Strong written and verbal communication skills;

• Experience of problem solving and ability to implement and deliver solutions tailored to clients' needs; and

• Experience in leading or supervising others to deliver multiple projects on time and to a high quality.

Desirable Skills:

The range of technical skills our clients are looking for is broad. Whilst we welcome applications from all those who fit with the responsibilities and essential skills set out above, we particularly would welcome applicants with skills in one or several of the following areas:

• IDD; Product Oversight and Governance, Pricing, COBS

• Conduct risk frameworks, including product governance;

• Regulated activities and regulatory permissions;

• Governance requirements and expectations;

• Prudential requirements for brokers, including Threshold Condition 2.4 assessments;

• Experience in undertaking or reviewing regulatory processes e.g. approvals and notifications; and

• Experience in designing, implementing or reviewing risk management frameworks for insurers and brokers.

Risk
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 Deal
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Diversity
Valuing Difference. Driving Inclusion.

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 because creating value through diversity is what makes us strong as a business, enabling us to solve important problems and deliver value to our clients. We encourage an inclusive culture where people can be themselves, are valued for their strengths and are empowered to be the best they can be. As an organisation with an increasingly agile workforce, we also support different ways of working offering flexible working arrangements. Learn more here about our work to support an inclusive culture.