Senior Associate Risk Assurance Insurance Regulation

04 Nov 2019
28 Nov 2019
Contract Type
Full Time
A career within Regulatory Risk and Compliance services, will provide you with the opportunity to help companies rethink their approach to risk and create a sustainable risk advantage. We're a part of a unique client proposition, assisting our clients develop proper internal controls by leveraging analytics and technology solutions to underpin efficient execution of governance, to optimise their risk and compliance policies and processes, and improve business performance.Who we are looking for

PwC's Risk 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

Background to the Insurance Regulatory Market

The 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 for 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
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.

The 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
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
- 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