Senior Technical Specialist, Supervision in RETAIL & COMMERCIAL GENERAL INS HOD OFFICE

Job Description

Job Description

In line with the PRA strategic review priorities we have started the implementation of confident and consistent supervision. Additional senior leadership is now necessary across Insurance Directorate to drive through the delivery of horizontal supervision, working alongside supervisors and technical specialists.

The successful candidate will devote a substantial proportion of their time leading the delivery of cross firm supervision across RCGI. We are looking for an individual who bring deep technical expertise and ability to form robust supervisory judgements/ insights/ recommendations. The role holder will require credibility and confidence in interactions with the specialists and leaders at the firms supervised in the Division and as well as the ability to engage effectively with multiple internal stakeholders (IAD, Legal, Policy, Actuarial).

Reporting to the Head of Division, the role holder will form part of the Directorate's leadership team and Divisional Senior Leadership Team need to lead and shape the approach to supervision of firms on a cross firm basis, prioritising the areas of focus, agreeing priorities with Heads of Division.

The role holder would benefit from extensive supervisory experience, or experience in related roles in the bank (FMID, FSSR, markets, banking and policy for example). The role holder will need a track record of delivery and proven strong technical competencies in at least some of the following areas:

• Insurance business model analysis, preferable in general insurance;
• Insurance accounting and financial analysis;
• Capital management, internal model and other Solvency II approvals;
• Insurance, market, credit, liquidity, operational risk;
• Corporate governance, risk frameworks and controls.

The successful candidate will need to give thought leadership in deciding on the balance between risks needing a vertical and horizontal lens and consider and recommend issues that are more effectively tackled on a comparative / cross firm basis rather than in an idiosyncratic manner.

Scale D roles in Insurance carry significant responsibility. The candidate will contribute to the running of the Division and will often deputise for the Head of Division in Directorate-wide meetings.

In RCGI we are looking for a Senior Technical Specialist with management skills. You will provide thought leadership and deep technical expertise to the teams and can be expected to be called on to help with some of our trickiest supervision issues as they arise across the division. You will report to the Head of Division for all aspects of Horizontal supervision.

The objectives of the role holder will be:

• Develop a consistent approach to horizontal supervision within RCGI and across insurance supervision. Develop a framework to ensure linkage between vertical supervision and horizontal reviews.
• In partnership with other specialist and actuarial divisions, design and coordinate data and analytics tools to further our understanding of strengths and weaknesses of firms' business models and risk management capabilities through analysis of MI and regulatory returns.
• Lead pooled projects (nimble and targeted) across the RCGI and liaison with other specialists across the Directorate and the Bank. This includes contributing to dynamic stress testing for general insurance, liquidity reporting, artificial intelligence and other horizontal work. Pooled resources from across the division and develop team members using matrix style management approach.
• Coordinate and liaison with horizontal leads in other divisions part of the Insurance Directorate and consolidate horizon scanning for Risk Committee. This includes risk identification, understanding the impact and identifying firms which would be impacted.
• Develop a network with the wider Bank, including other divisions in Insurance, Banking Supervision, Financial Stability and Policy.

Role Requirements

Essential:

• Problem-solving skills and ability to prioritise and formulate proportionate supervisory responses.
• Strong communication written and oral communication skills, including the ability to explain complex technical topics in a clear and accessible way.
• Track record on building effective networks and partnerships with data, analytical and/or technology units to design and develop analytical tools.
• Personal impact and strong internal and external stakeholder management skills
• Ability to lead, handle and organise multiple projects/ work-streams within tight timelines.
• Strong personal impact and credibility.
• The ability to act independently and effectively lead a programme of work, delivering through others, working flexibly with pooled teams, and providing leadership and direction.
• The ability to manage and motivate a team or project team, creating an inclusive environment and supporting our diversity goals.
• Strong analytical skills and the ability to analyse complex issues, including financial and operational information.

Desirable:

Experience of prudential supervision as relevant to the general insurance sector. Good grasp of the current external environment and developments from Solvency II Reform.

Possession of a professional qualification (e.g. actuarial, accountancy, CFA) may be helpful but is not essential for this role.

Our Approach to Inclusion

The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.

At the Bank of England, we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it's by drawing on different perspectives and experiences that we'll continue to make the best decisions for the public.

We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.

For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the 'Candidate Personal Information' under the 'Disability Confident Scheme' section of the application.

Salary and Benefits Information

The salary scale for this is £87,750 - £101,250 per annum based skills and experience.

We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate.

In addition, we also offer a comprehensive benefits package as detailed below:

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• A 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
• 26 days' annual leave with option to buy up to 12 additional days through flexible benefits.
• Private medical insurance and income protection.

National Security Vetting Process

Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice.

The Application Process

Important: Please ensure that you complete the 'work history' section and answer ALL the application questions fully.All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It's therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.

This role closes on05/08/2024.

The assessment process will comprise of two interview stages.

Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.

About Us

We are the UK's central bank - and we are a bank like no other; known by our peers for our world-leading thinking on policy and strategy.

Our mission is to promote the good of the people of the UK by maintaining monetary and financial stability. We seek to keep prices stable and people's money safe. We know our work matters to people, to families, up and down the UK. We are driven by curiosity and the desire to do important, challenging work.

It takes a great team to run the Bank of England. We rely on each other to play our part. We benefit from a collaborative culture and long-established flexible ways of working, supporting our colleagues balance their work and personal lives. We strive to be a place where people feel they belong and have equal access to opportunities, because different perspectives helps us make the best decisions for the public.

There's much to gain from working with us - from career defining work at the heart of the UK economy, being part of a fantastic team, and a rewarding compensation package.

Join us and find a bank like no other. Together, we can make a difference.

The Bank of England will use and protect the information you provide when you apply for a role with us, in line with our obligations under data protection law. This is so we can assess your suitability for the role and administer your application. If you're successful we'll use it to offer you a position and onboard you to join the Bank.

If you would like more details about how your information will be used and your information rights, please visit our recruitment privacy notice