Prudential Manager - Insurance / Asset & Wealth Management Regulation

Job Description

Who we are looking forThe 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 financialservices 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.PwCs Insurance, Asset and Wealth Management Risk and Regulatory team has significantgrowth plans and is looking to expand its leading prudential regulatory business. The team is looking for ambitious and dedicated candidates at Manager level who have gained prudential regulatory experience in the insurance and / or asset and wealth managementsectors. Individuals with experience and familiarity with the Solvency II, ICAAP, CRD IV, BIPRU and the EBAs proposals for a new prudential regulatory framework for investment firms are needed. We typically apply this knowledge in the context of regulatoryreviews, business restructuring, new business set up and transactional work.Our team offers the opportunity to work across all three of our focus sectors so that you can widen and deepen your prudential experience.Background to the Insurance, Asset and WealthManagement RegulatoryEnvironmentThe regulatory environment for the financial services industry in the UK is continuously changing.Recently firms have had to adapt their business models to changes arising from Brexit, the challenges of Covid-19 (both operationallyand financially), the current low yield environment and applying and embedding the Senior Manager and Certification Regime (SM&CR). In an ever changing environment, firms in our focus sectors are having to continue to navigate the complex prudential regimes,laid out inSolvency II, CRD IV and implemented into UK regulation. This includes the way firms structure their capital, manage their risk and capital requirements and how they manage their supervisory relationships both in the UK and internationally.Yet, theregulatory environment continues to evolve. Following its implementation in 2016, Solvency II is now going through its first major review on the Continent, whilst the UK Government has also instigated a review of Solvency II, recognising that the UK is nolonger bound by a single maximum harmonising European Directive. The EBAs proposals for a new Investment Services Prudential Regime will affect asset managers and wealth managers / advisers from the end of 2021. Beyond Solvency II and IFPR, actual and expectedregulatory developments continue, including in the areas of operational resilience, climate change and recovery and resolution planning. Firms are keen to understand these upcoming regulatory changes and will require support in implementing them.Capital providerscontinue to seek opportunities within the insurance, asset management and wealth management / advice sectors, leading to investment and M&A activity, as such there is a high demand for regulatory diligence and capital structuring services, as well as for supportwith regulator engagement and approval processes as businesses startup or undergo major change. Clients value the knowledge, insight and regulatory relationships that we hold.Working within our TeamAs the leading provider of professional services to the insurance,asset and wealth management sectors, PwC works with all of the leading insurers, asset and wealth managers in the UK. If successful, you will work on a range of exciting projects across many areas of the regulatory spectrum gaining a diverse understandingof the risks faced by insurers 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 thoseareas through on the job learning and mentoring. You will also have access to PwCs market leading development framework in order to get full support through your personal development.Responsibilities The responsibilities will vary depending upon the clientand engagement profile. Amongst others, you will be: 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 engagements, or supportingmore 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; Developingspecialist 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 demonstratingcompliance with applicable regulations; Technical research, analysing current and emerging regulation and supporting an assessment of their impact on a client or the sector generally; Communication of regulatory findings, verbally and written, to clients ina 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.RequirementsThe following skills are required for thisrole:Essential skills Knowledge of the insurance, asset or wealth management sector, including an understanding of prudential regulation (Solvency II and / or CRD IV and IFPR) and regulatory expectations faced by insurers, asset or wealth managers; Insurance,asset or wealth management regulatory experience, gained through working at a regulated firm or regulator, or within a professional services firm or similar; Ability to manage and deliver against deadlines while working on multiple projects; Strong writtenand 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.Desirable SkillsThe range of technical skills our clientsare 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: Accounting or actuarialexperience / qualifications; Solvency II Pillar 3 reporting experience e.g. in producing or reviewing the content of QRTs, SFCRs, RSRs and ORSAs; ICAAP, CRD IV, COREP reporting as well as elements of the broader FCA regime and requirements. Experience in undertakingor reviewing regulatory processes e.g. approvals and notifications; Knowledge / experience of capital management and/or capital structuring, including managing capital at Lloyds and the associated processes and requirements; Knowledge /