Senior Advisor (Insurance)

Role: Senior Advisor (Insurance)

Contract Length: 36 months initial contract – PART TIME 3 DAYS PER WEEK

Location: Moorgate Building 40% office attendance

The client is the UK\’s central bank. Our mission is to deliver monetary and financial stability for the British people.

The client is a diverse organisation. Each of its 4,000 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 Prudential Regulation Authority (PRA) is the UK’s prudential regulator for deposit takers, insurance companies, and designated investment firms. The PRA is part of the client, overseen by the Prudential Regulation Committee that sits alongside the Financial Policy Committee and the Monetary Policy Committee as the micro-prudential arm of the client\’s policy framework.

The PRA has two primary objectives set by Parliament: a general objective to promote the safety and soundness of regulated firms, and an objective specific to insurance firms for the protection of policyholders.

The PRA also has two secondary objectives; to facilitate effective competition in the markets for services provided by PRA-regulated firms and a new secondary objective to act, where possible, to facilitate the UK economy’s international competitiveness and its growth over the medium to long term, subject to alignment with international standards.

Role of the Senior Advisors

Senior Advisors at the PRA provide advice, support, and constructive challenge to the way the PRA and the wider client works, operates, and exercises its judgement. Senior Advisors do not have line management or staffing responsibilities, but they often offer coaching, mentoring and career development to some PRA staff as part of their role.

Specific Role requirements:

• The PRA is seeking to appoint a Senior Advisor with industry experience of operating at senior levels and in particular experience of traded risk or wholesale banking, for example through previous senior management roles in investment banking firms, banks with significant wholesale activities, or equivalent roles in relevant advisory firms.

• Drawing on their own networks and experience, the Senior Advisor will support policy and supervision colleagues across the PRA, providing independent advice and challenge to help the PRA assess topics that impact the banking sector and the wider financial system, and to help supervisors pursue key issues in their supervision of individual firms.

• The role of the senior adviser includes providing advice and guidance to PRA executives on key challenges which firms are facing, working closely with colleagues who are developing policy, or advising supervisors on banking sector matters, especially those in investment banking or wholesale banking. It includes contributing to the PRA’s assessment and response to sector-wide risks and working with supervisors on high-profile individual firm supervision priorities. Senior advisors also participate in interview panels for prospective senior managers of PRA-regulated firms and provide independent challenge on decision-making panels.

• The Senior Advisor will be expected to build and maintain key external relationships, including relevant stakeholders in industry and other relevant organisations, to help inform the PRA’s work on both known and emerging risks.

The successful applicant will have the ability to:

• Advise, support, and challenge PRA staff in their supervision of individual firms, the wider banking sector, and the UK financial system as a whole.

• Digest and synthesise information quickly, think critically to reach reasoned and robust conclusions, and communicate effectively.

• Be independent-minded and contribute constructively to well-informed debate on how to advance the PRA’s objectives and the client’s mission.

• Influence strategies to deliver the PRA’s primary and secondary objectives by advising the PRA’s senior decision-making bodies and developing good working relationships and practices across the organisation to support sensitive and complex projects.

• Work collaboratively with a range of staff including those at the start of their career through to PRA senior management, to support the PRA in achieving good supervisory outcomes.

• Handle highly confidential and commercially sensitive information appropriately.

• Adhere to the client’s Code of Conduct for staff, which can be found on the Bank’s website. Candidates should carefully consider whether their circumstances may give rise to an actual or perceived conflict and declare this on their application, so that the Bank can consider how any potential conflicts might be addressed or managed.

Essential criteria:

• Experience of market and counterparty risk, or wholesale credit risk gained by operating strategically at senior executive and/or board level, and with a broad understanding of relevant market practices in investment banking or wholesale banking.

• Experience at board level in executive leadership roles in the regulated firms or other equivalent roles.

• Previous experience at operating at C-suite or partner level in an advisory firm.

• An understanding of or a commitment to learning PRA’s objectives, and its regulatory and supervisory approach, and a commitment to helping the PRA achieve its statutory objectives.

• Familiarity with the concepts and frameworks relating to prudential supervision and risk management in the banking sector.