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Bank of England Supported Hiring – Senior Associate and Technical Specialist, Insurance Policy Division

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Location: London, Threadneedle Street

Opportunity: Supported hiring, with flexible working

Apply by: 25 June 2021 (extended)

The Bank of England is the UK’s central bank. Their mission is to deliver monetary and financial stability for the British people.

The Bank of England‘s Prudential Policy Directorate is partnering with Women Returners for two actuarial based positions (qualified or non-qualified) in their Insurance Policy Division.

The Bank welcomes professionals who have taken an extended career break to apply for these roles. If successful, a returner who has taken a career break of 2+ years will receive coaching support through the transition period from Women Returners. The Bank is fully committed to having a diverse and inclusive working environment and they support their staff in structuring their working arrangements to balance their work-life needs.  This role is open to job shares, flexible (including working from home days) and part-time working patterns.  They also offer many opportunities for training and career development.

The Bank has hired a large number of returners over the last few years. Read Melissa’s story here. Learn more about working at the Bank here.

Department Overview

The Prudential Policy Directorate is responsible for designing, negotiating internationally and implementing effective prudential regulation in order to remove or reduce systemic risks, promote the safety and soundness of PRA-regulated firms and ensure appropriate protection for insurance policyholders. PPD supports both the Prudential Regulation Committee and Financial Policy Committee in fulfilling their objectives.

The Insurance Policy Division works to maintain a strong and coherent prudential regime for UK insurers. They do this by crafting the international and domestic regulatory regimes, and supporting their implementation.

About the roles

These are multifaceted roles spanning technical development and research, relationship management and direct policy negotiation. You will help to craft their approach to insurance regulation with a focus on international engagement. You will develop and present policy papers for consideration by senior committees and publications explaining their policy to industry. You will also regularly brief seniors on specialist topics, ranging from capital requirements to emerging areas such as FinTech, and will represent the Bank in international forums.

The diverse team you will join has three main areas of focus:

  • they are responsible for international engagement in forums such as the IAIS and FSB, for instance on the development of the global Insurance Capital Standard (ICS) and the Holistic Framework for systemic risk in insurance. Their international focus also extends to trade-related issues, such as cross-border flows of business and regulatory equivalence arrangements.
  • they cover policy issues related to the macroprudential supervision of insurers, such as liquidity planning, recovery planning and resolution.
  • they do research on insurance topics in line with the Bank’s evidence-based model for policy development. Some examples of this include empirical investigations into the risk margins in insurance portfolio transactions, analysis of the level of competition in the sector, development of an R tool for analysing reinsurance networks, and analysis of trends such as the use of machine learning and cyber risk underwriting.

When developing policy positions, you will need to collaborate with colleagues from across Insurance Supervision, Prudential Policy and the Legal Directorate, build consensus, and ensure that the policy approach for insurers is consistent with other sectors. You will also support and influence how the PRA supervises insurers through data collections, providing advice on queries from supervisors, and identifying new areas where policy work is needed (horizon scanning).

Role Requirements

Minimum Criteria

  • Experience in financial services, public policy, consultancy or professional services.
  • Experience in an actuarial or similar quantitative financial role, particularly with a focus on capital requirements and insurance liability valuation.

​​​​​​Essential Criteria

  • Able to balance and prioritise multiple demands.
  • Able to build positive relationships and manage multiple interests.
  • Self-motived, taking ownership for outcomes.
  • Able to quickly develop in-depth knowledge of disparate topics.
  • Able to distil sophisticated issues/topics into simple, clear messages for a broad range of audiences.

Desirable Criteria

  • A collaborative approach, making the most of others’ skills and contributions.
  • Able to engage seniors and offer insight often in time-limited situations and on sophisticated topics.
  • An understanding of the Solvency II regime for insurers.
  • An interest in data analytics and proficiency in R or Python would be a bonus.

Reward Package

As a unique institution, the Bank has a reward package which sets them apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. They also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives including an on-site medical and dental unit.

We are recruiting at two levels of experience, the opportunities offer a base salary of Senior Associate: £45,900 – £61,400 or Technical Specialist: £59,400 – £89,000 (dependent on relevant skills, qualifications and experience).

About the Bank of England

As a place of work, the Bank feels different from most other organisations. The atmosphere is relaxed but professional, research-driven and also very much connected to real events in the economy. While organisations in the private sector are focused primarily on profits, the ultimate objectives for the Bank are always the quality of thinking and the rigour of analysis. This makes for an unusually satisfying place to develop your career. Whichever area of the Bank you join, you will almost certainly be working on high-profile and high-impact projects. The issues they deal with on a daily basis are often in the news headlines, and have implications for everyone in the country. For many of their people, this sense of contributing to the public good is one of the most rewarding aspects of working there.

The environment is extraordinary too: a historic building located in the heart of the City, which combines rich tradition with up-to-date technology and facilities. Just as importantly, they have a strong culture of support that exists within each of their teams and across the organisation as a whole.

To apply

For more information on each role and to submit a formal application, please access the links below:

Senior Associate – Actuarial – Insurance Policy

Technical specialist – Actuarial – Insurance Policy

The closing date for applications is 25 June 2021.

IMPORTANT: When completing your application:

  • For the ‘Source name‘ question it is essential you select ‘Women Returners’ so the Bank can identify you as a returner and know you are applying on a supported hiring basis.
  • Due to the anonymised application process followed by the Bank (detailed below) it is essential to include your career break with dates in your work history, in the area of online free form text.

The Bank anonymises applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission. Please complete work history and the application form questions as requested because incomplete submissions will not be reviewed.

The Bank continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Their focus on inclusion is intended to build greater diversity in order to reflect the society they serve and be an employer of choice.