Department Overview

The Insurance Analytics Division (IAD) sits within the Insurance Supervision Directorate in the PRA.  IAD is a hub for work related to insurer stress testing, data analytics, risk analysis, strategy and business planning, resourcing and development, Solvency II reforms, business model and markets analysis, and micro-to-macro analysis contributing to our supervision of PRA-regulated insurers.

We are hiring a project manager to shape and manage delivery of the current and longer term Insurance Stress Testing program.  The role brings a significant level of responsibility and a wide range of learning opportunities, with exposure to stakeholders at all levels, including at senior level in Insurance and the wider PRA. We are currently in the very early stages of planning our medium to long term strategy for insurance stress testing, which will take on an ever increasing importance in view of the regulatory changes within the Financial Services and Markets Bill. We are looking for a dedicated Project Manager with the highest standards of attention to detail and organisation skills that will be critical to its’ success. . 

Insurance Supervision is fully committed to diversity and equality for all staff.  This role can be carried out as part of a job-share arrangement and/or with flexible working. 

Job Description

The Insurance Directorate is looking for a motivated project manager to join the Stress Testing Strategy & Horizon Scanning team in IAD to develop and coordinate current and future stress testing activities in the directorate.

Over the next two years, The Insurance Directorate will be redesigning insurance stress test following HMT’s Solvency II review. This will include developing a new scope and scenarios, preparing for future publication of the individual firm results.  As a result, this role provides an opportunity to influence and shape the longer-term design of insurance stress testing and to contribute to the success of one of the PRA’s top strategic priorities Although the main priority for the role is to project manage stress testing activity, at times when capacity allows, we will look to broaden the successful candidate’s knowledge and experience where practicable. Therefore in time the role is likely to involve some contribution to other priority projects in the directorate.  

The successful candidate will coordinate across stress testing related initiatives and work collaboratively across the Insurance Directorate, Policy and other relevant areas of the Bank.

This role’s responsibilities will include:

• Leading on logistical planning of the stress test programme and its development across multiple workstreams and directorates, including Insurance Directorate, Policy and wider Bank.
• Ensuring that delivery is well planned and achieved to agreed timelines. This will involve proactively tracking day to day delivery and maintaining status updates on all workstreams, including resourcing and execution.
• Internal and external stakeholder management, including:
  • Running governance processes, supporting and organising governance meetings.
  • Coordinating internal and external events for stress testing (e.g. external round-tables with participating firms).
• Drafting briefing notes and slides (with input from workstream leads).
• Supporting the drafting of the scenario specification documents and results publication.
• Contributing to overall stress testing program design.
• Any other tasks or project support required, as agreed with the team’s Senior Manager and Insurance Technical HoD. 

Role Requirements

Minimum (Essential) Criteria

• Proven ability to coordinate large projects, with multiple stakeholders, ensuring that multiple work streams proceed in parallel and at pace.
• Excellent written and verbal communication skills, attention to detail, and the ability to vary style to the circumstances. You will develop briefing notes and presentation slides for a range of audiences under the oversight of the Senior Manager and Technical HoD.
• Excellent stakeholder management skills, including a track record of building relationships and influence at all levels of seniority (internal to the PRA, and externally-facing).
• Collaborative working style, resourcefulness and ability to work effectively with diverse project teams.
• Ability to work independently, taking ownership of issues.
• Ability to represent IAD and the PRA in a professional and credible manner.
• A proven team player, flexible, pragmatic, and ability to work with others to achieve results.

Desirable Criteria

• Previous stress testing experience either in banking / wider financial services or insurance.
• A solid understanding of the PRA decision making framework, SRPC and PRC structure, and other governance processes.
• Understanding of the UK insurance industry, including the current market and the main regulatory challenges and priorities.

Additional Information

The Bank values diversity and inclusion – we want to reflect the society we serve better, we want the best people to work for us and we want our workplace to be inclusive.  We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation.  One way we support diversity and inclusion is through our staff-run networks.

We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working.  This role is therefore open to flexible working patterns.

Where a role can be carried out from home, we are working towards colleagues spending at least half of their time in the office, so that we can all benefit from working together in person, while maintaining the flexibility offered by home working. From 6 June 2022, we expect colleagues to spend a minimum of 40% of their working time in the office per month.  Subject to that minimum requirement, individuals and managers should work together to find what works best for them and their team.

We are also committed to making adjustments for candidates and employees where possible, and have partnered with external expert organisations to support us in this.  We are a member of the Disability Confident scheme, summarised here, and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please fully complete the application form questions as requested, as any incomplete submissions may not be reviewed.

The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.  

This specific role offers a base salary of circa £62,700 - £79,000 per annum, along with our comprehensive benefits package as follows:

•    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 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
•    26 days annual leave with option to buy up to 12 additional days through flexible benefits. (Note: effective from April 2023)
•    Private medical insurance and income protection.