We are developing our approach to the approval of Internal Models under Solvency II and seek more staff to help take this forward.
We have a unique opportunity within the Operational Risk Team which is part of the Prudential Risk Division (PRD) for an IT & data management expert with experience in the insurance sector and a good working knowledge of the regulatory insurance risk framework.
The first 12-24 months of your work will involve a secondment to a dedicated team of specialists working on the Internal Model Approval Process under Solvency II.
After 12-24 months there will be a transition into the business as usual work of the Team, albeit with potential for continuing involvement in Solvency II implementation
- Lead or participate in visits to firms to review the adequacy of firm's IT arrangements and IT projects, and where this is not the case, recommend action points.
- Liaison with colleagues from around the FSA, and in particular the Project Manager for implementation of the internal model approval process under Solvency II, Policy experts, ICAS actuaries and Supervision.
- Contribute to thematic work on operational risk management capabilities at firms, including systems security issues; this includes firm visits, but also covers data manipulation and preparing written work product destined to a wide public readership.
- Keeping up to date with developments in information technology, emerging practices and looming threats. Carrying out ad-hoc research and providing thought leadership and advice on a range of Solvency II issues, focussing on data management. There may be occasions when you are also asked to deliver training to Supervisors or industry on aspects of your work.
Essential
- Broad and deep experience in IT audit, either as a senior auditor in a large, regulated firm, or as an external IT auditor in the professional services industry.
- The successful candidate will be CISA or QICA qualified. Additionally, you would have knowledge of:
- The FSA's approach to the regulation of financial institutions, and particularly requirements re: systems and controls
- A good grasp of business continuity planning
- Life re/insurance and/or Lloyd's / London market / personal lines / commercial lines experience.
Desirable
A good working knowledge of Solvency II and its data management requirements.
Experience of regulatory capital modelling, including regulatory capital requirements.
A self starter with drive, enthusiasm and commercial acumen to further develop and enhance the reputation of the FSA.
Ability to deal constructively with uncertainty and ambiguity.
- This position allows an unparalleled view of Solvency II development.
- Being at the forefront of the insurance industry's understanding of capital modelling and the evolution of the quantification of risk within the new regulatory framework.
- You will engage in intellectually stimulating and demanding work, within a high profile and highly regarded team.
- You will have the opportunity to help shape the future of prudential regulation both domestically and internationally.
- You will have challenging technical issues to solve and to see your advice applied practically in a way which makes a real difference to how the firms that we supervise behave.
- You will work with a variety of FSA staff and have interaction with a variety of insurance companies. You will gain experience of a range of risk management practices used by financial firms and groups supervised by the FSA.
As part of the application process for these vacancies, you will be asked to answer the following questions:
1. Why do you believe that you are suitable for this role? Please ensure that you specifically relate your answer to the criteria listed in the job advert, covering your relevant skills, technical knowledge and capabilities (no more than 300 words).
2. Internal and External Stakeholder Management - Please provide evidence that indicates that you have proactively established and maintained effective relationships with stakeholders. We are particularly keen to learn about the level of responsibility of the people you have developed effective relationships with. We would like you to provide details of how your approach to work typically demonstrates your effectiveness in these areas, including the ability to deliver "difficult messages" (no more than 300 words).
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