Technical Specialist - Stress Testing and Horizon Scanning

The Insurance Supervision Directorate promotes the safety and soundness of over 500 insurers operating in the UK. This includes general insurers, life insurers, friendly societies and the London market. We help identify and mitigate potential risks before they can have an adverse effect on policyholders and financial stability. We face a complex and challenging task, one that presents numerous opportunities to protect policyholders and UK financial stability, and one that delivers real and lasting benefits to society. The Insurance Supervision Directorate promotes the safety and soundness of over 500 insurers operating in the UK. This includes general insurers, life insurers, friendly societies and the London market. We help identify and mitigate potential risks before they can have an adverse effect on policyholders and financial stability.We face a complex and challenging task, one that presents numerous opportunities to protect policyholders and UK financial stability and one that delivers real and lasting benefits to society. Insurance Analytics Division 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. 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., The Insurance Directorate is looking for a motivated technical specialist to join the Stress Testing Strategy & Horizon Scanning team in IAD to support current and future stress testing activities in the directorate as well as thematic work on emerging risks. The team is advancing the framework for insurance stress testing for both life and non-life insurers, evolving and tailoring exercise design to the risks and challenges faced by each sector. On the life insurance side, following HMT's Solvency II review, the PRA will be the first global regulator to publish individual life insurer stress test results in 2025 exercise. On the general insurance side, the PRA is using a new approach, dynamic stress test with a live simulation stage. As a result, this role provides an opportunity to influence and shape the longer-term development of insurance stress testing and to contribute to the success of one of the PRA's top strategic priorities. Sitting within Stress Testing Strategy & Horizon Scanning team, this role will also provide the candidate with opportunities to work on projects across both general and life insurance sectors and engage in cross-cutting horizon scanning activities across wider Bank. The successful candidate will work collaboratively across the Insurance Directorate, Policy and other relevant areas of the Bank. Role Responsibilities This role will include:

• Leading on design and development of various elements of the stress testing framework, working across Insurance Directorate and Policy.
• Lead technical discussions with key internal and external stakeholders.
• Lead on drafting results and other publications around design and approach to stress testing.
• Leading on elements of the scenario design working with actuaries and other technical specialists.
• Delivering analysis for elements of either life or non-life stress test leading a group of supervisors and analysts.
• Contributing to horizon scanning work, including supporting engagement with the HMT on emerging risks in insurance.
  
  Proven practical or theoretical knowledge of prudential regulation or of insurance risk management, particularly in the areas of capital and liquidity.
• Strong critical analytical skills - proven ability to analyse complex information independently, exercise judgement and draw clearly reasoned conclusions quickly, with appropriate consideration of alternative solutions.
• Ability to build and maintain effective relationships with internal and external stakeholders, including managing conflicting views.
Essential Criteria
• 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 with varied backgrounds.
• Ability to independently lead projects, able to balance, prioritise and manage competing demands and timelines.
• A proven willingness to make broader contributions across the department/insurance supervision.
• 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.
Our Approach to Inclusion

The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve. At the Bank of England, we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it's by drawing on different perspectives and experiences that we'll continue to make the best decisions for the public. We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed. For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate. This role offers a salary of circa £70,900 - £80,000 In addition, we also offer a comprehensive benefits package as detailed below:
• 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 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
• 26 days' annual leave with option to buy up to 12 additional days through flexible benefits.
• Private medical insurance and income protection.
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