Interns, First Degree Graduates, Actuaries
Promoting the safety and soundness of the firms we supervise, and ensuring that policyholders are appropriately protected. The Bank supervises over 500 insurance firms including general insurers, life insurers, friendly societies and the London market. Our work covers the breadth of the Prudential Regulation Authority’s risk framework, so offers experience in: Financial analysis Capital modelling Risk management Corporate governance The evolving global insurance industry.
What big issues might I be working on?
Financial regulation is high on the national agenda, so our work is topical as well as fascinating. Depending on the firm you’re focusing on, you could be improving the strength of a board of directors, influencing the firm to improve its financial position, or considering the impact of market changes. There’s also scope for more specific projects. For example, our graduates led a research initiative into the impact that advances in driverless car technology may have on the General Insurance industry. This gathered a lot of attention outside of the Bank. At an industry-wide level, from 1 January 2016 firms will need to comply with Solvency II, a pan-European solvency supervisory regime that has been described as the largest ever change in insurance regulation. We’ll be changing our supervisory approach and working with firms to help them comply with the new regime. This means that you’ll be joining us at a very exciting time.
What sort of things could I do here?
Our graduates are involved in the frontline supervision of firms. Whether they’re focusing on an individual firm or helping to supervise a large insurance group, they:
- Analyse complex information from firms
- Assess risks to the PRA’s objectives Summarise information and make recommendations to PRA senior management
- Attend, and contribute to, regular meetings with firms
- Carry out wider industry research and analysis
- Become experts in supervisory and insurance specialisms.
What could I be doing day-to-day?
Each day will bring new challenges and opportunities. On any given day, you may need to carry out a review of the firm’s latest capital projections, prepare for a meeting with the CEO and give a presentation on a new reserving framework which you’ve helped to develop. But things can change at a moment’s notice. Luckily, our collaborative environment means that you can always turn to colleagues and in-house experts to help you deal with issues as they arise.