Regulatory Risk Affairs Manager

PIC; Greater London; On-site; GBP 125,000 - 150,000; Full time

Job summary

A leading insurance corporation in Greater London is seeking a Regulatory Risk Affairs Manager to oversee regulatory engagement and communications with UK regulators. This role involves managing regulatory projects, analyzing changes, and ensuring compliance with regulations while fostering a strong risk culture within the organization. The ideal candidate will possess in-depth knowledge of UK financial services regulation and has relevant experience in risk management. Competitive salary and benefits package offered.

Benefits

Private medical insurance

28 days' annual leave

Study support with qualifications

Generous pension scheme

Performance-related bonus plan

Qualifications

• Experience working on regulatory issues and communicating with UK Regulators.
• Project management experience is desirable.
• Risk management experience in the first or second line is preferred.

Responsibilities

• Work with the team and CRO to develop regulatory engagement.
• Conduct thorough analysis of regulatory change.
• Manage responses to regulatory activity and consultations.
• Project manage regulatory-driven projects as necessary.
• Support a strong regulatory risk culture across PIC.
• Ensure regulatory requests are completed on time and to high standards.

Skills

Good technical knowledge of UK financial services regulators

Communication with UK Regulators

Risk management

Project management

Job description

Role purpose

The role is in the Regulatory Affairs team, which sits in the Risk and Compliance function. The role of the team is to facilitate strong regulatory risk management and ensure a good understanding of regulatory risks, issues and projects across PIC. The team assist the business in ensuring that regulatory risks and issues are considered as part of relevant activity and decision making. As a result, the team works collaboratively with the business to maintain controlled risk taking which delivers long term value. The Regulatory Affairs team are the owners of PIC’s regulatory strategy including being responsible for managing the relationships with the relevant UK regulators (PRA and FCA). This includes, but not limited to, management of and challenging regulatory queries and communications, as well as providing regulatory insights and advice. The team work across a variety of activities, including but not limited to first line and risk colleagues, to secure buy-in and implement improvements to systems, processes, and technology, as appropriate. This also includes :

• To apply knowledge and insights concerning the Regulators and how this impacts PIC and policyholders.
• Proactively horizon scan to identify and analysis emerging trends, regulations and policies to help anticipate future requirements and support the mitigation of risks.
• To deliver strong business outcomes relating to capital, profitability, the Company brand and market reputation whilst achieving positive outcomes on a consistent basis.

Our Company values are expected to be reflected in the delivery and performance of every role.

Specific accountabilities assigned to the role of Regulatory Risk Affairs Manager within the Risk and Compliance Function :

• To work with the team and the CRO to continue to develop the regulatory engagement across the business to ensure PIC maintains an approach which is fit for purpose and as efficient and effective.
• Conduct thorough analysis of regulatory change and advise the business of an appropriate course of action
• Manage the timing and nature of responses to regulatory activity, including queries, thematic requests, as well as PRA & FCA consultations and policy publications with an assessment on what it means for PIC.
• Project manage regulatory driven projects and requests where necessary
• Support the strong regulatory risk culture across the PIC, and to ensure individuals and teams are aware of their obligations. Ensure risks are documented and managed and implications fully understood
• To monitor and support all regulatory interactions across PIC with the Regulators.
• To work with relevant individuals and teams to ensure regulatory requests are completed to time and in line with expectations, while to the highest possible standards.
• To work with the Head of Regulatory Affairs to provide papers to Management, Board Risk Committee, Audit Committee and Board meetings, ensuring they are kept informed of regulatory issues, projects, forward looking activities and relationship.
• Own the delivery of briefings to ensure that Executive and Non-Executive Directors are fully briefed of material matters being discussed with the Regulators alongside key emerging themes.
• To ensure accurate records of regulatory discussions and activity are maintained.
• To monitor regulatory communications and to work with the rest of risk and compliance to ensure we develop our processes to maintain ongoing compliance with changing regulations rules and expectations.

Requirements

Knowledge

• Good technical knowledge of UK financial services regulators and managing regulatory relationships
• Must be willing and able to develop knowledge of PICs business processes, standards, policies and procedures; and the relevant legal, regulatory and industry requirements
• Knowledge of life insurance and specifically bulk annuities desirable

Experience

• Experience of working on regulatory issues and communicating with the UK Regulators
• Risk management experience in either the first or second line desirable
• Project management experience

DEI at PIC :

At PIC, we believe that true innovation stems from embracing diverse perspectives, backgrounds and experiences. We are committed to building a workplace where every individual, regardless of race, gender identity, sexual orientation, disability, age, religion, or socio-economic background, feels valued, heard and empowered to succeed. We hold ourselves accountable through ongoing initiatives, such as inclusive hiring practices, and equitable career development opportunities that support belonging and community. While we’re proud of our progress, we recognise there’s work ahead, and we remain dedicated to listening, learning and evolving together.

Benefits

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), study support with qualifications, a generous pension scheme and much more.