Technical Specialist (cyber related), Operational Risk and Resilience, R&CGI Operational Risk and Resilience Team - Insurance Directorate

Insurance Supervision has responsibility for the supervision of over 500 UK Insurance companies and branches of international insurers. Our mission is to be the world’s leading supervisor of the insurance sector, to fulfil our primary objective of UK insurers safety and soundness and policyholder protection. The availability and provision of insurance protection is crucial to the functioning of the economy by enabling individuals, households, and businesses to know they can be secure in good times and bad. Our Directorate comprises seven divisions that work together in pursuit of our primary objectives; and to support competitive and dynamic markets in the sectors we regulate. We work with firms to improve their risk management, maintain adequate resilience, and seek to identify and respond to new and emerging risks.

We are outward looking and regularly engage with the industry; but we are committed to leveraging the benefits of our own diverse skills and experience to support the delivery of our mission and to be an enjoyable and fulfilling place to work. We pride ourselves on being a diverse Directorate, where colleagues feel valued and respected, allowing them to thrive in their roles.

The directorate comprises four supervisory divisions: Retail and Commercial General Insurance, Life Groups, London Market and Retail Life. The Retail and Commercial General Insurance (RCGI) Division is home to the Operational Risk and Resilience Team (ORRT) who are looking to fill a technical specialist role with particular focus on cyber risk and resilience., The ORRT technical specialist role is advertised at a time where Cyber Risk is rising not only on PRA/Bank priorities but also that of firm’s own risk committees and boards, wider industries and UK Government. As such, the successful candidate will need to be a forward thinker, well-versed in broader Operational Risk and Resilience topics, with strong stakeholder management and engagement skills, and the ability to influence at senior and working levels.

You will provide technical and thought leadership whilst taking a practical approach to conducting thematic reviews, deep dives and risk assessments. These reviews would inform the supervisory strategy for the largest insurers in the UK. The role holder is expected to collaborate effectively with other supervisory teams, data and actuarial functions within the insurance directorate and with the wider PRA including the Supervisory Risk Specialist Directorate (SRS) and the Prudential Policy Directorate.

Whilst leading on Cyber for the ORRT, you will have line management responsibilities and ability to develop people’s technical skills in this area.

You will be expected to engage and influence effectively senior management internally and at regulated firms; represent the Insurance Directorate with other regulatory authorities (e.g. FCA) and to deliver clear messages in industry events., Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.

• A good understanding of the PRA’s objectives particularly with respect to insurance firms;
• Ability to manage and motivate an inclusive team. Management skills, gained from direct line management or via project work that demonstrates ability to support and develop staff and deliver good outcomes through the work of others.
• Excellent analytical and technical skills, the ability to analyse and interpret operational and risk and resilience information independently, exercise judgement and draw and present clearly reasoned conclusions.
• Breadth of understanding of the key issues facing firms with respect to cyber and ability to provide thought leadership when scoping and undertaking assurance review projects (including firm and sector/thematic reviews).
• Strong personal impact and credibility, the ability to communicate effectively, persuade and influence the senior management of a firm, and overseas regulators, to advance the PRA objectives;
• The ability to act independently and effectively lead a programme of work, delivering through others and providing thought leadership., * Excellent stakeholder management skills, with experience of building and maintaining relationships with individuals at all levels of seniority and to influence and challenge where appropriate;
• Excellent written and oral communication skills, ability to deliver clear, concise and structured written communication and clearly articulate findings to senior management;
• Sound judgement, the ability to cover a wide variety of operational resilience issues, linking various strands of work, focus on the key issues when working under pressure;
• Expertise in assessing the implementation of the Operational Resilience policy (e.g. SS1/21, SS2/21) and the requirements for material outsourcing notifications and incident reporting.
• Experience of undertaking and/or reviewing Cyber Threat Intelligence and Penetration Testing outcomes
• Experience of reviewing and monitoring cyber remediation plans i.e. CBEST, STAR-FS.

Desirable Criteria

• Understanding of PRA, Insurance Directorate and FCA priorities relevant to this area of work
• Relevant Cyber qualification or willingness to undertake.

Pulled from the full job description

• Annual leave
• Company pension
• Private medical insurance, 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 £65,440 - £73,600. In addition, we also offer a comprehensive benefits package as detailed below:

• Currently a non-contributory, career average pension giving you a guaranteed retirement benefit of 1/80th of your annual salary for every year worked. There is the option to increase your pension (to 1/65th) or decrease (to 1/105th) in exchange for salary through our flexible benefits programme each year. The Bank has the discretion to vary standard accrual rates and dial up and dial down rates at any time and to withdraw dial up and dial down options at any time.
• A discretionary performance award based on a current award pool.
• An 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.

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.