Bank of England
Cyber Underwriting & AI Risk Senior Technical Specialist (23 month FTC)
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Senior Technical Specialist Cyber Underwriting, Cat Risk & Exposure Management, Data and General Insurance Risk Division (DGIRD) - Insurance Supervision
Location: Leeds or London
Up to 23 month FTC
Insurance Directorate
The Insurance Supervision Directorate has responsibility for the supervision of over 500 UK insurance companies and branches of international insurers. We fulfil the PRA's primary objective of UK insurers safety and soundness and policyholder protection.
Data and General Insurance Risk Division (DGIRD)
The Data and General Insurance Risk Division (DGIRD) brings together actuarial, risk specialist and data analytics expertise to support the PRA's supervision of the UK insurance sector. DGIRD combines technical expertise across catastrophe risk, exposure management, climate risk, cyber underwriting risk, capital, reserving, reinsurance and general insurance underwriting with growing data and analytics capabilities. Working closely with supervisors, policy colleagues and specialists from across the Bank, the division provides technical advice, delivers thematic reviews, supports firm-specific supervision, undertakes research and horizon-scanning activities, and contributes to major cross-industry initiatives. The division aims to operate as one integrated division, combining technical excellence, supervisory insight and data-driven analysis to support the PRA's objectives and financial stability.
Job Description
This is an exciting opportunity to help shape the PRA's approach to cyber underwriting and AI risk, as part of a two-year contracting role as a Senior Technical Specialist. The role's primary focus will be cyber underwriting risk and AI-related insurance risk, including how firms identify, quantify, manage and aggregate exposures arising from cyber incidents and AI-related losses, and how these risks interact with broader prudential risks.
The role will also support work on catastrophe risk and exposure management.
Working across supervision, policy and other specialist teams, the successful candidate will provide technical leadership and judgement on complex issues, support firm-specific supervision and cross-market thematic work, contribute to horizon scanning and emerging risk identification, and help develop the PRA's approach in these areas. The role will also support the operation and development of relevant cross-Bank technical networks, helping to coordinate specialist input, develop capability and deliver outputs that are useful for supervisors and senior stakeholders.
Key Responsibilities
- Lead and develop the PRA's technical approach to cyber underwriting and AI-related insurance risk, including exposure management and underwriting, as well as collaborating with other technical specialists on areas such as pricing, capital and reinsurance.
- Provide expert technical input to supervision of firms' cyber underwriting, AI-related insurance risk and exposure management, including reviews of regulatory reporting data, risk frameworks, exposure data, aggregation controls and management information.
- Contribute to horizon scanning, thematic work and views of risk, including emerging cyber and AI-related insurance risks, the development of affirmative and non-affirmative AI coverage, and the potential impact of technological developments on insurance underwriting, exposure management and business models.
- Support work on natural and non-natural catastrophe risk and exposure management, drawing links between cyber, catastrophe and broader aggregation risk where relevant.
- Contribute to the Catastrophe Risk & Exposure Management and Cyber cross-Bank Networks, helping set priorities, coordinate technical work, support delivery of outputs and build capability across supervision.
- Support supervisors and senior stakeholders in understanding prudential risks arising from cyber underwriting, catastrophe risk, exposure management, AI and other emerging developments in insurance.
- Present technical analysis and challenge at relevant internal committees, including the Insurance Risk Committee where appropriate.
- Represent the PRA in engagement with firms, industry bodies, academia, regulators and other external stakeholders.
- Work with colleagues to identify opportunities to use data, analytics and emerging technologies to support technical assessment and supervisory insight.
- Share knowledge and support the development of colleagues through technical leadership and training, peer review and practical guidance.
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Number of direct reports: 0
There are no direct people-management responsibilities, however the role-holder is responsible for the day-to-day technical development of specialists and network members.
Role Requirements:
Minimum Criteria
- Strong technical understanding of cyber underwriting risk, including cyber risk selection, pricing, exposure management, accumulation risk and risk governance.
- Demonstrable expertise in emerging technology risks, including the potential impact of AI on insurance underwriting, risk management, operations or business models.
- Ability to analyse complex technical information, exercise sound judgement and draw out prudential implications for firms and the wider market.
- Experience leading or contributing to complex technical work, including coordinating input from others, managing priorities and delivering high-quality outputs.
- Ability to build credibility and influence across stakeholders, including supervisors, specialists and senior colleagues.
Essential Criteria
- Experience assessing, managing or advising on complex insurance risks, ideally including cyber, AI, natural catastrophe risk, non-natural catastrophe risk and/or exposure management.
- Strong prioritisation, problem-solving and delivery skills.
- Ability to communicate complex technical matters clearly to both technical and non-technical audiences.
- Ability to support and influence others without formal line-management responsibility.
Desirable Criteria
- Experience of cyber underwriting, cyber accumulation modelling, cyber exposure management or cyber risk quantification in an insurance or reinsurance context.
- Knowledge of emerging AI-related insurance risks, including affirmative and non-affirmative AI coverage, accumulation risk and evolving market practices.
- Experience of catastrophe modelling, natural catastrophe risk, non-natural catastrophe risk or exposure management.
- Experience using data and analytics to support technical assessment, underwriting, exposure management or strategic decision-making.
- Knowledge of the PRA supervisory framework or experience working with regulators, supervisors or public-sector bodies.
- Experience leading a technical network, community of practice, workstream or similar cross-functional activity.
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.
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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.
Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the 'Candidate Personal Information' under the 'Disability Confident Scheme' section of the application.
Salary and Benefits Information
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.
The salary ranges on offer are:
- Leeds: £97,920 - £110,160
- London: £108,800 - £122,400
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.
National Security Vetting Process
Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice.
The Bank of England welcomes applications from all candidates, but as a UK Visas and Immigration (UKVI) approved sponsor, we have a responsibility to comply with the Immigration Rules and guidance. As such, our ability to employ individuals who require sponsorship for immigration purposes is limited. The Bank cannot guarantee that you and / or the role you are applying for will be eligible for sponsorship and that any application made to UKVI will be successful. Eligibility will therefore be considered on a case by case basis.
The Application Process
Important: Please ensure that you complete the 'work history' section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It'
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