Risk Modelling Services

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Working in Risk Modelling Services as a Graduate

The Risk Modelling Services (RMS) team has UK offices in London, Edinburgh, Manchester, and Bristol and a practice in Mumbai. Within the team we have a blend of actuaries, data scientists and advanced analytics practitioners who apply cutting-edge technology to solve a variety of client problems. We’re one of the largest growth areas within our Risk practice, working across a broad range of clients in sectors including insurance, healthcare, banking, investments, commercial and government.

Our people are encouraged to take responsibility at an early stage and proactively develop their career. We seek to develop accomplished consultants, not just technically strong analysts. This means exposure to a wide range of project situations, often working with specialists from other disciplines within PwC such as Transaction Services, Regulatory, Risk Advisory, Corporate Finance, Business Recovery/Restructuring, Cyber, Forensics, Sustainability, Audit and Tax. As part of PwC, we are involved with both actuarial led projects, as well as providing specialist advice on wider engagements led by other business units.

On the Actuarial Services pathway
On the Risk Modelling Services Analytics Pathway
Joining as a graduate
Life in Risk Modelling Services
The Future of Risk Modelling Services

On the Actuarial Services pathway

Actuaries work with uncertainty. You’ll help clients analyse how future events could affect them. You’ll work with clients from the insurance industry (both life and general insurance), and also from the banking sector (retail and investment), the healthcare sector, the public sector, as well as corporate clients from the non‑financial services sector like energy and utility providers. Your advice could cover everything from managing economic capital, risk management, assessing liabilities, mergers and acquisitions to company restructures, financial modelling, stress and scenario testing, navigating the evolving economic and regulatory environment and the viability of new products.

Your responsibilities will include but not be limited to:

Providing clear and concise communication of complex concepts to internal and external senior management to help clients make robust, evidence based decisions.
Working in multidisciplinary teams with our clients to use data analysis, visualisation and modelling to better quantify and understand risks facing businesses across a multitude of sectors. This could include quantifying the cost of an insurance contract or understanding how risks can emerge on a major infrastructure project.
Learning about a range of industries and applying your knowledge of the external environment to understand trends such as how life expectancy will evolve, the impact of climate change on natural catastrophes, or how real world events such as pandemics can affect the financial and banking system.
Working with our Audit team to provide specialist advice on our audits of both insurers and banks, including providing assurance over the adequacy of liabilities. As an actuary you’ll have exposure to senior stakeholders to understand business plans, profitability and governance.
Helping clients adapt their business in light of changing economic conditions and regulatory requirements, including Environmental, Social and Governance (ESG) requirements.
Drafting reports and presentations and using data visualisation to explain our findings.

For more information on joining this team, the actuarial services programme, including professional qualification and academic requirements, please click here.

On the Risk Modelling Services Analytics Pathway

We're looking for people with a passion for data, coding, modelling and data science who also have an interest in risk. No two projects will be the same and you will gain access to a multitude of skills and industries. Your responsibilities will include but not be limited to:

Uncovering trends and themes within data to address key questions posed by clients.
Providing clear and concise communication of complex concepts to internal and external senior management to help clients make robust, evidence based decisions.
Working in multidisciplinary teams with our clients to use data analysis, visualisation and modelling to better quantify and understand risks facing businesses across a multitude of sectors.
Learning how businesses work, with a particular focus on financial forecasting, stress and scenario testing, risk evaluation and modelling alongside data science techniques.
Applying your coding expertise to improve efficiency of data manipulation, scenario analysis and reporting across a range of client projects.
Drafting reports and presentations and using data visualisation to explain our findings.

Joining as a graduate

Your training combines on-the-job coaching and formal courses. You may also be working towards a professional qualification depending on which pathway you join.You'll divide your time between working in the office, visiting clients and potentially also studying.

If you join our Actuarial Services pathway you’ll study with the Institute and Faculty of Actuaries (IFoA). Once you’ve completed the exams, you’ll then be fully qualified and a Fellow of the Institute of Actuaries. You’ll start working towards this as soon as you join PwC and it's a considerable commitment, calling for a great deal of self-discipline and motivation.

When joining our Risk Modelling Services Analytics pathway you’ll have the benefit from training on our latest data, coding, modelling and visualisation tools and have access to our firmwide digital upskilling programmes throughout your graduate programme.

You'll need to have achieved or be on track to pass an undergraduate degree or above in any subject. We determine whether you're on course to pass based on the grades you achieved in your last completed year of academic study.

Although the subject of your degree is not important,you'll need to demonstrate a passion for a career in risk and a willingness to use technology and coding and understand how organisations use it.

We also have opportunities to join our Actuarial team in our Mumbai practice. Click here to find out more.

Life in Risk Modelling Services

As an associate within Risk Modelling Services, you will work on a variety of clients so you build a global commercial awareness across different financial and non-financial institutions. From Day 1, you’ll have project management responsibilities and will be given opportunities to present the results of your modelling and analytics to senior colleagues and clients. To support you in your training, you will be given dedicated time off for learning and development. As well as a study mentor, you’ll have a network of other associates there for support.

Risk Modelling Services is proud of its inclusive culture and has a strong focus on well-being. An important job for an associate is to organise social events for their team that could range from go-karting, escape rooms or dinner out.

The Future of Risk Modelling Services

It is an exciting time to work in Risk Modelling Services as new technological developments and evolving risks such as climate change and new regulation create opportunities and challenges for our clients.

The era of AI is an exciting time to start a career within Risk Modelling Services. With access to data increasing, so is the demand for data science and modelling expertise. The growing capability of machine learning reduces the time spent processing and cleansing data, and increases the focus on modelling assumptions and results. The crucial skill of a consultant will be the ability to demystify these models to clients and clearly communicate the conclusions that can be drawn from data trends.

Tech innovation also has a number of indirect impacts. For example, how do you assess the likelihood and financial impact of a successful hacker in order to quantify Cyber risks? How do you quantify risks in a driverless car? How will the use of technology in medical treatment affect future mortality rates?

Our UK team is part of the global PwC network and this creates opportunities for our staff to experience international placements.