Victoria Saporta, Bank of England
As director of financial policy department at the PRA and chair of the IAIS executive committee, Victoria Saporta plays a pivotal role in the regulation of insurers and in particular the global standards that are currently being devised. Her academic background (she has a PhD in economics from Cambridge University) has given her a broad understanding of how financial markets function – knowledge that will be essential as she helps shape new frameworks for managing risk.
What do you enjoy most about your role?
The insurance sector provides a critical service to millions of policyholders. Without a resilient insurance sector, society would be unambiguously worse off. Contributing to policyholder protection and financial stability alongside a group of talented and congenial colleagues is highly enjoyable.
Who or what has inspired your work?
The commitment to the public good that I have seen in numerous colleagues in the Bank of England and internationally during the past twenty years.
What are the major challenges ahead?
In my IAIS role, the key challenge would be delivering the first ever regulatory framework for international active insurance groups. But as always, the other side of a key challenge is a fantastic opportunity for all stakeholders involved.
In my PRA role, the key challenge lies in the continuing implementation of Solvency II and in formulating a robust post-implementation evaluation.
What advice would you give to someone wanting to emulate your success?
Choose jobs that are stimulating; listen and learn from others; know yourself; believe in the self you know.
What have you learnt about communicating risk?
Avoid too much focus on point estimates – risk measurement is inherently uncertain.
What are your other interests?
Most areas of international finance; economic history; films; walking; playing tennis; travelling.
