Location: London, Threadneedle Street
Opportunity: Supported hiring, with flexible working
Apply by: 10 January 2022
* Applications are now closed *
The Bank of England is the UK’s central bank. Their mission is to deliver monetary and financial stability for the British people.
The Bank of England is a diverse organisation. Each of its 4,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.
The Bank is recruiting for a Senior Data Scientist in the Quantitative Modelling Team, within the Supervisory Risk Specialists (SRS) Directorate and welcomes professionals who have taken an extended career break to apply for this permanent role. A successful hire who has taken a career break of 2+ years will receive coaching support through the transition period from Women Returners.
The Bank is fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working. This role is therefore open to flexible working patterns.
About the Supervisory Risk Specialists Directorate
On 1 April 2013 the Prudential Regulation Authority (PRA) became responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. The PRA was created by the Financial Services Act (2012) and is part of the Bank of England.
As a directorate of the PRA, the Supervisory Risk Specialists (SRS) provides deep technical expertise and applies judgement in specific risk disciplines as part of the PRA’s integrated supervisory approach, in order to identify, analyse and mitigate material risks to the safety and soundness of PRA regulated firms. These material risks can arise within and across firms and from the market environment.
SRS is split into four main divisions:
- Credit Risk (CRD)
- Operational Risk & Resilience Division (ORRD)
- Risk Analytics, Liquidity and Capital (RALC)
- Traded Risk (TRD)
Within RALC, the Quantitative Modelling and Analysis team (QMA) and Risk, Data and Analytics team (RDA) provide quantitative modelling and analytics, data management solutions, data modelling and technical expertise to Risk Specialists, Supervisors and other partners across the Bank.
Key roles for QMA include the development, implementation and maintenance of tools and models used for risk assessment, including for the annual stress testing of major UK Deposit Takers. These include SRS’ Data Management Tool, Secured Retail and Wholesale Impairments forecasting models, Net Interest Income and Pensions models.
The QMA team also interact with colleagues across the Bank on the design and implementation of Bank wide Data and Analytics Strategies, and also work with the main Technology area to collaborate on data solution projects. Team members have a diverse range of backgrounds and experiences. They feel it is critical that they work inclusively with each other to create an open and enjoyable work environment.
About the Role
As a Senior Data Scientist in QMA, you will work with other quantitative modelling specialists, with risk specialists and with relevant partners to design, implement and support data management or modelling solutions related to financial resilience. This will include working with modelling specialists on suitable approach and appropriate data sources, as well as conducting research to propose and develop robust and efficient implementation of the modelling solution.
The QMA team works closely with business teams. Therefore an important aspect of this role is close communication with teams across SRS, an ability to understand their point of views and requirements, as well as to have periodic checks with them to ensure requirements continue to be met.
- Proven coding/visualisation ability in at least one of the following analytical tools: R, Python, SQL, Tableau
- Experience in building and supporting quantitative models, data solutions or data visualisations
- Ability to understand business needs and translate them into effective solutions
- Excellent communication skills with demonstrated ability to tailor communication to colleagues with less technical knowledge or background
- Ability to empathise with colleagues and demonstrate diverse and inclusive values!
- Good interpersonal skills and experience of collaborating in a team
The Bank of England is a distinctive institution and their rewards are one of the things that set them apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.
The salary range for this vacancy is approximately £61,100 to £82,800, dependent on relevant skills and experience. In addition, the total reward package also includes:
- A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year
- A discretionary performance award based on a current award pool
- A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits
- 25 days annual leave with option to buy up to 13 additional days through flexible benefits
- Private medical insurance and income protection
About the Bank of England
As a place of work, the Bank feels different from most other organisations. The atmosphere is relaxed but professional, research-driven and also very much connected to real events in the economy. While organisations in the private sector are focused primarily on profits, the ultimate objectives for the Bank are always the quality of thinking and the rigour of analysis. This makes for an unusually satisfying place to develop your career. Whichever area of the Bank you join, you will almost certainly be working on high-profile and high-impact projects. The issues they deal with on a daily basis are often in the news headlines, and have implications for everyone in the country. For many of their people, this sense of contributing to the public good is one of the most rewarding aspects of working there.
The environment is extraordinary too: a historic building located in the heart of the City, which combines rich tradition with up-to-date technology and facilities. Just as importantly, they have a strong culture of support that exists within each of their teams and across the organisation as a whole.
Please apply using the link below ensuring that you answer all the application questions, complete the work history and submit your CV, per the guidance below.
Apply asap. The closing date for applications is 10 January 2022.
IMPORTANT: When completing your application:
- For the ‘Source name‘ question it is essential you select ‘Women Returners’ so the Bank can identify you as a returner and know you are applying on a supported hiring basis.
- Due to the anonymised application process followed by the Bank (detailed below) it is essential to include your career break with dates in your work history, in the area of online free form text.
The Bank anonymises applications so hiring managers will not be able to see your personal information including your CV or any covering letters when reviewing your submission. Please complete fully the work history and application form questions as requested, as any incomplete submissions may not be reviewed.
The Bank values diversity and inclusion – they want to reflect the society they serve better, they want the best people to work for them and they want their workplace to be inclusive. They value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation. One way they support diversity and inclusion is through their staff-run networks, which are summarised here.
They are also committed to making workplace adjustments for all of their employees as needed, and also for candidates throughout all stages of the selection process. They are a member of the Disability Confident scheme, summarised here, and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.