Location: London, Threadneedle Street
Opportunity: Supported hiring, with flexible working
Apply by: 3 November
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 a Head of Division – Operational Resilience and Risk Division, 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)
Operational resilience is a strategic priority for the Bank. The PRA has a strategic goal of embedding operational resilience in regulated firms, to minimise disruption to economic functions causing material risk to financial stability. To achieve this goal, an ambitious programme of work has been developed to ensure that micro (supervisor-led) and macro-prudential (sector-focused) activity is appropriately targeted to ensure that the operational resilience of the UK financial sector is brought within defined tolerances. The Bank is also a thought leader in international work focused on operational resilience including, and with a particular focus on, cyber risk.
Supervisory Risk Specialists Directorate (SRS) is the hub for this programme, with teams specialising in sector resilience, cyber supervision and IT and other operational risks. There is a high level of collaboration between these teams and other specialists, eg Information Security, Business Continuity Management, Financial Market Infrastructure supervisors and with specialists in other government organisations.
About the role
The Head of Division is responsible for setting the strategy for the division in the context of the directorate and the PRA’s strategic priorities. They are responsible for effectively communicating the strategy to staff and ensuring delivery through the team. The Head of Division is capable of being a thought leader in their field, demonstrating strong analytical skills and willing to challenge established thinking. They engage with and influence multiple internal and external stakeholders at the highest level. They are responsible for leading their own team, and operating as part of directorate- and Bank-wide Senior Management groups to set and deliver our objectives. Depending on experience, skills and interests, a Head of Division will very likely contribute to a topic of cross-Bank interest, building their network and credibly representing their directorate.
PRA Heads of Division are people management roles. You will be expected to lead in a manner which is human, humble and in step with the changing world, fostering a kind, inclusive and curious environment for discussion. You will be responsible for day-to-day management of the team and for defining roles and responsibilities. You will develop your team through sharing information effectively, coaching and communicating a clear vision to ensure that your staff are productive, engaged and motivated to deliver the area’s aims. This will include setting clear goals and smart, stretching objectives that are aligned to those of the team, division and directorate. You will also be responsible for managing all staff-related matters that may arise including diversity & inclusion and performance.
The Head of Operational Resilience & Risk Division will lead the PRA’s work on operation resilience and risk. This includes:
- Working closely with other parts of the Bank, the FCA, the NCSC and HM Treasury to achieve the strategic objective on operational resilience;
- Implementing an effective supervisory programme for operational resilience delivering the policy the PRA has set out;
- Enhancing the financial sector’s resilience through exercising and developing the UK financial sector authorities approach to building resilience in the sector through the Cross market Operational Resilience Group (CMORG);
- Ensuring the Authorities Response Framework (which the UK financial sector authorities use to manage major operational incidents affecting the sector) operates effectively and maintains and enhances it capability to co-ordinate responses to future operational incidents;
- Delivery of operational risk assessments for PRA firms which identifies their key operational risks and incentivises improved op risk management, and appropriately capitalises the sector for operational risks.
The Head of ORRD division will need to work in close co-operation with the Head of Technology and Cyber risk, whose recruitment is running in parallel with this role. The role-holder will also work closely with and across specialist teams in the Bank, and will need to support the ORRD and SRS senior management teams, which focus on high quality of output from risk specialist teams, stakeholder management, planning and prioritisation and managing performance.
Number of direct reports: Up to 5 direct reports with a team of up to 45 in total in the division
- Leadership skills – strong leadership skills with a track record of leading large teams, including the ability to create and implement a shared vision and delivery of outcomes.
- Analytical skills – a track record of risk identification and practical, policy-relevant insights that would demonstrate clear judgement and effective problem solving.
- Communication skills – ability to produce clear and concise written and verbal communication tailored to the circumstances.
- Influencing skills – ability to engage and influence senior stakeholders within the Bank and externally at a senior level with firms and/or other central banks/regulators.
- Ability to build and develop a diverse team, in terms of life experience and approach.
- Ability to lead in a manner which is human, humble and in step with the changing world, fostering a kind, inclusive and curious environment for discussion.
- Able to demonstrate flexibility in resourcing; a track record of proactive, proportionate and effective prioritisation.
- Bank-wide awareness – the capacity to understand the Bank’s position on the broader policy and regulatory A track record of delivering change, collaborating with other divisions and making connections between work-streams across the Bank or in creating a better place to work.
- Familiarity with prudential regulation and an understanding of the PRA’s supervisory model and approach to operational resilience.
- Familiarity with the UK official sector’s arrangements to provide leadership to the financial services industry in the event of major operational disruption.
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 £90,000 – £130,000, 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 per the guidance below.
Apply asap. The closing date for applications is 3 November 2021
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 inomplete 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.