Location: London, Threadneedle Street
Opportunity: Supported hiring, with flexible working
Apply by: 5 November 2021
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 number of Policy Analysts in the Banking Capital Policy Division, within the Prudential Policy Directorate, and welcomes professionals who have taken an extended career break to apply for these roles. 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 has hired a large number of returners over the last few years. Read Melissa’s story here. Learn more about working at the Bank here.
The Bank is fully committed to having a diverse and inclusive working environment, and is open to considering how the role might be carried out with flexible working. This role is therefore open to flexible working patterns.
Department Overview
Prudential Policy Directorate (PPD) are responsible for designing, negotiating internationally and implementing effective prudential regulation in order to remove or reduce systemic risks, promote the safety and soundness of PRA-regulated firms and ensure appropriate protection for insurance policyholders. PPD supports both the Prudential Regulation Committee and Financial Policy Committee in fulfilling their objectives.
PPD’s Divisional structure:
- Prudential Framework Division
- Banking Capital Policy Division
- Strategy, Policy and Approach Division
- Governance, Accounting, Resilience and Data Division
- Insurance Policy Division
About the Role
Having left the EU, reforms to the UK regulatory framework will be a high priority for PPD. The Government is consulting on a new framework for financial regulation, under which the PRA would have a central role in making prudential policy, including taking on functions that previously sat with the EU authorities.
- Inputting to the development of policy approaches and frameworks
- Undertaking analysis to support key policy initiatives
- Inputting to key documents for senior committees and public communications
- Helping to prepare written and verbal briefings for senior Bank staff
- Coordinating contributions from others across PPD
- Building relationships with internal and external stakeholders (eg HMT, firms)
They are currently recruiting for the following teams in Banking Capital Policy Division (please indicate your preference for which team(s) you would like to be considered for in your application).
- Policy Analyst – Credit & Operational Risk Policy
This team is responsible for microprudential and macroprudential policy issues relating to credit and operational risk within the banking book. They look at a variety of credit risk policy issues which include Standardised Approach, the Internal Ratings Based approach and Credit Risk Mitigation. They provide advice to colleagues and senior Bank committees on policy issues relating to credit risk, as well as engaging closely with external stakeholders, including HM Treasury, the Financial Conduct Authority, regulated firms and industry bodies.
They have a busy and exciting work programme which includes the implementation of the Basel 3.1 standards, developing a new UK prudential regime for small firms (“Strong & Simple”), assessing non-UK countries for equivalence to international prudential standards, and contributing to the Bank’s work on climate risk.
- Policy Analyst – Market and Counterparty Credit Risk Policy:
This team is responsible for designing policy related to financial market risks for banks. They look at risks that arise when banks own and trade financial instruments like equities, bonds and derivatives which include: the risk of losses from changes in the price of financial instruments; from a counterparty defaulting; or valuation uncertainty. In addition, they develop and contribute to new and emerging financial markets issues such as crypto assets, climate change and LIBOR reform.
They have a busy, but exciting programme of work, developing policies and approaches for banks in the UK that trade in financial markets, and engaging with international counterparts.
Role Requirements
Minimum Criteria
- Relevant experience gained in a policy or analytical setting that complements the job responsibilities as set out above.
Essential Criteria
- Have a keen interest in contributing to the Bank’s policy work.
- Proven interest in learning about a new topic, and evidence of getting up to speed quickly.
- High standard of written and oral communication skills.
- Good interpersonal skills and ability to develop effective relationships.
Reward Package
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 £35,700 – £41,500, 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.
To Apply
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 5 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.