* Applications are now closed *
Location: London, Threadneedle Street
Opportunity: Supported hiring, with flexible working
Apply by: 19 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 Risk Analysts 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.
This is pooled recruitment process between the:
- Payment Systems Risk (PSR) team within Market Services Division (MSD)
- Operational Risk Assessment (ORA) team within Markets & Banking COO Division (M&B COOD)
- Enterprise Risk and Resilience Division (ERRD), in the Bank’s Risk Directorate.
These are risk management teams that support the smooth running of the Bank of England and Markets and Banking critical functions including its critical payment systems.
- PSR is part of the Market Services Division within the Banking, Payments and Innovation Directorate, and are a ‘Line 1.5’ risk management function with a primary focus on RTGS Live Operations and CHAPS as a payment systems operator.
- The ORA team mission is to identify, assess, challenge and report on the diverse operational risks arising across Markets and Banking critical functions. The team supports and challenges business areas and provides operational risk assurance to senior management.
- ERRD sits within the Bank of England’s Risk Directorate (the ‘second line’ of defence), and is responsible for second-line operational risk oversight and challenge across the organisation.
Together, ORA, ERRD and PSR ensure that risks to the Bank’s critical operations are managed in a timely and effective way. These are exciting and fast paced areas that require creative, multifaceted responses to changes in the risk environment.
Working in these divisions provides an excellent opportunity to contribute towards a high profile upgrade of Critical National Infrastructure by playing a meaningful role in ensuring operational and change management risks are well understood, transparent and mitigated.
All these divisions are committed to ensuring diversity within the Directorate: including diversity of skills, perspectives and background. They operate a flexible working environment and some of these roles are open to part-time hours.
About the Role
The core focus of these roles is operational risk management, in particular relating to Markets and Banking critical functions and the CHAPS/RTGS payment and settlement system, which is part way through a sophisticated upgrade that is due to complete over the next three years.
There a number of management roles on offer, the roles are a mixture of permanent positions, 12-month and 23-month Fixed Term Contracts
Candidates are encouraged to express interest in all options that are suitable.
Key responsibilities in all of the roles include:
- Leading or contributing to a range of high profile operational and reputational risk assessments including “deep dive”, thematic and scenario analysis.
- Effectively communicating analysis outcomes, enabling senior leaders to make risk based decisions.
- Working with and influencing a diverse range of partners to identify and implement risk mitigating controls and processes.
- Embedding effective risk management culture across Markets and Banking and the Bank.
- Leading and supporting the delivery of key risk management processes such as Critical Risk Metrics and Risk and Control Self-Assessments.
Investigating incidents and risk events to be able to provide insightful analysis of trends and identify emerging risks
Not all candidates need to have prior knowledge of operational risk management. However, it is important to explain how your experience is relevant to these roles and have a demonstrated ability to learn and apply new areas of knowledge quickly.
- Excellent stakeholder management skills: the job holder should have credibility and proven experience of engagement with senior staff either within the Bank or elsewhere.
- Good written and oral communication skills: the job holder should have the confidence and ability to make an impact and influence effectively.
- Established analytical skills: the job holder should have quantitative analytical skills and the ability to use robust analysis to make a persuasive argument.
- A keen interest in the Bank as an institution: the job holder should be able to take a broad and forward-looking view of the Bank’s varied responsibilities and objectives, and the risks it faces in delivery of them; and with an enquiring mind look beyond the immediate operational environment, to horizon scan for emerging risks.
Technical knowledge in operational risk or prior experience of working in an operational risk environment would be advantageous but not essential, for example, gained from:
- working in one or more of the Bank’s front line operational risk functions; and/ or
- working in one of the Bank first or second line operational risk functions; and/or
- a regulatory or audit background; and/or
- working in an operational risk-related function in the commercial sector.
Understanding of Critical National Infrastructure, Payment Systems (or Payment Systems Operators), or major change delivery projects within financial services. RTGS Service; and / or the RTGS Renewal Programme.
What you will get out of the role
The jobholder will have the opportunity to:
- Support and lead on the delivery of key aspects of the Bank of England’s risk management framework
- Work closely with front, middle and back offices and policy functions
- Have regular exposure to senior management
- Build a comprehensive Bank-wide network, and specifically across Markets and Banking.
- Be involved in important, time critical change projects to ensure appropriate risk management and control is being implemented
- Work in a multifaceted and intellectually stimulating environment providing opportunities for further career development
- Study for a professional risk management qualification if desirable
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 – £57,000, 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, complete the work history and submit your CV, per the guidance below.
Apply asap. The closing date for applications is 19 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.