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Bank of England Supported Hiring – Manager, Operational Risk, Enterprise Risk & Resilience

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Location: UK: London

Start Date: Variable

Programme: Supported hire into permanent role with flexible working

Closing date for applications: 27 June 2022

The Bank of England’s Risk Directorate is partnering with Women Returners to seek a Manager, Operational Risk, Enterprise Risk and Resilience. The Bank of England welcomes professionals who have taken an extended career break to apply for this role.

Successful hires who have taken a career break of 2+ years will receive coaching support through the transition period from Women Returners. You may have taken time out for childcare or eldercare, for relocation, or for other reasons. You may have been working on a small-scale basis to fit around your other commitments or have not done any paid work for a number of years. The Bank is absolutely committed to having an inclusive environment. Improving the diversity and depth of experience of staff is something that the Bank is passionate about. Flexible working options are available, including part-time working.

The Bank has hired a large number returners over the last few years. Read Melissa’s story of returning to the Bank here.

About the Risk Directorate

The Risk Directorate was created following the 2018 internal Risk Governance Review and houses the second line of defence risk and compliance functions charged with providing effective oversight of the Bank’s financial and non-financial risks and ensuring compliance with its policies. The Directorate brought together various second line functions – Bankwide Risk, Financial Risk & Resilience, and the Bank’s central Compliance Division, including Privacy. The Risk Directorate also includes Business Continuity Management.

Internal Audit forms the third line of Defence for the bank and is part of the Risk Directorate for administration purposes but operates independently.

Department Overview

The Bank operates a Three Lines of Defence model for the management of risk. We, Enterprise Risk and Resilience Division, sit within the Risk Directorate, the Second Line of defence. Risk Directorate reports to the Governor. It comprises three divisions: Enterprise Risk and Resilience Division; Financial Risk and Resilience Division; and Compliance Division.

In Enterprise Risk and Resilience Division, they are responsible for ensuring the Bank’s non-financial risks are managed and mitigated by the First Line of Defence. This must be within the tolerance set by Court. It includes risks related to: people, technology, process, communication, projects, in particular risks related to the delivery of a renewed Real-Time Gross Settlement system, cyber and information security.

The division has three teams:

  • Operational Risk and Resilience Team: responsible for Second Line management of operational risks, including those related to the Real-Time Gross Settlement system. And the resilience of those operations, including the ability to respond to and recovery from significant incidents;
  • Security and Technology Risk Team: responsible for Second Line management of security and technology risks; and
  • Framework, Systems and Analytics Team, responsible for the development of the Bank’s risk framework and risk management tools.

Working in the Enterprise Risk and Resilience Division provides an excellent opportunity to develop an understanding of, and interact with, all areas of the Bank – including senior leaders. They are committed to ensuring diversity within the Risk Directorate: including diversity of skills, perspectives and background. They are fully committed to making reasonable accommodations. And they operate a flexible working environment.

About the Role

This is a people management role. 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.

Reporting to the Head of Operational Risk and Resilience, the jobholder will lead work to assess and report, as well as prompting mitigation of, the Bank’s most material operational risks. Key responsibilities will include:

  • ensuring that the Bank’s “out of tolerance” operational risks are identified, assessed and managed back within tolerance, allowing the Bank to achieve its mission;
  • producing Risk Reports and reporting on operational risk management to the Bank’s Executive Risk Committee; Governors; ARCo; and Court;
  • driving the risk agenda, including by identifying, undertaking and overseeing “deep dives” into thematic risks;
  • working closely with the Frameworks, Analytics and Data team, developing, analysing and presenting metrics to support challenge of the Bank’s operational risks;
  • embedding effective risk management and a strong culture throughout the Bank; and
  • acting as line manager for up to three Analysts and supporting the Head of Operational Risk and Resilience in running the Operational Risk and Resilience Team.

Salary and Benefits

As a unique institution, the Bank of England offers a competitive reward package. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. The Bank also offers a working environment which fully supports individuals through flexible working, as well as wellbeing initiatives including an on-site medical and dental unit.

The total reward package includes:

  • A non-contributory, career average pension
  • 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 insurance

About the Bank of England

The Bank of England is the UK’s central bank and a diverse organisation. Each of its 4,000 plus employees are committed to public service and dedicated to deliver the Bank’s mission to promote the good of the people of the United Kingdom through maintaining monetary and financial stability. Protecting the nation’s insurance policyholders is a vital job.

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. 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.

Read more about the Bank in this Returner Champion Employer profile.

How to Apply

For more information on each role and to apply, please access the links below:

Manager, Operational Risk, Enterprise Risk & Resilience

Application deadline is 27 June 2022

The Bank anonymises applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission. Please complete work history and the application form questions as requested because incomplete submissions will not be reviewed.