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Bank of England Supported Hiring – Senior Credit Risk Analyst, Markets Directorate

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Location: UK: London

Start Date: ASAP

Opportunity: Supported hire into permanent role with flexible working

Closing date for applications: 11 July 2022

The Bank of England’s Risk Directorate is partnering with Women Returners to seek a Senior Credit Risk Analyst, Markets Directorate. 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 Market Directorate

The Markets Directorate promotes monetary and financial stability by leading the Bank’s market operations, and by using their presence, expertise and influence in financial markets to inform and shape the Bank’s policy decisions and priorities.

The Markets Directorate includes six Divisions which are:

  • Sterling Markets
  • Foreign Exchange
  • Market Intelligence
  • Financial Risk Management
  • Middle Office
  • Markets & Banking COO

Department Overview

The Financial Risk Management Division (FRMD) is responsible for managing the financial risks that the Bank faces in its key market operations:

  • Sterling facilities include the Sterling Monetary Framework (SMF), Term Funding Schemes and Gilt/Corporate Bond Purchases (including CCFF). Sterling facilities support monetary and financial stability.
  • FX markets activities entail the management of both the Bank’s and the government’s foreign exchange reserves.

Within FRMD, the Credit Risk Team is responsible for assessing, monitoring and managing the risks resulting from the Bank’s dealings with counterparties in its Sterling and FX operations. These counterparties (approximately 400 group entities in all) include: banks (from the largest global banks to small UK institutions), corporates, sovereigns, central banks and government agencies, supranationals and central clearing counterparties (CCPs). For each counterparty type, the team is tasked with designing risk assessment methodologies, carrying out credit assessments and allocating credit ratings. Credit risk work is overlaid with increasing focus on the Bank’s commitment to address the financial risks from climate change.

About the Role

This is a role which will allow an experienced analyst the opportunity to cover a broad range of non-corporate counterparties, to lead junior analysts in their development and to own projects to develop the Bank’s policies towards credit risk management. The role will require expertise in credit assessment and an ability to deliver to deadlines while managing multiple stakeholders and interacting with senior management both internally and externally.

Key responsibilities will include:

  • Writing credit risk assessments of counterparties within the Bank’s portfolio of banks, sovereigns, supranationals, government linked agencies and CCPs.
  • Leading policy development and seeking to optimise internal processes related to credit analysis, including at a portfolio level.
  • Participating in, and after some experience, managing and leading site visits with counterparties’ senior management, to inform credit assessments.
  • Acting as a reviewer for assessments completed by other analysts in the team.
  • Providing expertise, advice and support to junior analysts on the Credit team.
  • Presenting assessments and contributing expertise at the Bank’s Credit Rating Advisory Committee.
  • Enhancing understanding of allocated portfolio of counterparties and peer groups through regular monitoring and relevant policy work.
  • Representing FRMD’s views while collaborating closely with colleagues across the Bank such as the PRA, Resolution Directorate and FMID on firms’ developments and the Bank’s views of their risk profile.
  • Working closely with key colleagues both in the Markets area and in other areas of the Bank on the development of new policies, processes and operations.
  • The opportunity to carry out credit risk reviews of corporates may arise, on ad-hoc basis (with training provided).

Role Requirements

  • Experience in the counterparty credit risk assessment of banks, sovereigns, or CCPs is crucial.
  • Knowledge of credit limits design and credit back testing of rating models would be an advantage, but not essential.
  • Demonstrable track record of analytical assessments showing good judgement and creative thinking.
  • Good knowledge of Excel.
  • Demonstrable ability and willingness to identify and implement improvements to policies and/or processes.
  • The ability to work independently and flexibly.
  • Collaborative colleague with good interpersonal skills.
  • The ability to review peer work and give concise, constructive feedback as well as to be receptive to constructive feedback from colleagues.
  • Effective written and oral communication skills with the ability to explain complex issues in plain language.
  • Sufficient confidence and gravitas to present and debate with senior decision-makers and to represent the Bank at external counterparty senior management meetings.

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.

This specific role offers a base salary of £45,900 – £59,000 per annum, along with their comprehensive benefits package as follows:

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 about the role and to apply, please access the link below:

Senior Credit Analyst – Markets Directorate

Application deadline is 11 July 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.