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Bank of England Supported Hiring – Technical Specialist, Accounting Reporting & Disclosure Team

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Location: London, Threadneedle Street

Opportunity: Supported hiring, with flexible working

Apply by: 25 June 2021 (extended)

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‘s Prudential Policy Directorate is partnering with Women Returners for this role in their Cross-Sectoral Policy Division (CSPD).

The Bank welcomes professionals who have taken an extended career break to apply for these roles. If successful, a returner 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 they support their staff in structuring their working arrangements to balance their work-life needs.  This role is open to job shares, flexible (including working from home days) and part-time working patterns.  They also offer many opportunities for training and career development.

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.

Department Overview

The Prudential Policy Directorate (PPD) is 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.

The role sits within the Cross-Sectoral Policy Division (CSPD). The Division leads policy for both credit institutions and insurers on questions relating to remuneration, governance, accounting, regulatory reporting, disclosure and audit. Together these policies are directed to ensuring that regulated firms have an effective first line of defence that reduces the likelihood that they will need to draw on their capital to absorb losses.

Within CSPD, the Accounting, Reporting and Disclosure (ARD) team covers both banking and insurance, and is responsible for putting in place a high quality, and effective regulatory reporting and disclosure framework, and providing support on banking accounting issues.

They play a central role in upcoming changes to the UK regulatory reporting and disclosure framework for banks and insurers (e.g. implementing Basel standards in the UK and the Solvency II review) by coordinating work on the design and the implementation of reporting and disclosure requirements. A big question for the team will be on the extent of potential evolution of UK reporting and disclosure requirements following Brexit.

The will be supporting work on the Future of Finance commitments in relation to regulatory data. The aim of this review is to consider how to transform regulatory reporting processes to decrease firm burden, and increasing timeliness and effectiveness of data for supervision. We will be providing policy input into this work over the next year.

The team also plays a key role in high profile work on climate disclosures in line with the Bank’s commitment to supporting the transition to a carbon neutral economy. A policy focus will be on the development of high-quality, globally consistent climate disclosure standards. They sit on the Basel Committee’s working groups on disclosure, the UK government/regulator taskforce on climate disclosure, and the Climate Financial Risk Forum’s disclosure group, and expect to be doing an increasing amount of work on this over the next year.

Role Requirements

The successful candidate will have a chance to lead key work on the future regulatory reporting framework, and to contribute to high profile work on disclosure initiatives on Basel standards, climate risk, as well as banking resolvability. The role will provide exposure to senior colleagues within Prudential Policy, senior PRA decision making committees, firms, and potentially the opportunity to represent the Bank of England in international forums.

The opportunities in this role are diverse, including:

  • Analysis: Leading projects regarding reporting and disclosure requirements, and producing analysis and recommendations to move these initiatives forward.  This could involve both international and domestic policy-making, and may cover both policy design and implementation. This will also involve applying expertise in financial accounting and regulatory reporting to support to both design and advise on the technical interpretation of reporting or disclosure requirements.
  • Communication and Influencing: Drafting policy position papers and briefings, and presenting recommendations to seniors or relevant Committees to take when making policy. Influencing a diverse range of external contacts, such as regulated firms, trade associations, and both other domestic and international regulators, to achieve their policy objectives.
  • Stakeholder management: Establishing and fostering a network experienced internal contacts, including policy specialists, legal colleagues, technology and data users. Coordinating this internal network to develop and deploy new policy, and serving as point of contact for the team.
  • Collaboration: Providing technical advice on the design of reporting and disclosure requirements, and the implementation process for new requirements to specialists in other areas.

Minimum Criteria

  • An understanding of the PRA’s approach to financial regulation, in particular proven expertise in regulatory reporting, and/or Pillar 3 disclosure requirements, including professional experience in interpreting or advising on current UK or European regulatory requirements for banks.
  • Chartered accountant with experience in financial accounting for banks.

Essential Criteria

  • Excellent communication and influencing skills, both written and verbal. Able to grasp technical details quickly and communicate these clearly to non-experts.
  • Strong organisational skills, with the ability to balance conflicting deadlines and priorities, and experience developing longer-term planning and strategic thinking.
  • Experience building and maintaining effective working relationships with both internal and external stakeholders, and of developing proposals based on input from multiple and diverse areas.
  • Good analytical skills, and experience of performing qualitative (as opposed to quantitative) analysis, and prioritising issues.

Desirable Criteria

  • Familiarity with recent regulatory developments in reporting or disclosure requirements for banks, including updates to Basel and European requirements.
  • Developed sense of responsibility and ability to lead projects or implement processes with minimal oversight

Reward Package

As a unique institution, the Bank has a reward package which sets them apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. They also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives including an on-site medical and dental unit.

The role offers a base salary of c. £59,400 – £82,800 subject to qualifications, experience and skillset.

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

For more information on the role and to submit a formal application, please access the link below:

Technical Specialist – Accounting, Reporting and Disclosure Team

The closing date for applications is 25 June 2021 (extended).

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, 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.

The Bank continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Their focus on inclusion is intended to build greater diversity in order to reflect the society they serve and be an employer of choice.