**Applications are now closed**
Location: London, Threadneedle Street
Opportunity: Supported hiring, with flexible working
Apply by: 19 July 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 is recruiting a Senior Manager in the Structured Finance (SF) team, within the Credit Risk Division of the Supervisory Risk Specialists (SRS) Directorate, part of the Prudential Regulation Authority (PRA).
The Bank of England welcomes professionals who have taken an extended career break to apply for this permanent role. 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 of England is committed to their staff having a wide range of skills, perspectives and backgrounds, as they believe diversity and inclusion benefit policy making and encourage an intellectually stimulating and enjoyable working environment. In addition, and in common with the Bank of England as a whole, the PRA is committed to the principle of flexible working.They support their staff in structuring their working arrangements to balance their work-life needs. This role is open to job shares, flexible and part-time working patterns.
About the Supervisory Risk Specialists Directorate
On 1 April 2013 the Prudential Regulation Authority (PRA) became responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. The PRA was created by the Financial Services Act (2012) and is part of the Bank of England.
As a directorate of the PRA, the Supervisory Risk Specialists (SRS) provides deep technical expertise and applies judgement in specific risk disciplines as part of the PRA’s integrated supervisory approach, in order to identify, analyse and mitigate material risks to the safety and soundness of PRA regulated firms. These material risks can arise within and across firms and from the market environment.
SRS is split into four main divisions:
- Credit Risk
- Risk Analytics & Data (RAD)
- Risk Infrastructure, Liquidity and Capital (RILC)
- Traded Risk
About the team
Within the Credit Risk Division, the Structured Finance (SF) team is one of 4 teams, the others being Retail Credit Risk, Corporate & Financial Institutions, and Credit Risk Measurement.
The SF Team provides expert advice and assurance, primarily to the Prudential Regulation Authority’s Supervision directorate, by providing technical reviews of securitisations used to achieve Significant Risk Transfer (SRT) and other structured finance transactions. We are also responsible for reviewing firms’ holdings of securitisations and covered bonds for the concurrent stress testing programme. In addition, the team provides technical advice to the PRA’s Policy directorate on regulatory issues covering securitisation, covered bonds and related products, and regularly engages with other regulatory bodies including the SSM, the EBA and the BCBS.
About the role
This is a people management role. Your responsibilities include day to day management of a team of approximately 7 credit risk specialists and defining roles and responsibilities. You will develop your team through sharing information effectively, mentoring 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 which are aligned to those of the team, division and directorate. You will also be responsible for managing all staff-related matters that may arise including performance, absence and sickness.
As Senior Manager of the Structured Finance team, your duties include:
- Providing strong management and leadership to experienced and hardworking structured finance specialists. You will lead the process by which the team reviews firms’ SRT transactions, making recommendations on whether significant risk transfer has been achieved and the claimed reduction in risk weighted assets is justified. Making these decisions involves establishing judgements on the extent of supervisory or regulatory interventions, working collaboratively with Supervision, Policy and Legal to arrive at timely and appropriate outcomes.
- Providing thought leadership on content areas within structured finance. This includes influencing the development and implementation of securitisation regulation, identifying and implementing improvements for reviews of SRT transactions and stress testing of firms’ SF exposures.
- Leading, supervising or participating in multi-discipline projects, working with other teams in the Credit Risk Division and wider SRS, as well as collaboratively with colleagues across the wider Bank ensuring that developments in SF markets are shared with all interested partners (e.g. as Chair of the internal Securitisation Roundtable).
- Ensuring the team’s output is of high quality and is adding value to its key partners. This includes reviewing papers, ensuring appropriate quality assurance is being applied to the analysis and providing steer to the staff on how to tailor their output to most effectively meet the PRA’s objectives.
- Ensuring the PRA’s policies relating to the SRT framework and broader securitisation activities are communicated effectively with market participants. This will involve participating in industry level roundtable meetings and leading bilateral discussions to influence senior management within individual firms.
- Being a member of the SRS senior management team and acting as a trusted advisor to supervisors. In addition, contributing critical judgements to committees. In particular, as the SF team Senior Manager, you should be a role model for collaborative working.
- Strong leadership skills with solid experience of leading teams; including the ability to build and implement a shared vision and delivery of outcomes.
- Proven analytical skills gained in relevant roles including a degree in a relevant subject or a professional qualification.
- Demonstrable technical expertise in structured finance, with experience of multiple asset classes e.g. RMBS, CMBS, CLOs.
- Strong written and oral communication skills, able to present complex issues clearly.
- Excellent relationship management and strong collaborative skills with a track record in building and maintaining effective relationships with both internal and external stakeholders.
- This is a fast paced and high-profile role, so you will need to be able to work flexibly, prioritise across competing demands and adapt accordingly.
- Impressive personal impact, influencing and inter-personal skills and proven track record to build strong working relationships with partners.
- Ability to clearly and concisely communicate complex technical concepts to both senior technical and non-technical audiences both verbally and in writing.
- A proven track record of working across boundaries effectively and engaging collaboratively with staff at all levels.
- A good understanding of the relevant requirements under the UK regulatory regime (e.g. CRR, Supervisory Statements) for SRT securitisations and other structured finance transactions.
- A good understanding of the main techniques used in the stress testing of capital requirements for structured finance exposures.
As a unique institution, we have a reward package which sets us apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. We also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives including an on-site medical and dental unit.
The salary range for this vacancy is approximately £72,400 – £114,300, 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.
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.
Please apply using the link below and ensuring that you answer the application questions, complete the work history and submit your CV, as per guidance below.
Apply asap. The closing date for applications is 19 July 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, 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.