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SalaryAnalyst/Senior Analyst - Operational Risk Team
-(010188)
The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.
The Bank of England is a diverse organisation, made up of approximately 4,000 people – each committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.
The Markets Directorate promotes monetary and financial stability by leading the Bank's market operations, and by using our presence, expertise and influence in financial markets to inform and shape the Bank's policy decisions and priorities.
The Markets Directorate includes 6 Divisions which are:
- Sterling Markets
- Foreign Exchange
- Market Intelligence
- Financial Risk Management
- Middle Office
- Markets & Banking COO
Department Overview
Markets, Banking, Payments & Resolution (MBPR) is one of four Deputy Governorships in the Bank and plays a critical role in the Bank’s mission. MBPR consists of five directorates (Markets, Banking, Payments, Resolution and Strategic Change & Operations). MBPR COO Division sits within the Strategic Change & Operations directorate.
MBPR COO Division (COOD) supports the effective delivery of strategy in MBPR. The Operational Risk Team takes the lead on cross-divisional issues relating to operational, compliance and financial crime risks across MBPR. The Operational Risk team is an embedded risk function directly supporting business teams, while working closely with second and third line functions and many other areas around the Bank.
Job Description
This is a great opportunity to experience risk management in one of the most varied and fast-moving areas of the Bank with high inherent levels of Operational Risk. The team is currently expanding and has new opportunities at both Analyst and Senior Analyst level. The roles provide a highly diverse range of work and insight to different functions, exposure to senior management and a real chance to make a difference to the operation of MBPR. We encourage ongoing training and development which would include the opportunity to support study for a professional risk qualification.
The successful applicant will have the opportunity to work on a variety of the team’s different workstreams across MBPR’s critical functions, including:
- Provision of high quality Operational Risk assurance for senior stakeholders and committees, including Executive Directors, the Executive Risk Committee and HM Treasury. This includes analysis and measurement of MBPR’s key risks, tolerances and controls, identifying themes, emerging risks and challenging action plans;
- Targeted and thematic reviews of controls and deep dive reviews;
- Responding to new policy operations, emerging risks and incidents to ensure that adequate controls are being developed in response; and, providing
- Expert ad hoc advice, training and assistance as required to help business areas manage their Operational Risks effectively.
Role Requirements
Minimum Essential Criteria
While you will need to demonstrate an understanding of key risk management concepts, direct Operational Risk experience is not essential, providing you can demonstrate a willingness and ability to quickly get up to speed, as well as strong performance against the following:
- Strong analytical and problem solving skills: being able to form judgements and make clearly reasoned recommendations;
- Good interpersonal skills with ability to establish working relationships with a wide range of colleagues in order to both support and influence business areas, providing constructive challenge and negotiation when needed;
- Excellent written and oral communication skills with the ability to present complex information clearly and concisely; and
- An ability to adapt to changing priorities.
Desirable Criteria
- Operational risk management experience
- Strong stakeholder management skills
Our Approach to Inclusion
The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.
At the Bank of England we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.
We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.
For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.
Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.
Salary and Benefits Information
This specific role offers a base salary of circa £40,000 - £52,730 per annum (depending on skills and experience) on a full-time basis. We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate.
In addition, we also offer a comprehensive benefits package as detailed below:
- 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. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
- 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits.
- Private medical insurance and income protection.
National Security Vetting Process
Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice
The Application Process
Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.
The closing date for applications is 29 January 2024.
The assessment process will comprise of two stages.
