Markets Operation Analyst

Markets Operation Analyst

The Strategic Change & Operations (SCO) directorate has around 140 staff; it undertakes the management and control of end-to-end business process and data flows in relation to market operations; works to devise and implement the operational strategy for the Markets, Banking, Payments and Resolution Deputy Governorship and takes the lead on cross-divisional issues relating to: operational resilience; change delivery; business planning and oversight; challenge and mitigation of operational risk; people strategy including promoting diversity and inclusion.

Middle Office which sits in SCO has four main teams: Counterparty & Collateral Operations (CCO), Operational Financial Control (OFC), Pricing Policy & Valuation (PPV) and the EDM Support Team (EST).

The CCO team manages the eligibility of balance sheet and collateral assets including loans and the application of haircuts, whilst also being responsible for how counterparty and instruments data are stored in Markets’ systems. The team works alongside a Support Team (EST) to identify and implement improvements to the current operational processes in the master data management system. In addition, the team works closely with Pricing Policy & Valuations (PPV) in Middle Office and the Financial Risk Management Division (FRMD) to implement new risk policy and methodologies.

Job Description

We are looking to fill an Operational Analyst role on the CCO team. The successful candidate will join a team consisting of a Manager, two other Operational Analysts and seven Operational Assistants. The job holder will be an integral member of the CCO team and as such will play a key role in the support of the Bank’s financial and monetary operations. The jobholder’s primary focus will be on the team’s financial instrument eligibility workstream, leading on the processes which enable us to identify the eligibility status of collateral for the Bank’s Sterling Monetary Framework operations lending. However, the jobholder will be given the opportunity to research and implement improvements and will have exposure to high profile projects in addition to their regular work across teams within Middle Office, SCO, Markets and other directorates.

Key responsibilities of the team include, but are not limited to:

• Manage and own market data, implementing and maintaining consistent records for use across multiple systems and by key stakeholders.
• Management and leadership across the CCO team, remaining responsible for training and development of individuals whilst also providing day to day mentoring.
• Coordinate, liaise and communicate across the Front, Middle and Back Offices to ensure smooth and effective running of the Bank’s operations.
• Developing an understanding of the Bank’s Risk Management functions and close liaison with FRMD to implement the Bank’s polices
• Acting as a subject matter expert across the business, representing CCO and often Middle Office in directorate-wide change initiatives.

Role Requirements:

Minimum (Essential) Criteria

• Experience of working in an operational area, on business analysis, or Operational policy implementation.
• An interest in the Bank’s market operations
• A good working knowledge of non-exotic financial instruments
• Experience of reviewing and reducing operational and financial risk
• Experience of working accurately to tight deadlines with the ability to manage your own workload and effectively prioritise tasks
• Strong IT skills and a consistent record of learning new processes and systems
• Attention to detail with the ability to deliver outputs to a high standard
• Experience of providing effective training on processes and an understanding of documenting knowledge and sharing knowledge effectively

Essential Criteria

• Experience in engaging and sustaining key working relationships at different reporting levels and an ability to apply wider networking skills to influence deliverables
• An intuitive ability to identify and understand our risk and controls, challenging where things look wrong to drive improvements
• An ability to work on multiple work streams, prioritising effectively and often to tight deadlines
• Experience of promoting a culture of Diversity, Equity and Inclusion.

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.

Please be aware this role includes operational duties where there are a number of rotas to be covered but Middle Office is dedicated to promoting a healthy work-life balance and encourage flexible working. Examples of flexible working in the team include: part-time working, late starts, early finishes and part-time study.

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 - £45,000 per annum (depending on skills and experience) on a full-time basis.

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 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
• 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 19th April.

The assessment process will comprise of a two stage Interview process.