AddressThe 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. 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.
Prudential Policy Directorate are 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.
Department Overview
The Prudential Policy Directorate has five divisions. One of the divisions is the Banking Capital Policy. Banking Capital Policy promotes the safety and soundness of banks by designing policy to ensure that banks maintain sufficient loss absorbing capital given their balance sheet risks and that capital is distributed appropriately across the group. At the same time, and where possible, policy is also designed to facilitate the UK economy's international competitiveness and its growth over the medium to long term, subject to alignment with international standards.
We do this though careful analysis of evidence, working closely with international bodies, other central banks and regulators, engaging with HMT and the Industry, and presenting that work to senior policy committees.
Examples of our work include: developing a strong and simple regulatory regime for smaller domestic deposit takers; implementing Basel 3.1 in the UK; and working with HMT (as part of a joint Taskforce) on the review of ring-fencing; and representing the Bank/PRA on Basel Committee on Banking Supervision working groups.
Job description
This is a people management role. You will be responsible for day to day management of the team and for defining roles and responsibilities. You will develop your team through sharing information effectively, coaching 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 that 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.
Two exciting and important opportunities have become available in the Banking Capital Policy Division senior management team. They are Senior Manager roles that require specialist knowledge. One of the Senior Manager roles is to lead the Banking Groups and Structural Reform team. The other Senior Manager role is to lead the Cross-cutting Policy (referred to as X-DOT) team covering Pillar 2 policy, operational risk, the output floor and our quantitative impact studies.
Both teams undertake a range of important and high-profile policy work. The successful candidates for the Senior Manager roles will lead large teams that are responsible for designing banking policy at a time when the Bank is taking on new powers and responsibilities for policy making.
The Banking Groups and Structural Reform team designs, maintains and evaluates policy relating to ring-fencing, banking groups and large exposures. Work on ring-fencing involves extensive collaboration with HMT officials since much of the ring-fencing framework is set out in primary and secondary legislation rather than PRA rules. Since the core policy focus is how regulatory requirements apply to banking groups rather than solo firms, and group structures are varied and dynamic, there is a need to have a working knowledge of each of the many different requirements in the solo regime to then apply those in a group context. The team is therefore exposed to a wide range of technical topics.
Meanwhile, the X-DOT team is leading work designing policy proposals relating to the capital framework for small domestic deposit takers and the PRA’s Pillar 2 methodologies, finalising the policy for the output floor and operational risk under Basel 3.1 and understanding the overall capital impact of all Basel 3.1 measures. The team is also looking to promote better use of data and research within the division. The nature of the team’s work often cuts across different areas of prudential policy, requiring the ability to navigate different areas of the capital framework and work collaboratively with other part of the Bank.
Both roles are large Senior Manager posts that require technical knowledge as well as the ability to lead teams of between 10 and 15 people. You will need to be comfortable with the day-to-day management of the team including defining roles and responsibilities, sharing information, coaching, creating an inclusive culture and communicating a clear vision and team strategy.
You will also need to enjoy developing banking policy, to be able to think analytically about a range of banking related topics and to be able to explain those clearly to policy committee members. To do that effectively, an understanding of at least part of the banking capital framework (elements of Pillar 1, Pillar 2, ring-fencing or groups policy) is crucial.
You will be surrounded by encouraging people and be given plenty of opportunity and support to develop on the job.
Role Requirements
Minimum Criteria
· Evidence of leadership, in particular setting clear strategic direction, make timely prioritisation calls, and empowering staff to deliver.
· Management experience, including promoting new ways of working, collaboration and giving regular encouraging feedback to staff.
· Strong and creative policy development skills, with an ability to apply these to analytical issues. Given the breadth of the role, you will need to provide challenge and steers on work that you may not have previous direct experience of.
· Excellent written and oral communication skills and the ability to engage with and influence varied audiences internally and externally.
· Dedication to tangibly improving diversity and inclusion culture and outcomes.
· An ability to work collaboratively with a range of partners within the Bank and externally.
Desirable Criteria
· Knowledge of Basel 3.1, groups policy or ring-fencing
· A deep interest in developing banking policy that would advance PRC and FPC objectives.
