Location: Leeds
The Deputy Governorship is made up of three Directorates
* Markets
* Banking & Payments Operations
* Resolution
We are recruiting for two permanent Leeds-based roles at Scale E, one in the Banking & Payment Operations Directorate and one in the Resolution Directorate.
Committed to a permanent, expanded Leeds office is a fantastic opportunity for us to represent the public better, build stronger links with the local business community and help promote the work of the Bank to a wider pool of talented workers, as well as retain talented colleagues. Candidates should indicate in their application whether they would like to be considered for one specific role or both roles.
The Banking & Payments Operations Directorate
The Banking & Payments Operations (BPO) Directorate supports the Bank’s mission by delivering banking services, payments operations, strategic change and operational support in a way that is efficient and effective, keeps pace with a changing world, and inspires confidence and trust. We are at the heart of the Bank, both in terms of our core role in monetary and financial stability and the wide range of internal and external stakeholders with whom we collaborate. The variety and immediacy of the work we do means we are one of the most outward facing areas of the Bank.
Middle Office
Within BPO, the Middle Office is responsible for managing and controlling end-to-end business processes and data flows in relation to all Markets & Banking operations. Its core activities relate to pricing and valuation of on and off balance sheet positions, managing the Bank’s collateral and counterparty‑related data and ensuring an effective operational and financial control framework. Its three main teams are structured around these three areas.
Operational & Financial Control (OFC)
The OFC team sits within Middle Office and operates many of the Bank’s financial controls, providing assurance over the assets and liabilities resulting from the Bank’s Market and Banking operations. As a result, the OFC team has:
* the opportunity to build knowledge across the Bank’s operations;
* the ability to understand and influence the risk and control framework;
* the opportunity to play an active part in strategic priority change projects.
Key components of the role will include:
* Overseeing the completion of the team’s daily and monthly financial controls (e.g. cash, securities, and collateral reconciliations), ensuring appropriate review, challenge, and explanation, including to senior management where required.
* Assessing the effectiveness of the current control environment and team reporting processes, driving operational improvements.
* Keeping pace with policy and operational changes across the Bank’s Markets and Banking operations and providing project support to key stakeholders to enhance financial control processes.
* Owning the team’s engagement with other business areas, maintaining strong working relationships with Finance, and Markets and Banking front and back office teams.
* Ensuring effective engagement with audit teams, liaising with external auditors and internal audit/compliance teams, and assisting with queries as required.
* Leading operational risk management and reporting, working collaboratively with the Middle Office management team and the Markets & Banking COO’s Operational Risk team to ensure risks are identified, understood, and managed effectively.
The Resolution Directorate (RD)
The Resolution Directorate (RD) is responsible for exercising the Bank of England’s functions as UK resolution authority to prepare for and, if needed, manage bank failure. This is a continuously developing, and exciting area of financial regulation with high visibility amongst senior staff and the opportunity to make a real difference both domestically and internationally. RD is a highly dynamic area with colleagues from a diverse range of personal and professional backgrounds including policy analysis, supervision, central banking, economics, professional services (accounting, law, banking, credit rating agencies), and the wider public sector.
Resolvability Assessment Division (RAD)
Within RD, the Resolvability Assessment Division (RAD) is responsible for the resolvability of a variety of domestic banks within the UK from some of the largest like Barclays and extending to the mid‑tier firm population. RAD also oversees resolvability for UK subsidiaries of overseas firms. To deliver a credible resolution regime, we work with firms to support and assess implementation of resolvability policy including the Resolvability Assessment Framework (RAF). As part of this we meet regularly with the firms and with overseas authorities in the coordination of efforts internationally for cross‑border firms. We work with colleagues from across RD and also liaise closely with Supervision, both as part of our regular work with firms and also as required in live cases.
The issues we deal with in RD are often new and emerging and demand a broad set of skills. Finding effective solutions requires intellectual agility, the ability to understand and influence others, and a willingness to hold firms and others we work with to account. We work closely with the PRA, FCA, FSCS, HMT, overseas authorities, and others.
Key components of the role will include:
* Taking a leading role in the design and implementation of elements of our assessments of firms’ resolvability, including development of the approach to our resolvability assessments, including testing;
* Working with supervisors at the PRA and Resolution Directorate policy teams on setting expectations, monitoring and assessing firms’ implementation of resolvability;
* Engaging with firms and collaborating with senior executives in the firm;
* Interacting closely with our counterparts at various overseas authorities such as the SRB, Federal Reserve and FDIC;
* Helping lead contingency planning teams and delivering resolutions if needed;
* Identifying emerging implementation issues from firms with resolvability policies and work flexibly with the relevant policy and technical teams to find common agreement on these;
* Coaching, guiding and delivering through others.
* Developing your own and others technical and soft skills.
Role Requirements
Minimum Criteria (both roles):
* Highly motivated and capable of working autonomously, with a track record of planning, leading and delivering both through others and independently, to a high standard.
* Inclusive leadership skills, including the ability to contribute sensitively to development of the whole team, alongside the ability to coach to bring out the best in each individual given a variety of different backgrounds. Track record of leading and supporting Diversity and Inclusion and encouraging others to do the same.
* Versatility to adapt to rapidly changing priorities and the agility to re‑prioritise quickly.
* Good problem‑solving and analytical skills, evidencing ability to digest complex information from a number of sources to develop robust conclusions. Strong drafting and presentation skills, with the ability to flex these skills to the audience.
* Experience of/ability to influence a range of internal and external stakeholders, including seniors, with a track record of delivering results through building and maintaining strong working relationships.
* Knowledge and/or direct experience of financial regulation, supervision or risk management in areas such as capital, liquidity, operational resilience, recovery and resolution planning/execution or resolvability testing/assurance. This applies to the RD role only.
Desirable criteria (Banking & Payments Operations Directorate)
Technical skills:
* A good understanding of financial controls and an appreciation of the integrity of financial data and reporting.
* Preferably a qualified accountant (e.g. ACA, ACCA, or CIMA) with an audit background in banking and/or market operations.
* Experience in finance projects or system implementations would be advantageous.
* Strong analytical skills and a proven track record of working in risk and control, with an intuitive desire to identify, understand, challenge, and improve risks, controls, systems, and processes.
* A demonstrable record of identifying key risk areas for improvement, communicating recommendations, and leading their implementation.
* A good understanding of financial products and customer banking, together with a strong interest in the Bank’s operations and how we support them operationally.
* A proficient user of Excel, comfortable with lookups, basic macros, IF functions, etc., and other Microsoft applications (e.g. Visio and project management tools).
People management:
This is a people management role. You will be responsible for the day to day management of the team and for defining roles and responsibilities. You will develop your team by sharing information effectively, coaching, and communicating a clear vision to ensure staff are productive, engaged, and motivated to deliver the area’s aims. This will include setting clear goals and SMART, stretching objectives aligned to those of the team, division and directorate. You will also be responsible for managing staff related matters, including performance, attendance and sickness.
Number of direct reports: One (total team size of five)
Desirable Criteria (Resolution Directorate)
You should not be put off applying if you do not meet or do not have all of the below criteria. The role requires knowledge to be built in these areas but this can be done on the job and we would encourage you to get in touch to discuss what support you might need to close any gaps and/or any other skills you might have which you think could be helpful in role.
* An understanding of the UK resolution regime and its key components; and/or experience in resolution from other jurisdictions. Experience of influencing policy development in a multilateral context.
* Experience of working with internal Bank stakeholders or external stakeholders such as firms, and other UK/ overseas authorities on (cross‑border) bank supervisory matters, recovery and resolution planning and/or execution.
* Relevant financial services experience and ideally an understanding of banks’ balance sheets, businesses models, operations and risk and control environments.
* Experience of leading and/or supporting Diversity and Inclusion work and encouraging others to do the same.
People management:
This is a people management role. The role-holder is expected to manage responsibilities for their reports, promoting development through sharing information effectively, coaching and communicating a clear vision to ensure that 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 RD and manage all staff‑related matters that may arise including performance, absence and sickness.
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
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.
This role offers a Leeds salary of £50,320 - £56,610. In addition, we also offer a comprehensive benefits package as detailed below:
* Currently a non‑contributory, career average pension giving you a guaranteed retirement benefit of 1/80th of your annual salary for every year worked. There is the option to increase your pension (to 1/65th) or decrease (to 1/105th) in exchange for salary through our flexible benefits programme each year. The Bank has the discretion to vary standard accrual rates and dial up and dial down rates at any time and to withdraw dial up and dial down options at any time.
* A discretionary performance award based on a current award pool.
* An 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.
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