Location: UK: London

Start Date: ASAP

Programme: Supported hiring into permanent role

Closing Date: 31 January 2023

*Applications have now closed*

The Bank of England is partnering with Women Returners to seek a Head of Division for Operational Risk and Resilience. The Bank of England welcomes professionals who have taken an extended career break to apply for this role.

Successful hires who have taken a career break of 2+ years will receive coaching support through the transition period from Women Returners. You may have taken time out for childcare or eldercare, for relocation, or for other reasons. You may have been working on a small-scale basis to fit around your other commitments or have not done any paid work for a number of years. The Bank is absolutely committed to having an inclusive environment. Improving the diversity and depth of experience of staff is something that the Bank is passionate about. Flexible working options are available, including part-time working.

About the Bank

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 of England is a diverse organisation. Each of its 4,000 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.

As a directorate of the PRA, the Supervisory Risk Specialists (SRS) provides deep technical expertise and applies judgement in specific risk disciplines in order to identify, analyse and mitigate material risks to the safety and soundness of PRA regulated firms. SRS also supports the wider Bank through providing risk specialist expertise to a range of functions including policy development and implementation, the Bank’s concurrent stress tests and the supervision of financial market infrastructures.

SRS comprises of five divisions:

  • Credit Risk, Analytics, Liquidity and Capital (CRACL)
  • Investment Banking and Sector Risks (IBSR)
  • Model Development and Review (MDRD)
  • Operational Risk & Resilience (ORRD)
  • Sector Resilience Division (SRD)

Division Overview

Operational resilience is a strategic priority for the Bank. The PRA has a strategic goal of embedding operational resilience in regulated firms, to minimise disruption to economic functions causing material risk to financial stability. To achieve this goal, an ambitious programme of work has been developed to ensure that micro and macro-prudential activity is appropriately targeted to ensure that the operational resilience of the UK financial sector is brought within defined tolerances.  The Bank is also a thought leader in international work focused on operational risk and resilience.

The Operational Risk and Resilience Division (ORRD) is the hub for this programme, with teams specialising in operational resilience policy implementation, cyber stress testing, IT, change/outsourcing and other operational risks. The division assesses firms’ operational risk management and operational resilience capabilities to promote the safety and soundness of PRA regulated firms, also focusing on the adverse effects that operational risk can have on the stability of the UK financial system.

The Operational Risk and Resilience Division comprises four teams:

  • Operational and IT Risk
  • Change and Outsourcing
  • Integrated Risk and Resilience
  • Cyber Stress Testing

The teams work closely with other divisions within SRS, in particular, with CRACL on assessing operational risk capital requirements and with SRD on sector resilience and cyber.

In addition, the teams work closely with the PRA’s Prudential Policy Directorate on regulatory issues such as critical third parties, and the Bank’s Financial Stability area on cyber stress testing and other macro-prudential priorities for operational resilience. One important initiative where ORRD will work closely with Prudential Policy, with SRD, other areas of the Bank, and the FCA, is the development of the UK financial authorities’ approach to oversight of Critical Third Parties, including Cloud Service Providers. On a range of topics, they regularly engage with other regulatory bodies including the Financial Market Infrastructure Directorate, FCA and HM Treasury.

Job Description

They are recruiting for the Head of Division for Operational Risk and Resilience. This is an exciting opportunity to join the PRA in a senior role at the time when operational resilience is a key strategic aim for the Bank of England.

The Head of Division is responsible for setting the vision and strategy for the division in the context of the directorate and the PRA’s strategic priorities. They are responsible for effectively communicating the strategy to staff and ensuring delivery through the teams. The Head of Division is capable of being a thought leader in their field, demonstrating strong analytical skills and willing to challenge established thinking. They engage with and influence multiple internal and external stakeholders at the highest level. They are responsible for leading their own teams, and operating as part of directorate- and PRA and Bank-wide Senior Management groups to set and deliver our objectives. Depending on experience, skills and interests, a Head of Division will very likely contribute to a topic of cross-Bank interest, building their network and credibly representing their directorate.

PRA Heads of Division are people management roles. You will be expected to lead in a manner which is human, humble and in step with the changing world, fostering a kind, inclusive and curious environment for discussion. 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 division’s aims. This will include setting clear goals and smart, stretching objectives that are aligned to those of the teams, division and directorate. You will also be responsible for managing all staff-related matters including diversity & inclusion and performance.

Responsibilities for this role include:

  • Lead division and set strategy for c. 40 operational risk and resilience specialists to implement the operational resilience review framework. This involves working closely with other parts of the Bank, the FCA, the NCSC and HM Treasury to achieve the PRA’s strategic objective on operational resilience;
  • Provide thought leadership and technical expertise on the development and implementation of new supervisory standards (e.g. on critical third parties, incident reporting) and the Bank’s cyber stress testing. This includes collaborating effectively with SRD in SRS and Prudential Policy Directorate on the development of regulatory standards for operational risk and resilience; and the Financial Stability area of the Bank on macro prudential operational resilience.
  • Delivery of operational and IT risk assessments of PRA regulated firms which identifies their key operational risks and incentivises improved operational risk management, and appropriately capitalises the sector for operational risks;
  • Manage effectively an extensive pipeline of outsourcing notifications across all PRA regulated firms. This includes outsourcing to the Cloud and large scale IT transformations.
  • Contribute to the SRS Risk Committee on the identification and mitigation of operational risks in the UK financial sector.
  • Chair a number of cross-authority working groups that support the implementation of operational resilience and incident reporting and delivery of policy development. These have senior representation across the PRA, FCA, and other authorities.

The Head of ORRD division will need to work in close co-operation with the Sector Resilience Division engaging with public/private forums, international regulatory authorities and cyber resilience. The role-holder will also work closely with and across specialist teams in the Bank, and will need to support the ORRD and SRS senior management teams, which focus on high quality of output from risk specialist teams, stakeholder management, planning and prioritisation and managing performance.

Their recruitment approach

They want PRA colleagues to represent the variety of backgrounds, life experiences and cultures found in the UK. In fact it’s crucial for the Bank’s and PRA’s wider objectives.

To help them identify the best candidates for their roles, the PRA is committed to the use of inclusive recruitment processes and ensuring diverse recruitment outcomes. They anonymise applications so that hiring teams cannot see your personal information, including your CV, when reviewing your submission.

This advert sets out minimum essential criteria for applicants, as well as desirable criteria, competencies and skills which they believe would be helpful for the roles available.

Job shares, flexible, and part-time working arrangements are welcomed.

Minimum/Essential Criteria

  • Experience of managing operational and IT risk in a financial services context, or supervising regulated firms in relation to their operational and IT risks
  • Familiarity with prudential regulation of operational risk and resilience and an understanding of the PRA’s supervisory model and approach to operational resilience.
  • Leadership skills – strong leadership skills with a track record of leading large teams, including the ability to create and implement a shared vision and delivery of outcomes.
  • Analytical skills – a track record of risk identification and practical, policy-relevant insights that would demonstrate good judgement and effective problem solving.
  • Communication skills – ability to produce clear and concise written and verbal communication tailored to the circumstances.
  • Influencing skills – ability to engage and influence senior stakeholders within the Bank and externally at a senior level with firms and/or other central banks/regulators.
  • Ability to build and develop a diverse team, in terms of life experience and approach.
  • Ability to lead in a manner which is human, humble and in step with the changing world, fostering a kind, inclusive and curious environment for discussion.
  • Able to demonstrate flexibility in resourcing; a track record of proactive, proportionate and effective prioritisation.
  • Bank-wide awareness – the capacity to understand the Bank’s position on the broader policy and regulatory environment and how this relates to the directorate’s priorities and plans.
  • A track record of delivering change, collaborating with other divisions and making connections between work-streams across an organisation/the Bank; and in creating a better place to work.

Desirable Criteria

  • Familiarity with the UK official sector’s arrangements to provide leadership to the financial services industry in the event of major operational disruption.

The Bank values diversity and inclusion – they want to reflect the society they serve better, they want the best people to work for them and they want their workplace to be inclusive. They value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation. One way they support diversity and inclusion is through their staff-run networks, which are summarised here

They are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working. This role is therefore open to flexible working patterns.

Where a role can be carried out from home, they are working towards colleagues spending at least half of their time in the office, so that they can all benefit from working together in person, while maintaining the flexibility offered by home working. They expect colleagues to spend a minimum of 40% of their working time in the office per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them and their team.

They are also committed to making workplace adjustments for all of their employees as needed, and also for candidates throughout all stages of the selection process. They are a member of the Disability Confident scheme, summarised here and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

Reward Package

The Bank of England is a distinctive institution and their rewards are one of the things that set them apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.

The position offers a competitive salary and 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.

Employment in this role will be subject to National Security Vetting clearance and the passing of additional Bank security checks in accordance with Bank policy from time to time.  Further information of vetting and security clearance requirements for the role will be provided to the successful applicant. Further information about how the Bank processes personal data for these purposes, is set out in the Bank’s Privacy Notice at Privacy and the Bank of England

Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.

How to Apply

For more information and to apply, please access the links below:

Head of Division, Operational Resilience and Risk Division, Supervisory Risk Specialists

The closing date for applications is 31st January 2023.

The Bank anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please fully complete the application form questions as requested, as any incomplete submissions may not be reviewed.