* Applications are now closed *

Location: London, Threadneedle Street

Opportunity: Supported hiring, with flexible working

Apply by:  27 October 2021

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 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.

The Bank is recruiting a Director within the Supervisory Risk Specialists (SRS) Directorate and welcomes professionals who have taken an extended career break to apply for this permanent role. A successful hire who has taken a career break of 2+ years will receive coaching support through the transition period from Women Returners.

The Bank has hired a large number of returners over the last few years. Read Melissa’s story here. Learn more about working at the Bank here.

The Bank is 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.

About the Supervisory Risk Specialists Directorate

On 1 April 2013 the Prudential Regulation Authority (PRA) became responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. The PRA was created by the Financial Services Act (2012) and is part of the Bank of England.

As a directorate of the PRA, the Supervisory Risk Specialists (SRS) provides deep technical expertise and applies judgement in specific risk disciplines as part of the PRA’s integrated supervisory approach, in order to identify, analyse and mitigate material risks to the safety and soundness of PRA regulated firms. These material risks can arise within and across firms and from the market environment.

SRS is split into four main divisions:

  • Credit Risk (CRD)
  • Operational Risk & Resilience Division (ORRD)
  • Risk Analytics, Liquidity and Capital (RALC)
  • Traded Risk (TRD)

Department Overview

Supervisory Risk Specialists (SRS) is a directorate of c200 highly experienced risk professionals, who provide technical expertise and apply judgment across risk disciplines to identify, analyse and mitigate risks to financial stability and the safety and soundness of PRA-regulated firms, in support of the PRA and Bank’s strategic goals, in the areas of Financial and Operational Resilience.

About the role

The role holder reports to the Executive Director, SRS, and together the Director and the ED support the decision-making of the Prudential Regulation Committee (PRC), the Financial Policy Committee (FPC) and Governors. They lead the directorate’s provision of technical expertise and judgement to PRA Supervision; of impact and risk analysis to FPC; and advice on and implementation of other PRA and Bank committees’ recommendations and decisions.

The Director role can be focussed either on financial resilience or on operational resilience; on the latter SRS is leading the PRA’s work implementing the new operational resilience framework, and engages extensively with FCA, HMT, NCSC and the sector on all aspects of operational resilience including cyber risk and information security. In addition the Directorate is engaged extensively with international work in the FSB, BCBS and the G7 on operational resilience including cyber risks.

On financial resilience SRS delivers the analysis of the FPC’s stress tests, analyses the banking sector’s key portfolios, risk profile, capital and liquidity management, risk management and controls, and in partnership with the PRA banking supervision directorates identifies and mitigates the key risks in the sector. SRS is one of the areas of the PRA with a strong focus on data and analytics and developing this as part of the PRA’s strategic review is a key focus for the directorate.

This is a people management role. You will be responsible for day-to-day management of one or two divisions, including 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.

(Depending on the focus on operational or financial resilience) responsibilities will include:

  • Delivery of high quality financial and/or operational risk specialist expertise to PRA Banking and Insurance supervisory directorates, including planning and prioritisation, chairing the directorate’s risk committee and engaging with stakeholders
  • Activity to support the objectives of the PRC and FPC, for example by overseeing SRS’s contribution concurrent stress tests through the delivery of firm-specific capital projections and qualitative assessments for the largest UK deposit takers, and undertaking asset quality reviews for these firms
  • Providing thought leadership in support of the FPC’s cyber agenda in the development of an impact tolerance regime and piloting cyber stress testing
  • Technical support to Prudential Policy, ensuring SRS’s contribution to the development, implementation and maintenance of a coherent policy framework,  including influencing international operational and cyber resilience policy
  • Being a member of the PRA’s senior management team and SRPC, making appropriately forward looking, prioritised, informed and timely judgements on early prudential interventions, regulatory emphasis and use of resource
  • Working effectively with other areas on cross-cutting Bank issues, representing SRS on key Director fora and ED fora, deputising for the ED
  • Acting as an ambassador for the Bank in financial and operational resilience matters, liaising with IMF, IIF and other international bodies and delivering keynote presentations at high profile and private conferences and events

Other responsibilities include:

  • Maintaining and building out the professional and career development plan for SRS to attract, retain and inspire a diverse group of talented staff.
  • Ensuring that the Directorate is understood, credible and trusted through being open and accountable, with timely, accurate and engaging information.
  • Acting as PRA senior owner for data, including chairing the Prudential Data Board and overseeing the data sharing elements of the MOU between the PRA and FCA.

Number of direct reports: 4

Role Requirements

Minimum Criteria

  • Demonstrable technical expertise in risk management and/or the delivery of effective prudential supervision, focussed either on financial resilience or operational resilience.
  • Strong leadership skills with a track record of leading teams; delivering complex, intellectually demanding projects; and building strategic direction.

Essential Criteria

  • Demonstrable commitment to inclusive leadership and building diverse teams
  • Ability to analyse effectively regulatory issues, delivering recommendations that are actionable and can be implemented.
  • Problem-solving skills, in particular the ability to combine technical knowledge with an understanding of the policy framework and organisational strategic objectives in pursuit of new solutions.
  • Excellent presentation skills, significant personal impact and credibility along with experience of international negotiations in order to direct staff and be influential with key external stakeholders.
  • Strong ambassador for the Bank internally and externally, both as a risk management expert and showing exceptional leadership qualities in line with the Bank’s objectives and values.
  • Personal attributes of high intellect and sound judgement.
  • Strongly collaborative, flexible, and proactive, given SRS works in partnership with other directorates through sponsored technical work, pooled projects, communities of interests and informal networks.

Desirable Criteria

  • Strong knowledge base and network in government and the private sector, enabling the individual to both stay current with the changing environment but also to have a grasp of what regulatory action might be required.

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 salary range for this vacancy is approximately £129,000 – £155,000, dependent on relevant skills and experience.  In addition, 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.

About the Bank of England

As a place of work, the Bank feels different from most other organisations. The atmosphere is relaxed but professional, research-driven and also very much connected to real events in the economy. While organisations in the private sector are focused primarily on profits, the ultimate objectives for the Bank are always the quality of thinking and the rigour of analysis. This makes for an unusually satisfying place to develop your career. Whichever area of the Bank you join, you will almost certainly be working on high-profile and high-impact projects. The issues they deal with on a daily basis are often in the news headlines, and have implications for everyone in the country. For many of their people, this sense of contributing to the public good is one of the most rewarding aspects of working there.

The environment is extraordinary too: a historic building located in the heart of the City, which combines rich tradition with up-to-date technology and facilities. Just as importantly, they have a strong culture of support that exists within each of their teams and across the organisation as a whole.

To Apply

Please apply using the link below ensuring that you answer all the application questions, complete the work history and submit your CV, per the guidance below.

Director – Supervisory Risk Specialists

Apply asap. The closing date for applications is 27 October 2021

IMPORTANT: When completing your application:

  • For the ‘Source name‘ question it is essential you select ‘Women Returners’ so the Bank can identify you as a returner and know you are applying on a supported hiring basis.
  • Due to the anonymised application process followed by the Bank (detailed below) it is essential to include your career break with dates in your work history, in the area of online free form text.

The Bank anonymises applications so hiring managers will not be able to see your personal information including your CV or any covering letters when reviewing your submission. Please complete fully the work history and application form questions as requested, as any inomplete submissions may not be reviewed.

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 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.