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Assistant Financial Risk Analyst - Financial Risk Management Division

The 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, made up of approximately 4,000 people – each committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

The Markets Directorate promotes monetary and financial stability by leading the Bank's market operations, and by using our presence, expertise and influence in financial markets to inform and shape the Bank's policy decisions and priorities.

The Markets Directorate includes 6 Divisions which are:

• Sterling Markets
• Foreign Exchange
• Market Intelligence
• Financial Risk Management
• Middle Office
• Markets & Banking COO

Department Overview
The Financial Risk Management Division (FRMD) sits within the Bank’s Markets Directorate. The directorate is responsible for conducting the Bank’s market operations to implement monetary policy, provide liquidity insurance and manage the UK’s official FX reserves (as agent for HM Treasury). In addition, it also seeks to leverage its role within financial markets to gather intelligence on financial market developments to help inform policymakers on the MPC, FPC and PRC.

FRMD is responsible for first-line risk management of all financial risks faced by the Bank, the APF and the EEA. It is structured around three major functions – management of credit risk, management of collateral risks and management of traded risks. The Traded Markets team (TMT) is split into a Market and Liquidity risk team (9 staff), the EEA Financial Reporting and Analysis team (3 staff) and the Credit Risk Reporting Team (5 staff including the job holder). The three teams report to the same Senior Manager and work closely together, pooling resources as necessary.

Job description
FRMD is looking for an assistant financial risk analyst to join CRRT, in an interesting role that sits at the nexus of analytical and operational sides of both the Bank and EEA. The role offers the opportunity to develop knowledge of central bank operations, fixed income markets and FX reserve management and financial risk management concepts. The team has ties across the Bank, most notably Markets and Banking, but also colleagues in the PRA, therefore enabling the job holder to understand how the work of the division connects across directorates.

The key responsibilities of this role are to:

• Produce accurate and timely core operational outputs across the team, covering/assisting others where necessary, escalating issues to management as required;
• Demonstrate initiative in identifying and implementing improvements to existing processes and controls;
• Become a business Subject Matter Expert (SME) on risk reporting, in particular the Bank’s Limits and Thresholds Framework;
• Provide analytical support to CRRT, including a review of our existing reporting suite (a strategic priority for FRMD), considering the range of reporting and analytical tools available to us to improve the quality of our risk reporting, whilst simplifying processes and reducing production times;
• Support FRMD-wide work, particularly systems, controls and change initiatives, with the opportunity to contribute to broader policy work across TMT (including the design of central bank operations and the investment and management of the UK’s FX reserves (the EEA)

Role Requirements

Minimum Essential Criteria

• Strong IT skills, particularly, in-depth knowledge of Excel;
• Ability to work on your own initiative to produce outputs and an inquisitive and inquiring approach to the outputs;
• Flexibility and being able to work to demanding deadlines;
• Good stakeholder management and interpersonal skills;
• Pragmatism to ensure the correct balance is achieved with regards time invested and output quality improved;
• A standout colleague, willing to help others to achieve results;
• Process oriented and with excellent attention to detail.

Desirable Criteria

• Knowledge of or a desire to learn about financial risk management;
• A background in some or all the areas covered by the team's responsibilities (for example, risk reporting or systems knowledge);
• Familiarity with coding software, such as R, Python and Tableau etc;
• Knowledge of the Bank’s financial market operations would be an advantage.

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

We 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, we are working towards colleagues spending at least half of their time in the office, so that we can all benefit from working together in person, while maintaining the flexibility offered by home working. From 6 June 2022, we 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.

We are also committed to making adjustments for candidates and employees where possible, and have partnered with external expert organisations to support us in this. We 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.

We 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.

The Bank of England is a distinctive institution and our rewards are one of the things that set us 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.

This specific role offers a base salary range of £28,810-£33,000 per annum (depending on skills and experience) on a full-time basis.

In addition we also offer a comprehensive benefits package as detailed below. We encourage flexible working & part time working , therefore both salary and associated benefits will be adjusted on a pro-rata basis for part-time colleagues.

• 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. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
• 26 days annual leave with option to buy up to 12 additional days through flexible benefits. (Note: effective from April 2023)
• 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 | Bank of England.

The closing date for applications is 13 February 2023.

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