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Compliance Analyst - Markets and Banking Compliance Team

We are seeking a Compliance Analyst to join the Markets and Banking Compliance Team. The team’s role is to support business areas in effectively manage conduct risk. This remit includes undertaking a compliance monitoring programme overseeing the Bank’s diverse financial operations. The jobholder will work closely with the Bank’s front, middle and back-office functions, with a specific focus on the Bank’s foreign currency and sterling markets operations and market intelligence gathering activities. The role involves leading the delivery of key aspects of the team’s remit with frequent exposure to senior management and a chance to make a difference safeguarding the Bank’s financial operations.

Overview

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, Banking and Resolution Deputy Governorship is one of the most varied, outward facing and fast-moving areas of the Bank with high inherent levels of conduct risk. The Markets and Banking, Payments and Innovation Directorates (collectively referred to as M&B) manage the balance sheet of the Bank, UK foreign currency reserves, provides market intelligence and analysis for the Bank's core purposes and undertakes a range of operations including: setting the Bank Rate; implementing MPC decisions; operating the UK’s high value payments systems; and providing wholesale banking and custody services to a range of customers.

Within the M&B Chief Operating Officer Division, the M&B Compliance Team resides in the Operational Risk Team which is also responsible for operational risk management across M&B and provides a Bank wide anti-money laundering and sanctions function.

Detailed Description

The M&B Compliance Team is an embedded function working closely both with business areas and central teams. Its mission is to protect M&B’s business aims from conduct risks, such as relating those relating to fraud, bribery and corruption, data security, insider dealing and market manipulation. The Compliance Analyst reports into the M&B Compliance Manager and will contribute to specific aspects of the team’s remit that includes:

• Taking the lead for working with business teams to identify and assess emerging conduct risks relevant to new and existing M&B operations and developing appropriate risk-based controls.
• Undertaking a compliance monitoring programme and producing regular reports to M&B’s senior management teams.
• Investigating conduct related incidents and leading on their escalation to the Bank’s senior management and the Financial Conduct Authority.
• Acting as a key point of reference to provide business areas with advice and expertise.
• Promoting an excellent culture including creating and delivering conduct risk training to M&B staff.

Role Requirements

The successful candidate will need to demonstrate the following essential requirements:

• An understanding of how financial markets and financial institutions operate.

• Strong analytical skills, including experience of analysing complex data/ information, identifying themes or anomalies and communicate key messages clearly;

• Sound judgement and a willingness to express an opinion and take responsibility for resolving potentially difficult situations;
• Good interpersonal skills with the ability to develop relationships with a wide range of stakeholders in order to both support and influence business areas and to provide constructive challenge when needed; and
• Excellent project and time management skills, with an ability to manage and prioritise a challenging workload.

Desirable criteria:

• Experience working in compliance, regulatory policy/supervision, audit or risk management type roles.
• Knowledge of financial crime related concepts, specifically with respect to fraud, market abuse, data protection & information security and bribery & corruption.

• Experience developing analytical capabilities using tools, such as R Studio or Tableau.

What you will get out of the role

The successful candidate will have the opportunity to:

• Contribute to a number of key conduct risk management work streams, helping to improve the identification of emerging risks and present key information to senior management for decision making and mitigation.
• Build a comprehensive network across MBP&R and the wider Bank.
• Work in a varied and intellectually challenging environment providing opportunities for further career development.

• Be involved in wider initiatives across the Operational Risk Team.

• Study for a professional compliance or risk management qualification (other members of the team have completed International Compliance Association courses).

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. You can find more information on what this means here. 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

This specific role offers a base salary of circa £35,700 - £41,500 per annum (depending on skills and experience) on a full-time basis. 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.

In addition, we also offer a comprehensive benefits package as detailed below:

• 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.
• 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 at Privacy and the Bank of England | Bank of England.

The Application Process

Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.

The closing date for applications is 16 May 2023.

The assessment process will comprise of two stages.