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Manager, Operational Risk - Markets and Banking

The Bank of England is the UK's central bank. It 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.

Department Overview

Markets and Banking (M&B) is one of four Deputy Governorships in the Bank and plays a critical role in the Bank’s mission. M&B manages the balance sheet of the Bank, UK foreign currency reserves, provides market intelligence and analysis for the Bank's core purposes. It also undertakes a range of policy operations including implementing MPC decisions in the sterling markets and providing wholesale banking, gold and custody services to a range of customers.

Within MB&R COO Division, the Non-Financial Risk function covers operational, compliance and financial crime risks across M&B’s diverse activities. The Operational Risk team is an embedded function directly supporting M&B business teams, while working closely with second and third line functions.

Job Description

This is a great opportunity to lead the Operational Risk team and experience risk management in one of the most varied, outward facing and fast-moving areas of the Bank with high inherent levels of operational risk. Reflecting the increasing risk profile, the team is currently expanding. The job provides a highly diverse range of work and insight to different functions, frequent exposure to senior management and a real chance to make a difference to the safe operation of M&B.

The successful applicant will lead a team of analysts in order to deliver the following key operational risk deliverables across all of the Bank’s front, middle and back offices:

• High quality operational risk assurance for senior stakeholders and committees, including M&B Executive Directors, ERC and HM Treasury. This includes analysis and measurement of M&B’s key risks, tolerances and controls, identifying themes, emerging risks and challenging action plans;
• Targeted and thematic reviews of controls and deep dive reviews for senior audiences;
• A quick and proportionate response to new policy operations, emerging risks and incidents to ensure that adequate controls are being developed in response; and
• Expert ad hoc advice, training and assistance as required to help business areas manage their operational risks effectively and active participation and influence in Bankwide risk management initiatives.

Minimum Essential Criteria

• Management experience, with the ability to develop strong, supportive, inclusive and inspirational relationships with the team, providing clear strategic direction while empowering them to deliver. You will need to juggle multiple competing demands and reprioritise using a risk-based approach;
• Operational risk and control expertise, ideally including familiarity with best practice within a trading and settlement control environment as well as being able to apply control principles to the Bank’s other unique activities. This could include via auditing or assurance experience;
• You will need to be able to develop strong relationships with business areas. The aim is to be supportive, while providing the right amount of constructive opinion and challenge. You will need to work closely with other teams in M&B, in the wider Bank and a range of other stakeholders, such as the Risk Directorate, Internal Audit and HMT;
• You will be able to lead detailed analysis of complex business processes while considering the ‘bigger picture’ in order to make cost-effective recommendations;
• Clear communication and credibility when dealing with stakeholders including senior management; and
• You will be able to drive new ways of doing things on the team including completing and presenting our analysis in the most effective way.

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 of circa £62,700 - £79,400 per annum (depending on experience), along with our comprehensive benefits package as follows:

• 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 | Bank of England.

The closing date for applications is 23 February 2023.

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