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Policy Advisor - Global Engagement Team, International Directorate

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. 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.

Are you interested in helping the Bank deliver on its policy priorities at an international level? Are you good at building relationships with domestic and international stakeholders ? Are you able to get to grips with complex policy issues and explain them in a clear and compelling way which can help our Governors to shift global debates?

If so, this is the perfect role for you.

The Global Engagement Team in Policy and Strategy Division in International Directorate is responsible for ensuring the Bank engages effectively in multilateral fora (FSB, BIS, G7, G20, IMF, OECD) and bilaterally on financial stability risks and the development of global financial regulation.

We work closely with colleagues across the Bank to identify priority policy areas for coordinated international policy action and to design and execute engagement strategies to advance those priorities.

We engage on the biggest issues in international finance and economics. For example, what do public authorities need to do to support innovation in cross-border payments and ensure private sector tech-based innovation is safe? What is the international response to the financial stability risks from climate change? What needs to be done to ensure a smooth transition away from Libor? What should the international regulatory framework for non-bank finance look like? How well did the post-crisis reform package perform during the COVID shock?

We offer a unique chance to be at the heart of implementing the Bank’s international strategy, working with a wide range of colleagues from across the rest of the Bank and with Governors and private offices. The role also involves close coordination with other UK authorities and counterparts overseas.

As we are a small and flexible team, you will have the opportunity to work across a range of dossiers and to work on and shape our input to new international issues and initiatives as they emerge. You are also encouraged to get involved with cross-cutting projects with other teams within International Directorate and to make a contribution to the wellbeing of the Directorate or wider Bank.

Past members of the team have found the roles an exciting way of getting a helicopter view of how the Bank engages and influences the international financial system.

Brief Posting Description

We now have a vacancy for an Advisor who will be responsible for overseeing the coherence and effectiveness of the Bank’s international strategy related to its broad portfolio of prudential and financial stability topics. You will support the Governor and Deputy Governors as they represent the Bank at international fora, and in particular the FSB, BIS, G7 and G20. You will provide robust analysis and briefing ahead of those meetings, and work to ensure the Bank has maximum impact. You will be responsible for our approach to bilateral engagement, refreshing our bilateral strategy and supporting the delivery of a series of economic and financial dialogues with key international partners.

This is a role suitable for someone who is comfortable with policy, coordination and with stakeholder engagement. The role holder will need to be able to adapt to new challenges and work at pace.

Detailed Description

The job-holder will:

• Lead on developing our approach to bilateral engagement, leading on updating our strategy towards economic and financial dialogues between UK regulators and regulators in major partner countries such as the US, China, Japan, Brazil and Singapore. Work with HMT and FCA to support Bank participation in those dialogues. Provide briefing for Governors for their bilateral meetings with key international stakeholders. Lead on our monitoring and understanding of US financial regulatory priorities, and key political developments.
• Lead on preparing the Governor and Deputy Governors for their participation in international meetings, including senior FSB committees, financial regulatory issues at the G7 and G20, and relevant meetings at the BIS. This will include leading on support for the Governor for the most senior FSB committees (Plenary and Steering Committee) and back-benching at those meetings for him.
• Lead on the Bank’s international prioritisation process, identifying the biggest issues we want to make progress on and in which fora. Ensuring Governors and the wider Bank are bought into them.
• Support the wider objectives of the team by being flexible to contribute to a wide range of outputs.
• Develop close working relationships with staff engaged on relevant policy issues across the Bank, FCA and HMT.
• Ensure that the team has strong relationships and early insight into the positions of various domestic and international stakeholders, including the FSB secretariat in Basel.
• Ensure that the international work is transparent to, and well understood by, colleagues around the Bank.

Job requirements

Essential criteria

• Experience gained in a policy or analytical setting through role(s) held in financial services industry, regulators, government, or third sector.
• Excellent judgment and analytical skills, including the ability to track developments across multiple sectors, drawing together a large amount of information to identify the key points and form a coherent narrative.
• Excellent external relations skills and the ability to work collaboratively to build a strong network across the Bank and externally.
• Ability to independently lead key analytical work and deliver through other members of the team and across teams. The role will require leading important policy work and representing the team’s work credibly at a senior level within the Bank.
• Excellent interpersonal and communication skills, including being able represent the Bank’s views externally and communicate complex information clearly to senior staff and peers, both in writing and verbally.
• Strong organisational skills and ability to work well under pressure, including an ability to balance, prioritise and manage competing demands to deliver high quality work across a broad range of issues in a sometimes rapidly-changing environment.

Desirable criteria

• Experience of international policy-making, preferably with international standard setting bodies or the international financial institutions.
• Some knowledge of the financial system and how it fits together, or knowledge of the UK's approach to regulation of the financial services sector. Otherwise, an ability to get up to speed with new subject matter quickly.
• Ability to linking global developments to the Bank’s international policy priorities so that the Bank engages effectively and convincingly with counterparts on priority topics.

Additional information

We are keen to think creatively about how we design roles around people. We support all sorts of flexible working arrangements including job shares, part-time working patterns. ID encourages a hybrid working approach with a combination of home and office working, in line with the Bank’s new norms.

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.

The role can involve travel to international meetings but this is not required.

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 £62,700-£70,640, depending on skills and 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. (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 19 February 2023.

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