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Policy Analyst / Senior Policy Analyst - Customer Banking 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. 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 Banking Directorate supports the Bank’s mission to maintain monetary and financial stability by using and sharing its expertise to: develop and operate resilient and efficient banking, payment and custody services; set and influence policy; and to promote innovation. The directorate is also responsible for all aspects of Bank of England banknotes from design, to distribution and destruction, and for the regulation of Scottish and Northern Ireland banknote issuance.

We are at the heart of the Bank both in terms of our core role in Monetary and Financial Stability, and the wide range of colleagues we collaborate with. The variety and immediacy of the work we do means we are one of the most outward facing and fast paced areas of the Bank. The Banking Directorate includes the following divisions:

• Central Banking Operations Division
• Customer Banking Division
• Future of Money Division
• Notes Operations Division

We currently have opportunities for both Senior Policy Analysts and Policy Analysts available.

Department Overview
Customer Banking Division (CBD) is the bank within the Bank of England. We provide a range of wholesale banking services to a small number of systemically important customers (notably UK Government, central banks and Financial Market Infrastructure, such as CCPs).

The Policy team operates within the Policy and Customer Engagement (PaCE) team in CBD. Our role supports all the smooth operation of CBD banking services provided to our customers (a sterling payment account, securities custody, gold custody and fixed term deposits). The role will work across PaCE to build skills and experiences.

Policy is a cross-Bank and outward looking team, collaborating closely with a number of areas across the Bank as well as externally with other central banks and payment schemes. The work is varied and requires an appetite for both slow burn and fast-paced responses to specific issues and broader, often forward thinking, policy topics.

Job Description

The role involves both supporting the CBD operations with advice / analytical work and supporting Banking management with analysis on broader topics. Day-to-day this will involve writing and presenting policy papers, briefing seniors, and meeting with customers and other partners.

The role would suit an analyst/senior analyst who enjoys seeing an issue through from an initial problem statement to a practical solution which can be implemented. Policy team analysts/senior analysts are expected to analyse policy and operational issues from first principles, assess the risks and other considerations and put forward practical recommendations for solutions.

The jobholder is likely to work across the full range of issues that come to the team, providing excellent development opportunities. They will be encouraged to build and continually develop their understanding of the wholesale banking and payments landscape; this can be learned on the job, by tapping into the expertise of others and through relevant training courses.

Wider responsibilities will include:

• Providing thought leadership and support and/or lead on some aspects of the division’s strategy, ensuring we meet the Bank’s and our customers’ evolving needs.
• Horizon scanning and impact assessments – ensuring the division is plugged into cross-Bank and external developments and innovations (e.g. cross border payments, CBDC etc.).
• Supporting wider PaCE deliverables, such as managing customer risks, in particular understanding geopolitics and reputational risk.
• Actively contribute to wider CBD, Banking and Bank priorities and initiatives, in particular around contingency facilities.
  
  

Role Requirements
We have opportunities at analyst and senior analyst level and you should not be put off applying if you do not meet / have all of these criteria.

Minimum Criteria

• Strong written and verbal communication skills
• Experience of writing analytical documents to set the approach on new topics and applying analytical skills to a variety of topics
• Curiosity in investigating issues with other stakeholders
• Experience of work load management and making your own decisions on prioritising your work
• An ability to utilise accumulated financial knowledge, skills, and experience to make good principles-based judgements in your analytical work
• Experience of working on policy issues – for example, formulating positions and approaches to address specific issues or situations.
• Problem solving skills that deliver joined up solutions for policy and operational issues
• A willingness to learn new subject matters quickly, researching a wide range of topics and their implications and applying your knowledge, seeking out contributions from a range of stakeholders
• Proven ability to work effectively as part of a team and with multiple stakeholders, both internal and external, junior and senior.
• Confidence to represent the Division and the Bank internally and externally with credibility
  
  

Desirable Criteria

• To have worked in banking or the financial sector with experience of managing a variety of relationships within that role
• An understanding of some the products and services offered by the Bank of England and the range of customers it deals with through the Customer Banking Division. Knowledge of the payments industry landscape or markets.
• Comfortable in using analytical tools such as Tableau and R.
  
  

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 £36,860 - £60,000 per annum, dependent 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.
• 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 11 April 2023.

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

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