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Senior Compliance Analyst - Markets and Banking

We are seeking a Senior 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.

Department Overview

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.

The Markets, Banking, Payments 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, Banking and Payments 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. It also undertakes a range of operations including: setting the Bank Rate; implementing MPC decisions; providing wholesale banking and custody services to a range of customers; and operating the Real Time Gross Settlement and CHAPS the wholesale payment services.

Within the M&B Chief Operating Officer Division, the M&B Compliance Team resides in the M&B Business Risk Team which is also responsible for:

• operational risk management across M&B and
• a Bank wide financial crime function focusing on money laundering, terrorist financing, sanction compliance and proliferation financing risks.

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 Senior Compliance Analyst reports into the M&B Compliance Manager and will lead on 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.

Job Requirements

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

• A detailed understanding of market abuse and financial crime related concepts and a knowledge of the legal and regulatory framework in the UK.
• An understanding of how financial markets and financial institutions operate. Knowledge and experience of fixed income and foreign exchange trading is desirable.
• Relevant experience working in areas of financial crime, compliance, regulatory policy/ supervision, audit or risk management.
• Strong analytical and problem-solving skills: including a track record of forming judgements and making recommendations, often based on incomplete information.
• Good communication skills with the ability to present complex information clearly.
• Excellent interpersonal skills with ability to build relationships with a wide range of colleagues in order to both support and influence business areas, providing constructive challenge when needed.
• An ability to work flexibly and be agile. As a more senior member of the team, it is important that the jobholder can self-start and handle their own workload. The ability to co-ordinate and empower others is also desirable.

What you will get out of the role

The jobholder will have the opportunity to:

• Experience the Bank’s policy operations at close hand and make a genuine difference to the Bank’s mission. The Bank is a place where risk management is genuinely valued.
• Get exposure to senior management and work closely with the trading desks in the Bank’s Foreign Exchange and Sterling Markets Divisions.
• Build a comprehensive network across M&B and the wider Bank.
• Be involved in wider operational risk and financial crime initiatives across the M&B Business Risk Team.
• Work in a varied and intellectually stimulating environment providing opportunities for further career development.
• Study for a professional financial crime, compliance or risk management qualification. Other members of the team have completed International Compliance Association courses.
  
  

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 £48,000 to £60,800 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.

The closing date for applications is 15 February 2023.

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