• Job Description

  Req#: 21262
  !*!

  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 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.

  On 1 April 2013 the Prudential Regulation Authority (PRA) became responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. The PRA was created by the Financial Services Act (2012) and is part of the Bank of England.

  As a directorate of the PRA, Supervisory Risk Specialists (SRS) provides technical expertise and applies expert judgement across risk disciplines as part of the PRA's integrated supervisory approach, in order to identify, analyse and mitigate material risks to the safety and soundness of PRA regulated firms. SRS comprises five divisions:

  • Credit, Risk, Analytics, Liquidity and Capital (CRACL)
  • Investment Banking and Sector Risks (IBSR)
  • Model Development and Review (MDRD)
  • Operational Risk and Resilience (ORRD)
  • Sector Resilience Division (SRD)

  Department Overview

  Operational resilience is a strategic priority for the Bank. The PRA has a strategic goal of embedding operational resilience in regulated firms, to minimise disruption to economic functions causing material risk to financial stability. To achieve this goal, an ambitious programme of work has been developed to ensure that micro and macro-prudential activity is appropriately targeted to ensure that the operational resilience of the UK financial sector is brought within defined tolerances. The Bank also leads international work on operational risk and resilience.

  Operational Risk and Resilience Division (ORRD) is the hub for this programme, with teams specialising in policy implementation, cyber stress testing, IT, change/outsourcing and other operational risks. The division assesses firms’ operational risk management and operational resilience capabilities to promote the safety and soundness of PRA regulated firms, also focusing on the adverse effects that operational risk can have on the stability of the UK financial system.
  We apply our knowledge of firms’ operational risks when assessing how important business services are mapped onto tolerances and scenario testing to promote an operational resilient financial sector. The Operational Risk and Resilience Division comprises four teams:

  • Operational and IT Risk
  • Change and Outsourcing
  • Integrated Risk and Resilience
  • Critical Third Party

  Job description

  This role is based in the Change and Outsourcing team. The team's mission is to contribute to building the resilience of the sector and the UK financial institutions by supporting the authorities’ oversight of the risks associated with large IT transformation projects and material outsourcing arrangements at firms.

  The post holder will lead and support workstreams around assessing firms against regulatory expectations as part of the Bank’s approach to operational risk and resilience. This may include:

  • Leading reviews of IT transformation projects and outsourcing arrangements within the PRA regulated firms and FMIs, including on a thematic basis
  • Understanding, articulating and assessing operational risk and resilience management of the PRA regulated firms, FMIs and designated critical third parties
  • Providing training, expertise and advice to support the development and implementation of policy on IT change and outsourcing

  · Supporting engagement with domestic and international regulatory authorities

  · Supporting engagement with senior stakeholders at the PRA and the systemic firms and technology service providers.

  Role Requirements

  Minimum Criteria

  Significant experience of conducting risk assessments in at least one of IT risk/Operational resilience areas:

  • IT change programmes/transformation risks
  • Cloud and other outsourcing risks
  • Business continuity / IT disaster recovery planning and recovery testing
  • Policy development and assessment

  Essential Criteria

  · Strong analytical abilities and a capability to develop own ideas from first principles, working autonomously

  · Excellent written and oral communication skills, including communicating with senior audiences, with an ability to explain complicated material in easy-to-understand ways

  · Ability to represent the Bank and PRA credibly and professionally in both internal and external meetings

  · Excellent interpersonal skills and the ability to work flexibly as part of a team and with wider colleagues

  • Ability to lead a project of work, including managing others working on it, ensuring progress against plan, and keeping key partners informed

  Desirable Criteria

  · Experience in financial services regulation e.g., SS1/21 and SS2/21

  · Experience with financial market infrastructure

  · Experience working within an outsourcing provider (e.g., cloud) to the finance sector

  · Experience working within the three lines of defence

  !*!

  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 £70,580 - £89,460 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 the 29th March 2024.

  The assessment process will comprise of two interview stages.

  Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail, as your application will not be considered if all mandatory questions are not fully completed.

• About the company

  The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based.

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