• Job Description

  Req#: 22092
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  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, the Supervisory Risk Specialists (SRS) provides deep technical expertise and applies judgement in specific risk disciplines in order to identify, analyse and mitigate material risks to the safety and soundness of PRA regulated firms. SRS also supports the wider Bank through providing risk specialist expertise to a range of functions including policy development and implementation, the Bank's concurrent stress tests and the supervision of central counterparties.

  SRS comprises five divisions:

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

  Department Overview

  The CRACL department supports banking supervisors and prudential policy with expert advice and by conducting in-depth analysis on individual firms. The division also contributes to the wider policy functions of the Bank, including through the concurrent stress testing of the major UK banks. Building upon existing resources we aim to recruit, manage, develop and retain a capable, responsive and motivated specialist team which will successfully and efficiently deliver the division's goals today and for the future.

  Our mission is to support the PRA’s general objective to promote the safety and soundness of the firms it regulates, also focusing on the adverse effects that retail credit risk can have on the stability of the UK financial system.

  Within CRACL, Credit Risk Analytics is a new team set up to provide credit risk analysis, primarily to other SRS risk teams, to the PRA’s Supervision directorate and to the Bank’s Financial Stability Strategy and Risk team in assessing firms’ resilience through the Bank’s concurrent stress test. The team will be responsible for the following across firms’ retail and corporate and financial institutions credit assets:

  • Deliver stress testing for credit risk which includes impairments and stressed risk weighted assets. This includes taking forward our approach to stress testing using the Bank’s in-house models, working closely with other specialists.
    
  • Develop the approach to measuring and monitoring firms’ provisions under IFRS 9. This may include leading on data collections; developing benchmarking tools to help Supervision understand outliers; and IFRS 9 methodology reviews.
    
  • Deliver and improve the provision of regular credit risk data for the benefit of the credit teams, the PRA’s Supervision directorate and wider Bank partners, including Financial Stability teams and the Policy
  • Directorate. This will include the creation of credit risk dashboards.
    
  • Utilise insight from stress testing, IFRS 9 and other data sources to understand changes in firms’ asset quality, resilience and vulnerabilities, creating coherent narratives for senior committees, credit teams and Supervision.

  Job description

  This is a genuinely exciting opportunity for the right candidate to join the Credit Risk Analytics team of the PRA as a Senior Analyst, with a particular focus on stress testing and credit risk analytics.

  As Senior Analyst, the successful candidate will:

  • Contribute and lead work streams within the team’s future concurrent stress testing related work, with a particular focus on wholesale exposures. This can include:
    
    • Support the running of the credit impairment models and interpretation of results as part of expectations.
      
    • Support the analysis and comparison of firm submissions compared to our developed expectations
      
    • Supporting validation of data submitted by firms and dealing with difficulties in collecting the appropriate data from firms, as well as collaborating closely with Supervision to scope out the coverage of the stress test.
      
    • Contribute to the stress testing adjustment process.
  • Supporting the development and running of quantitative asset quality metrics processes to support stress testing and wider work by other teams on asset quality and sector reviews.
  • Running the IFRS9 ECL scenario and data benchmarking process with firms and also our own ECL benchmarking analysis.
  • Running of the Risk Metrics reporting for PRC and contribute to other credit risk reporting.
  • Take ownership for credit risk data quality checking process and contribute to the data strategy as part of the banking data review.
  • Leading, supervising or participating in multi-discipline projects, working with other teams across the CRACL division and wider SRS, as well as collaboratively with colleagues across the wider Bank.

  Role Requirements

  Minimum Criteria

  • Must be proficient in excel and intermediate in a programming language (e.g. Python, R) and have a desire to develop further
    
  • Demonstrate a track record in quantitative analysis through experience,
    
  • Have previous experience of carrying out quantitative analysis and use of data visualisation.
    
  • Be familiar with key credit risk concepts through experience.

  Essential Criteria

  • Should have a strong understanding of a wide range of data source set up and access
    
  • As the main responsibility for the role is to set-up and maintain processes procedure guides are not generally available (although are in some cases).
    
  • Have experience of writing and delivering reports and presentations about complex issues in a way that can be easily understood.

  Desirable Criteria

  • Experience of stress testing
    
  • Intermediate experience in Tableau

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  Our Approach to Inclusion

  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. 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.

  The role will be based in London.

  Finally, we're proud to be a member of the Disability Confident Scheme. 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 £50,630 - £64,170 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

  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 06 October 2023.

  The assessment process will comprise two stages.

  #LI-BB1

• 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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