2x Policy Analyst roles - Banking Capital Policy Division (Prudential Policy Directorate)

2x Policy Analyst roles - Banking Capital Policy Division (Prudential Policy 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.

Prudential Policy Directorate (PPD) are responsible for designing, negotiating internationally and implementing effective prudential regulation in order to remove or reduce systemic risks, promote the safety and soundness of PRA-regulated firms and ensure appropriate protection for insurance policyholders. PPD supports both the Prudential Regulation Committee and Financial Policy Committee in fulfilling their objectives.

Department Overview

PPD’s Divisional structure:

• Prudential Framework Division
• Banking Capital Policy Division
• Strategy, Policy and Approach Division
• Governance, Accounting, Resilience and Data Division
• Insurance Policy Division

Job Description

Having left the EU, reforms to the UK regulatory framework will be a high priority for PPD. The Government is consulting on a new framework for financial regulation, under which the PRA would have a central role in making prudential policy, including taking on functions that previously sat with the EU authorities.

We are advertising two Policy Analyst roles to take forward the Bank’s future policymaking responsibilities. The work will be high-profile and exciting with lots of opportunity for senior engagement and building your network.

Key responsibilities of a Policy Analyst in PPD include:

• Inputting to the development of policy approaches and frameworks.
• Undertaking analysis to support key policy initiatives.
• Inputting to key documents for senior committees and public communications.
• Helping to prepare written and verbal briefings for senior Bank staff.
• Coordinating contributions from others across PPD.
• Building relationships with internal and external stakeholders (eg HMT, firms).

Roles available:

We are currently recruiting for the following teams in Banking Capital Policy Division (please indicate your preference for which team(s) you would like to be considered for in your application).

1 x Policy Analyst: Credit & Operational Risk Policy

We are responsible for microprudential and macroprudential policy issues relating to credit and operational risk within the banking book. We look at a variety of credit risk policy issues which include Standardised Approach, the Internal Ratings Based approach and Credit Risk Mitigation. We provide advice to colleagues and senior Bank committees on policy issues relating to credit risk, as well as engaging closely with external stakeholders, including HM Treasury, the Financial Conduct Authority, regulated firms and industry bodies.

We have a busy and exciting work programme which includes the implementation of the Basel 3.1 standards, developing a new UK prudential regime for small firms (“Strong & Simple”), assessing non-UK countries for equivalence to international prudential standards, and contributing to the Bank’s work on climate risk.

1 x Policy Analyst: Market and Counterparty Credit Risk Policy

We are responsible for designing policy related to financial market risks for banks. We look at risks that arise when banks own and trade financial instruments like equities, bonds and derivatives which include: the risk of losses from changes in the price of financial instruments; from a counterparty defaulting; or valuation uncertainty. In addition, we develop and contribute to new and emerging financial markets issues such as crypto assets, climate change and LIBOR reform.

We have a busy, but exciting programme of work, developing policies and approaches for banks in the UK that trade in financial markets, and engaging with international counterparts.

Role Requirements

Minimum Criteria

• Relevant experience gained in a policy or analytical setting that complements the job responsibilities as set out above.

Essential Criteria

• Have a keen interest in contributing to the Bank’s policy work.
• Proven interest in learning about a new topic, and evidence of getting up to speed quickly.
• High standard of written and oral communication skills.
• Good interpersonal skills and ability to develop effective relationships.

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.

We are also committed to making workplace adjustments for all of our employees as needed, and also for candidates throughout all stages of the selection process. 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 closing date for applications is 05 November 2021.

Subject to your consent, we may also consider your application for future roles across the directorate for a period of 3 months from when the job advert closes and share your details with the hiring teams accordingly.

Reward Package

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.

The salary range for this vacancy is approximately £35,700 to £41,500, dependent on relevant skills and experience. In addition, the total reward package also includes:

• 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.

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