Senior Analyst - Change & Outsourcing, Operational Risk & Resilience Division

Senior Analyst - Change & Outsourcing, Operational Risk & Resilience 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 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.

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 PRA has a strategic goal of embedding operational resilience (OR) in regulated firms, to minimise disruption to economic functions, which could cause material risk to financial stability.

ORRD reviews and assesses firms’ operational risk management and OR capabilities to promote the PRA objectives to promote the safety and soundness of PRA regulated firms. ORRD has four teams:

• Operational and IT Risk
• Change and Outsourcing (C&O)
• Integrated Operational Risk and Resilience
• Cyber Stress Testing

Job description

An opportunity has arisen for a Senior Analyst to join the Change and Outsourcing team (C&O) within ORRD. This role will help shape and implement our supervisory approach and engagement, focusing on financial firms’ IT change transformations and outsourcing, including Cloud implementations and third party risk.

Key responsibilities include:

• Support the development and embedding of supervisory frameworks, approaches and assessment tools and provide training and assistance to PRA colleagues, as required
• Deliver OR assessments related to IT change transformations, outsourcing, Cloud implementations and third party risk, including producing terms of reference, work plans and information requests
• Conduct analysis, produce clear and concise reports and support the production of papers for relevant governance groups on key risk and resilience trends and changes
• Support and, where applicable, lead meetings with firms discussing OR capabilities and providing challenge to firms’ approaches
• Build and maintain relations across the PRA, Bank and FCA
• Stay abreast of the evolving regulatory landscape and the current OR and IT challenges facing the UK financial sector firms and the regulatory authorities.

Role Requirements

Minimum Criteria

• Good practical knowledge of IT risk management and OR good practices relevant to IT change transformations, outsourcing, Cloud implementations and third party risk
• Experience of conducting assessments or due diligence relevant to all or some of these areas: IT change transformations, outsourcing arrangements, Cloud implementations, or other related areas.

Essential Criteria

• Strong analytical and problem solving skills with an ability to turn analysis into output for the Bank
• Ability to synthesise technical information for senior partners and to present conclusions and recommendations
• Ability to support colleagues in internal and external engagements to deliver projects
• Be a highly motivated and independent problem solver to provide challenge
• Strong communication skills, both oral and written.

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 15 January 2023.

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 up to £64,100, 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.

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.

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