Description Location: Leeds or London 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. As a directorate of the PRA, Supervisory Risk Specialists (SRS) provides technical expertise and applies professional judgement across risk area in line with the PRA's coordinated supervisory approach, in order to identify, analyse and mitigate material risks to the safety and soundness of PRA supervised firms. SRS comprises five divisions: Credit, Risk, Analytics, Capital and Liquidity (CRACL) Investment Banking and Sector Risks (IBSR) Model Development & Review (MDRD) Operational Risk & Resilience (ORRD) Sector Resilience Division (SRD) Supervisory Risk Specialists (SRS) Directorate As a directorate of the PRA, Supervisory Risk Specialists (SRS) provides technical expertise and applies professional judgement across risk area in line with the PRA's coordinated supervisory approach, in order to identify, analyse and mitigate material risks to the safety and soundness of PRA supervised firms. SRS comprises five divisions: Credit, Risk, Analytics, Capital and Liquidity (CRACL) Investment Banking and Sector Risks (IBSR) Model Development & Review (MDRD) Operational Risk & Resilience (ORRD) Sector Resilience Division (SRD) Division Overview MDRD supports front-line 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 stress testing of the major UK banks. Building upon existing resources we aim to recruit, develop and retain a capable, adaptable and motivated specialist team which will successfully and efficiently deliver the division's goals today and for the future. The Credit Risk Measurement (CRM) team is one of four teams within the Model Development & Review Division (MDRD), the other three being Traded Risk Measurement, Quantitative Modelling & Analytics and Model Risk Management. MDRD is responsible for assessing the models used by banks for the calculation of regulatory capital requirements, and the effectiveness of their model risk management practices. Within this CRM provides expert advice, primarily to the PRA’s Supervision and Policy directorates, on Internal Ratings Based (IRB) rating systems and wider credit risk measurement topics such as decisioning, impairment (e.g. IFRS 9) and stress testing models. Outcomes from the reviews and analysis conducted by CRM are regularly presented to senior governance forums within the PRA and play an important role in the ongoing supervision of the largest banks. Team members have a diverse range of backgrounds and experiences. We feel it is critical that we work inclusively with each other to create an open and enjoyable work environment. This is a genuinely exciting opportunity for the right candidate to join us in a senior role. Job description This is a leadership and people management role within the CRM team. Your responsibilities include day-to-day management of a team of approximately twelve risk modelling specialists and defining roles and responsibilities. You will develop your team through sharing information effectively, mentoring and communicating a clear vision to ensure that your staff are productive, engaged and motivated to deliver the team's aims. This will include setting clear goals and smart stretching objectives that align to those of the team, division and directorate. You will also be responsible for managing all staff-related matters that may arise including performance, absence and sickness. As Senior Manager of the Credit Risk Measurement team your duties include: Providing strong management and leadership to experienced and hardworking risk modelling specialists. You will set out the strategy and plan the team’s work, covering the review of internal model applications, the ongoing supervision of firms’ use of internal models, and contributing to the broader assessment of firms’ model risk management capabilities. Leading the process by which the team assesses firms’ IRB model applications, in particular relating to new model applications under existing and forthcoming Basel 3.1 rules. Leading on the ongoing supervision of firms’ use of IRB models, using regular monitoring information, cross-firm thematic reviews, and other related information to assess whether firms’ models are working as intended and meeting the standards the PRA expects. Contributing to wider work in MDRD to assess firms’ overall model risk management practices and capabilities, building on the PRA’s Supervisory Statement SS1/23 on model risk management. Leading, supervising or participating in multi-discipline projects, working with other teams across the Model Development and Review division (MDRD) and wider SRS, as well as collaboratively with colleagues across the wider Bank. Ensuring the team's output is of high quality and contributes to its key partners. This includes reviewing papers, applying appropriate quality assurance to the analysis and providing steer to the staff on how to tailor their output to most effectively meet the PRA’s objectives. Providing leadership for each individual’s career development within the team. Being a member of the SRS senior management team; acting as a trusted advisor to supervisors and contributing critical judgements to committees. In particular, as the Credit Risk Measurement team Senior Manager, you should be a role model for collaborative working. Providing technical leadership to colleagues within the CRM team on regulatory and technical points of detail in reviewing IRB models. Number of direct reports: 6 - 8 Role Requirements Minimum Criteria Previous experience in managing people and leading a team, either directly as a line manager or in the context of significant project work/delivery. Excellent knowledge of the relevant requirements under the Regulatory Regime (e.g. CRR, Supervisory Statements and guidance) used to develop IRB models, and of the supporting governance and validation processes that need to be in place to support these models; Demonstrable technical expertise in credit risk measurement in at least one of the specialisms, namely model development or validation covered by the team. Strong written and oral communication skills: the ability to present complex issues clearly. Essential Criteria Demonstrated ability to lead across a range of projects simultaneously. Impressive personal impact, influencing and inter-personal skills and demonstrated ability to build strong working relationships with stakeholders. Ability to clearly and concisely communicate complex technical concepts to both senior technical and non-technical audiences both verbally and in writing. A demonstrated ability to work across boundaries effectively and engage collaboratively with staff at all levels. A demonstrated commitment to diversity and inclusion. Desirable Criteria Proven quantitative skills gained in relevant roles including a post-graduate degree in a quantitative subject or a professional qualification. A good understanding of how credit risk models are used within a bank’s wholesale or retail credit risk function. A good understanding of IFRS9 methodologies and understanding of the contribution that this makes to impairments under stress. Good knowledge of the main techniques used in the stress testing of credit risk capital requirements. 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, 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. 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 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. This role offers a salary of London £106,080-£122,400 and Leeds £95,470-£110,160. In addition, we also offer a comprehensive benefits package as detailed below: Currently 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. The Bank has the discretion to vary standard accrual rates and dial up and dial down rates at any time and to withdraw dial up and dial down options at any time. A discretionary performance award based on a current award pool. A 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. 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 Bank of England welcomes applications from all candidates, but as a UK Visas and Immigration (UKVI) approved sponsor, we have a responsibility to comply with the Immigration Rules and guidance. As such, our ability to employ individuals who require sponsorship for immigration purposes is limited. The Bank cannot guarantee that you and / or the role you are applying for will be eligible for sponsorship and that any application made to UKVI will be successful. Eligibility will therefore be considered on a case by case basis. 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 assessment process will comprise of two interview stages. This role closes on 01 April 2025 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.