Description 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 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 & Resilience (ORRD) Sector Resilience Division (SRD) Department 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 4 teams within the Model Development & Review Division, the other 3 being Traded Risk Measurement, Quantitative Modelling & Analytics and Model Risk Management. CRM provides expert advice, primarily to the PRA’s Supervision and Policy directorates, on IRB rating systems and wider credit risk measurement topics such as decisioning, impairment (e.g. IFRS 9) and stress testing models. This is a genuinely exciting opportunity for the right candidate to join us in a senior role. Job description This is a technical role. You will have responsibility to: Provide management and direction to a team of specialists to analyse, and follow industry trends, to inform and deepen the PRA's understanding and assessment of firms’ risks and vulnerabilities, as well as our assessment of systemic and cross-firm risks. Lead and critically review firms’ wholesale credit risk models and wider rating systems against the IRB requirements, and make recommendations to senior PRA committees. Provide technical leadership within the team to advise colleagues on regulatory and technical points of detail in reviewing IRB models. Scope and lead on-site visits to regulated firms coupled with desk-based reviews of documentation, develop conclusions and write reports and present results to senior PRA stakeholders. Provide technical support and advice to other areas of the PRA (such as its Policy teams) on the development and implementation of new IRB policy. Act as an advisor to other areas of the PRA on wider credit risk modelling issues such as decisioning, IFRS 9 provisions and stress testing models. Develop PRA thinking on "best practice" in the area of wholesale credit risk modelling. Have the opportunity to develop their skills and knowledge through work with other teams and disciplines across the division. Role Requirements Minimum Criteria Significant quantitative modelling experience gained from wholesale IRB model developments and/or validations within one or more PRA regulated firms with a significant wholesale lending business, a consultancy, or a regulator. Excellent knowledge of the main techniques used to develop wholesale IRB models, including an in-depth understanding of relevant IRB requirements (e.g. CRR, Supervisory Statements) and guidance, and of the supporting governance and validation processes that need to be in place to support the models. Significant track record of planning and conducting end-to-end model developments/validations and writing detailed technical model development / validation documents for wholesale IRB models. Essential Criteria Subject matter expertise in IRB modelling for one or more of the following portfolios within wholesale credit – SMEs, Mid Corporates, Large Corporates, Banks, Insurance, Funds and NBFI portfolios. A consistent track record of working independently, or as part of a team, across several projects simultaneously to deliver against hard deadlines. Ability to clearly and concisely communicate the results of quantitative analysis to both senior technical and non-technical audiences both verbally and in writing. Impressive personal impact, influencing and inter-personal skills, including the ability to build strong working relationships with partners. A proven ability to work across boundaries effectively and engage collaboratively with staff at all levels. A demonstrated dedication to diversity and inclusion. Quantitative skills gained in relevant roles. Desirable 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. A good understanding of how credit risk models are used within a bank’s wholesale credit risk function. Good knowledge of the main techniques used in the stress testing of credit risk capital requirements We are also committed to making adjustments for candidates and employees where possible and have partnered with external expert organisations to support us in this. We are a member of the Disability Confident Scheme, and if you would like to apply under the scheme please email TalentAcquisitionbankofengland.co.uk We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Salary and Benefits Information This specific role offers a base salary of circa £106,080 - £122,400 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. This role closes on Sunday 29th September 2024 at 11.59pm The assessment process will comprise of two interview stages.