Banking Directorate supports the Bank's mission to maintain monetary and financial stability by providing services to support our market operations and strategic customers. We develop and operate resilient and efficient banking, payment, settlement and custody services. We work with wide range of internal and external stakeholders to achieve our aims. Department Overview The Central Banking Operations Division (CBOD) handles all of the collateral management and securities settlement operations that support: The Bank's official market operations, including the Sterling Monetary Framework and Asset Purchase Facility. Management of the Bank's and the UK's foreign currency reserves (the Exchange Equalisation Account), as Agent on behalf of HM Treasury. Services provided to our customers, including the Debt Management Office (DMO) and foreign central banks. The operational policy team enables the division's critical operations by: Leading the Securities & Collateral Operations Review (SCOR) programme. This will deliver necessary changes to our operating model (such as greater automation) to allow us to continue to trade in markets switching to T1 settlement in October 2027. It will also deliver a mandatory upgrade to the collateral management system supporting our Official Operations and custody business. Scanning the horizon for future change, risks and opportunities across collateral / securities markets, and the FMIs we use to support our operations. This enables us to understand how the market is innovating, and to manage any impact on our own operations. Providing analytical and policy support for our operations, through engagement with customers, stakeholders and suppliers. The Opportunity We are expanding our operational policy team to increase our horizon scanning / market intelligence and analytical / policy support capabilities. There are a significant number of external developments planned over the coming years which may impact our operations and/or require policy input. This includes T1, digital collateral and CREST modernisation. We are looking for a manager to lead - and line manage - the team that will take this work forwards. This is a people management role. You will be responsible for day to day management of the team and for defining roles and responsibilities. You will develop your team through sharing information effectively, coaching and communicating a clear vision to ensure that your staff are productive, engaged and motivated to deliver the area's aims. This will include setting clear goals and smart stretching objectives that are aligned 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. Number of direct reports: 3 Role Description We are looking for a manager to lead the operational policy function for CBOD. Working alongside our existing SCOR Programme team and our operational teams, you will be responsible for: - Leading the team's portfolio of operational policy work to understand how we adapt our collateral management, custody and settlement operations to developments and initiatives. For instance, use of distributed ledger technology to issue digital bonds, which we may wish to accept as collateral in the future. You will work with a wide range of internal (e.g. Markets, Customer Banking, Financial Market Infrastructure, Technology, Legal) and external (e.g. global custodians, digital FMI providers, technology vendors, HMT/DMO) stakeholders to identify pragmatic and practicable solutions. You would ensure that the solution meets business requirements, and allows the Bank to operate within its risk appetite, control framework and budget envelope. - Overseeing the team's horizon scanning work, including horizon scanning rounds, external intelligence updates, and in-depth reviews of specific topics. You would ensure the team's outputs are concise, and clearly identify the potential impact on our operations. You would oversee the team's engagement with other areas of the Bank with similar / overlapping interests. You will look to broaden our engagement to external suppliers (including custodians and FMIs). - Working collaboratively with the 'Securities & Collateral Operations Review' project to define the future (2027 onwards) CBOD Target Operating Model. Particularly the operating model for - and resourcing needs of - a permanent operational policy function. - Line management responsibility for (currently) three policy analysts. Minimum criteria Experience and knowledge of at least one of: the Bank's Official Operations, the Bank/EEA FX Reserves operations, current developments in securities and collateral markets, or the securities/collateral/FMI regulatory environment. A track record of developing collaborative working relationships with a wide range of internal and external partners, and at different levels of seniority. Excellent workload management skills, with an ability to manage your own workload with relatively little oversight, and prioritise competing deadlines effectively. Strong problem-solving skills, including an ability to think creatively and challenge preconceptions. Experience of line management, with the ability to take an inclusive approach, bringing out the best in and developing the talents of each person. The ability to coach more junior staff in how to tackle questions involving complex and technical subjects. Excellent written and oral engagement skills, with the ability to produce high quality outputs which can influence senior decision making, to required deadlines. The ability to explain complex and technical subjects to a wider audience. Desirable criteria: Experience and knowledge of more than one area out of: the Bank's Official Operations, the Bank/EEA FX Reserves operations, current developments in securities and collateral markets, or the securities/collateral/FMI regulatory environment. Experience of / interactions with previous projects delivering policy, business and/or system change. This is a people management role. You will be responsible for day to day management of the team and for defining roles and responsibilities. You will develop your team through sharing information effectively, coaching and communicating a clear vision to ensure that your staff are productive, engaged and motivated to deliver the area's aims. This will include setting clear goals and smart stretching objectives that are aligned 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. Number of direct reports: 3 ___ 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 from £72,720-£81,810 Leeds from £65,440 - £73,620 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 1/80th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/105th) 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 Tues 1st 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.