Directorate Description
The Resolution Directorate (RD) is responsible for exercising the Bank of England’s functions as UK resolution authority to prepare for and, if needed, manage bank failure. This is a developing, and exciting area of financial regulation with high visibility amongst senior staff and the opportunity to make a real difference both domestically and internationally, as demonstrated in the failure of Credit Suisse and Silicon Valley Bank UK in 2023. RD is a highly dynamic area of c.115 people from a diverse range of personal and professional backgrounds including policy analysis, supervision, central banking, economics, professional services and accounting, law, banking, credit rating agencies, and the wider public sector: a diverse profile that reflects the broad range of issues we confront. This makes for a varied, stimulating, enjoyable and exciting place to work, where it’s possible to learn rapidly both from a wide range of highly qualified and experienced colleagues, as well as on the frontline during live contingency planning cases.
RD consists of 3 divisions:
* Resolution Policy & Projects Division – ensure a ‘Fit for the future’ policy framework
* Resolvability Assessment Division – ensure that firms are resolvable
Contingency Planning Division – ensure that the Bank and authorities are ready to execute resolution
Contingency Planning Division
The Contingency Planning Division (CPD) is a specialist crisis management team. Our focus on contingency planning also brings with it a considerable Business as Usual (BAU) agenda of work to ensure the Bank and wider public sector authorities are always ready to execute resolution, adapting as required to the specific nature of each case. CPD teams ensure the readiness of domestic and international authorities both for resolution and as the lender of last resort (LOLR) to UK financial institutions.
Staff from across CPD played key roles in coordinating the Bank’s response to the resolution of Silicon Valley Bank UK in 2023. We place a very high premium on consistently investing in people at all levels in order to maintain our specialist capabilities and to adapt our approach to ensure we can respond in a wide range of circumstances. Our Divisional strategy is focused on being prepared for emerging risks and on RD’s mission to ensure the Bank is “always ready”. By its nature contingency planning requires agility and fungibility of staff, so we look systematically for opportunities to broaden our staff within the crisis management specialism.
Role Description
The FSBO team coordinates the execution of the Bank’s LOLR function and maintains the Bank’s operational readiness to provide that lending to UK financial institutions, covering banks and non-banks. During contingency planning, FSBO acts as the Bank's hub to coordinate LOLR strategy, policy, governance and operational decision-taking to deliver practical liquidity solutions for seniors to tight deadlines. FSBO works collaboratively with many internal and external stakeholders to deliver this.
The team will work on specific workstreams in contingency planning focused on designing the lending transaction, making sure the operations support the transaction, governance and managing the risks.
In BAU, FSBO works collaboratively to build cross-Bank capabilities, and supports readiness via our exercising strategy. We seek to continually improve our operational agility, solve strategic and policy questions that arise and record them clearly in planning tools/runbooks.
The team comprises c 8 FTE members currently (including 2 managers), who work through wide-ranging stakeholders, both internal and external. We are recruiting for one of those manager positions.
Number of direct reports : 2-4
Key Role Responsibilities
You will work on contingency planning for LOLR lending if the need arises. You will lead one or more discrete workstreams to coordinate cross-Bank and cross-authority stakeholders, providing options to and supporting the decisions of the Bank’s seniors.
Aside from contingency planning, in BAU, you will lead on work to improve on existing and build new contingency planning capabilities, as well as input into cross-Bank thinking. These will cover a range of practical policy, strategy, governance and operational considerations. As much as possible, the work is designed so team members work on BAU issues that are directly related to the workstreams they will work on in contingency planning. However, agility is important. So team members will also expect to rotate across these workstreams to broaden exposure and build resilience within the team.
You will be involved in designing and running cross-Bank exercises to test and continuously enhance the authorities’ capabilities to deliver resolution. You will also have opportunities to undertake work within FSBO and CPD more broadly, including horizon-scanning, crisis management for non-banks and international cross-authority relationships.
You will support the strengthening and longer-term resilience of the relationships with stakeholders. Internal stakeholders include the Bank’s resolution, financial operations, legal, risk, markets and supervisory teams. External stakeholders include HM Treasury and other domestic and international authorities.
You will be part of the management team of FSBO, as well as CPD and RD more broadly, ensuring our objectives can be delivered while investing in our people and making us a fulfilling place to work. Managers define roles and responsibilities for their reports and teams, promoting development through sharing information effectively, coaching and communicating a clear vision to ensure that staff are productive, engaged and motivated to deliver the area’s aims. You will set clear goals and smart, stretching objectives that are aligned to those of the team, division and RD and manage all staff-related matters that may arise including performance, absence and sickness. You will contribute to the wider experience building and knowledge sharing in RD and thus would be expected to participate actively in relevant RD technical networks. You will have line management responsibilities for 2-4 analysts. In your day-to-day work, you will expect a degree of matrix management with other managers in FSBO and the wider CPD team.
The portfolio of work can be adapted to your experience.
Other role responsibilities include :
* Working collaboratively with other parts of RD or the Bank and PRA on specific policy issues that have an impact on contingency planning and supporting growth of specific technical expertise in RD.
Developing and maintaining contingency planning materials to execute the full range of resolution strategies.
Role Requirements
Minimum Criteria
* Excellent stakeholder management skills and an ability to use extended personal network to deliver institutional results.
* Highly motivated and capable of working autonomously, with a track record of planning, leading and delivering both through others and independently, to a high standard.
* Commitment to collaborative teamwork.
* Inclusive leadership skills, including the ability to contribute sensitively to development of the whole team, bring out the best in each individual given a variety of different backgrounds. Track record of leading and supporting Diversity and Inclusion and encouraging others to do the same.
* Good problem-solving and analytical skills, evidencing ability to digest complex information from a number of sources to develop robust conclusions.
* Ability to present information clearly, concisely, and effectively (written and oral) across a range of seniority levels and adapt communication to the appropriate audience.
* Versatility, agility and personal resilience
Operational or technical experience in financial operations, risk or markets teams, i.e. teams who have the key role in delivering the necessary trades, risk management, payments and other back office functions for inter-bank transactions.
Desirable Criteria
You should not be put off applying if you do not meet or do not have all of the below criteria. The role requires knowledge of and provides opportunity for learning the below but this can be done on the job and we would encourage you to discuss what support you might need to close any gaps which you think could be helpful in role.
* Experience in working under pressure on crisis management events or similar.
* An understanding of the UK resolution regime and its key components; and/or experience in resolution from other jurisdictions.
* Experience of design and running of war-games or contingency planning exercises
* Relevant financial services experience including, but not limited to, in banks, insurers, and/or FMI (such as central counterparties and payments systems).
Experience line managing staff and/or developing junior team members.
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.
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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 as follows:
Leeds circa £63,800- £73,000
London circa £70,900 - £81,000
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 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 11th Nov 2024.
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.
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