Background The way in which we pay is changing quickly, and the Payments Directorate is at the heart of this change. Payments Directorate supports the Bank's mission to maintain monetary and financial stability by: Running the live Real-time Gross Settlement (RTGS) service, which is the critical backbone of payments in the UK. Operating the CHAPS payments system, allowing high-value wholesale payments to settle safely. We are supervised by the Financial Market Infrastructure Directorate given the systemic nature of these operations. Building the renewed RTGS service - a major, multi-year transformation programme with innovation at its core. Horizon scanning developments in payments and leading engagement in key policy debates. This includes supporting the international G20 Roadmap to enhance cross-border payments. We are at the heart of the Bank both in terms of our core role in Monetary and Financial Stability, and the wide range of internal partners we collaborate with. Given the importance and high profile of our work, we provide regular updates to the most senior levels of the Bank including Governors and the Bank's Court of Directors. Payments Directorate has a lead role in the Bank's Strategic Priority 4 (the future of payments), as well as a supporting role in several other strategic priorities. The variety and immediacy of the work we do means we are one of the most outward facing and fast paced areas of the Bank, engaging with external partners across the UK and around the world. Department Overview Payment Operations Division (POD) is responsible for running the RTGS service and is the payment system operator, and end-to-end risk manager, for CHAPS, the UK's high value payment system (HVPS). CHAPS is used for time-critical, high value payments including house purchase payments, providing real time settlement and finality of payments to Financial Institutions and NBPSPs (Non-Bank Payment Service Providers). POD is also responsible for certain aspects of the other products and services that use RTGS. Participant Management (PM) PM sits in POD and has several distinct functions covering Participant Policy, Onboarding, Assurance and Participant Analysis across the broad spectrum of products and services that use RTGS. Job Description This role is leading the Participant Strategy and Policy team who are responsible for setting the rules, requirements, and procedures which Direct Participants (DPs) must comply with to become and remain a member of the CHAPS System, and more recently will work on some defined policy responsibilities for other products and services supported by RTGS. An important part of the role is to work with the PM team senior manager and other areas of the Directorate on the policy work for other products and services that are currently supported by RTGS or might be in the future. The role represents PM at the initial stages of product development that will later require wider PM support. You will work with the senior manager and other managers to provide leadership for the wider PM team and be a major contributor to upskilling the team on the additional products and services now being supported. Additionally, with this being a people management role, you will be responsible for leading the team on a day-to-day basis and you will oversee and prioritise a variety of work to ensure the team delivers on time and to the Bank's expected standards. 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 stretching objectives that are aligned to those of the team, division and directorate. You will also be responsible for handling all staff-related matters that may arise. In return, we offer the chance to build expertise in a wide variety of areas within Payments at what is an incredibly exciting time; to collaborate with other teams across the Bank; training and experience in how RTGS and CHAPS operates, and technical insight into policies and initiatives. Payments is taking forward; the opportunity to work in an intellectually stimulating, collaborative environment, and make an important contribution to the delivery of the Bank's objectives; and to develop your project-based skills. Role requirements The role holder will lead a team that will: Conduct deeper analysis on specific topics not answered by BAU Participant Assurance work, including: Fundamental changes to the CHAPS rulebook or key concepts therein (these will involve changes as a result of a Board level policy change) On going review and changes to proportionality approach Policy changes for the management of participant risk to the CHAPS system where the CRM and CHAPS User docs will not be the control mechanism - e.g. third party concentration. Overall responsibility of maintenance of content of the CHAPS rulebooks (but not the ownership of the process to actually update documents), including: Ongoing monitoring of inherent risks faced by CHAPS Participants Ongoing review of effectiveness of the rules and processes in the CHAPS rulebooks to mitigate these inherent risks. Provide ready and able resource for ad-hoc reviews (e.g. in response to FMID priorities, strategic queries which arise from assurance work / participants that need deeper analysis) including; Acting as a hub for analysis which will: Influence POD and Bank-wide policy work (including on Horizon Scanning and Emerging Risk) and Identify of people / teams in Onboarding, Assurance & Participant Management Team to be consulted and advised of MSD and Bank-wide policy work (including facilitating any consultation and information sharing). The overall responsibilities of the successful applicant would include: Leading on some drafting while supporting and supervising the drafting of other key documents for senior committees; providing space for more junior members of staff to present their work but also working towards being the expert level support for them when presenting on complex issues. This must be done in line with the Bank's risk tolerance whilst supporting innovation. Acting as a member of the Management Team; including: acting as a senior reviewer on annual assurance reviews, challenging upwards when needed, and Contributing to the running of the team by developing and mentoring colleagues, including quality assurance of their work; producing clear and accurate material for inclusion in updates or reports for senior management; and leading the team's strategy, overall plan, and processes. Contributing to the development of new products and services and transitioning them into business as usual. Ensuring that the Bank's reputation is protected at all times; representing the Bank credibly with excellent stakeholder management skills. Minimum (essential) criteria A keen curiosity about contributing to the Bank's policy work and an ability to make well-reasoned judgments on policy issues demonstrated by proven experience gained in a policy or analytical setting. The ability to lead multiple workstreams - planning and pushing forward work and delivering high quality outputs. Be able to present information (verbal and written) clearly and effectively and adapt communication to the appropriate audience. Desired criteria Prior knowledge of, or experience working in, payments, risk management (particularly liquidity risk or financial risk), compliance or audit roles would be an advantage but is not essential. More critical is the ability to identify policy gaps and contribute to the development of new policies especially for the new products/services being supported by PM. A knowledge of regulatory policy making would be an advantage but is not essential. Experience of interacting with senior colleagues, providing authoritative advice and guidance would be an advantage although can be developed in role; Experience in inspiring change and improvement in accepted practices, and championing ideas and potential solutions would be an advantage although it is more critical that one has the appetite to do so 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 handling all staff-related matters that may arise including performance, absence and sickness. Number of direct reports. c.5 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. Leeds - This role offers an annual salary of £63,800 - £73,620 (depending on sklls and experience) London -This role offers an annual salary of £70,900 - £81,810 (depending on skills and experience) 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 stages. This role closes on 21 February 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.