Department Overview

The Risk Directorate is the independent second line risk function for oversight and challenge across the Bank’s risk profile.  We are responsible for making sure that the Bank’s risks are managed.  The Risk Directorate covers both financial and non-financial risks and houses the Bank’s central compliance function.  There is also a dotted line from the Internal Audit department into the Risk Directorate.

The Risk Directorate achieves its mission principally through the following five activities:

1.         Articulating risk tolerance for the Bank.

2.         Detection, monitoring and assessment of risks.

3.         Providing independent expert risk opinions.

4.         Ensuring compliance is imposed across the Bank.

5.         Promoting a strong risk and compliance culture across the Bank.

The Financial Risk & Resilience Department (FRRD):  FRRD exists to provide forward-looking assessment and challenge of financial risk across all activities managed by the Bank. 

FRRD is responsible for:

• Detecting vulnerabilities of the Bank’s balance sheet, and those managed by the Bank (the APF and the EEA);

• Challenging the risk implications of new policy proposals, e.g. the design of new facilities.

• Developing methodologies to evaluate the Bank’s total current and forward-looking exposures to financial risks, including through stress testing and capital modelling;

• Articulating the Bank’s financial risk tolerance and translating it into limits and thresholds.

FRRD’s role continues to expand beyond solely analysing financial risks to the Bank’s balance sheet.  It now includes assessing the risks from an expanded monetary policy toolkit (including negative rates).

Job Description
The Lead Data Analyst will work together with a more junior analyst; focusing on developing the division’s data infrastructure, and updating and revising risk reporting to senior committees. The job is a pivotal one within the division, and will involve working closely with other members of RMT, other teams within FRRD, and other areas of the Bank, especially Markets.

The successful candidate will lead and coach one other data analyst. This will involve delegating work between them, mentoring and coordinating output quality.

The specific responsibilities of the role are:

• Implementing a risk toolkit which will give the division easy access to a range of risk models and data.

• Leading on the production and evolution of the division’s financial risk reporting to senior committees on a quarterly basis.

• Develop and maintain FRRD’s data infrastructure.

• Supporting analysts and managers across the division in accessing and analysing risk data.

• Contribute to the definitions of FRRD’s requirements for risk systems and data.

• As system owners for Credit Risk Business Intelligence, handle administrative responsibilities (system access, communication and training).

The role is open to flexible working, and job-sharing.

Reporting Line
Lead Data Analyst reports to the Senior Manager, Risk Methodology Team.

Role Requirements
The role holder is expected to have direct experience with sourcing, manipulating, cleaning and presenting financial risk data from Bank systems. To lead the data analysis for the division, the role holder will require the following essential skills and competencies:

• Strong analytical skills, well organised and the ability to work to a consistently high level of accuracy, often under tight time frames. Attention to detail and self-discipline to check the accuracy and adequacy of numerical analysis.

• Collegiate approach to team work, focussing on collective objectives and results.

• Good inter-personal skills and the ability to develop good working relationships with a wide range of partners.

• Strong technology skills, in particular must be proficient in Microsoft Excel, with experience of manipulating large datasets. Experience in databases and programming languages (especially SQL, Matlab, R, Python)

• Experience of sourcing data from data providers, especially Eikon and Bloomberg

• High level understanding of common banking systems, and the best ways to extract and manipulate data from these systems.

Desirable skills

The role holder is likely to have a degree in data science, computing, finance, economics or other quantitative subject, e.g. mathematics or physics. 

The Bank values diversity and inclusion – we want to reflect the society we serve better, we want the best people to work for us and we want our workplace to be inclusive.  We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation.  One way we support diversity and inclusion is through our staff-run networks, which are summarised here.

We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working.  This role is therefore open to flexible working patterns.

Where a role can be carried out from home, we are working towards colleagues spending at least half of their time in the office, so that we can all benefit from working together in person, while maintaining the flexibility offered by home working. From 6 June 2022, we expect colleagues to spend a minimum of 40% of their working time in the office per month.  Subject to that minimum requirement, individuals and managers should work together to find what works best for them and their team.

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, summarised here, and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please fully complete the application form questions as requested, as any incomplete submissions may not be reviewed.

The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.  

This specific role offers a base salary of circa £35,000 - £41,000 per annum, along with our comprehensive benefits package as follows:

•    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.

•    25 days annual leave with option to buy up to 13 additional days through flexible benefits.

•    Private medical insurance and income protection.