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.

Prudential Policy Directorate are responsible for designing, negotiating internationally and implementing effective prudential regulation in order to remove or reduce systemic risks, promote the safety and soundness of PRA-regulated firms and ensure appropriate protection for insurance policyholders. PPD supports both the Prudential Regulation Committee and Financial Policy Committee in fulfilling their objectives.

Department Overview 

Banking Capital Policy Division designs policy ensuring that banks’ have sufficient loss absorbing capital given the risks on their balance sheets. Policy topics include: the capital quality; capital requirements for securitisation, credit and operational risk, and market and counterparty risk. The division plays an active role in policy development, implementation, evaluation, and horizon scanning, in close collaboration with staff across the Bank, and internationally via Basel groups. It contributes actively to cross-Bank work, including that related to responses to Covid-19, EU exit and FinTech. Analysis and research is undertaken across the Division to ensure that the Bank stays at the forefront of the intellectual debate on prudential policy.

Job description

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.

The Credit Risk Policy team is responsible for microprudential and macroprudential policy issues relating to credit risk within the banking book. We look at a variety of credit risk policy issues relating to the Standardised Approach to credit risk, the Internal Ratings Based approach to credit risk and Credit Risk Mitigation. We provide advice to colleagues and senior Bank committees, as well as engaging closely with external partners, including HM Treasury, the Financial Conduct Authority, regulated firms and industry bodies.

We have a busy and exciting work programme. Our key focus over the next 18 months will be the implementation of the Basel 3.1 standards which introduces fundamental changes to how firms calculate capital requirements. We will also be contributing to developing a new UK prudential regime for small firms (“Strong & Simple”) and contributing to the Bank’s work on climate and crypto risks.

The job holder will specialise in policy for the Standardised Approach to credit risk. 

Your responsibilities will include: 

• Line management responsibilities for 4 team members including managing the contributions of staff (either via direct line management and/or through leading pieces of group work) and mentoring and developing junior staff.
• Setting direction and priorities for the team.
• Developing and getting agreement on policy approaches and frameworks.
• Undertaking policy analysis and leading on the drafting of senior committee documents and public communications including consultation papers and policy statements.
• Building relationships and working effectively with key internal and external stakeholders.

Number of direct reports: 4

Role Requirements

Minimum Criteria

• Line management experience, or similar leadership experience, for example, from leading colleagues on projects.
• Experience working on credit risk and capital requirements issues.

Essential Criteria

• Ability to take an inclusive approach to management, bringing out the best in and developing the talents of each individual given a variety of different backgrounds.
• Track record of leading and supporting Diversity and Inclusion initiatives and encouraging others to do the same.
• Ability to present information (verbal and written) clearly and effectively across seniority levels and to adapt communication to the audience.
• Ability to build and maintain effective relationships with internal and external stakeholders, including the ability to manage conflicting views, build consensus and challenge where necessary.

​​​​​​​You should not be put off from applying if you do not meet or do not have all of these criteria. We have extensive support and training for team members, particularly new joiners, to support development. 

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 

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 workplace adjustments for all of our employees as needed, and also for candidates throughout all stages of the selection process. We are a member of the Disability Confident scheme, summarised , 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 closing date for applications is 19 July 2022.

Reward Package

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.  

The salary range for this vacancy is approximately Â£61,100 to £76,400, dependent on relevant skills and experience. In addition, the total reward package also includes: 

• 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.

The assessment will comprise two interviews covering competency questions on soft skills and technical questions related to the team’s work. While you may not be an expert in the area, we will be looking for you to apply your knowledge of the area, obtained via study or work, to some of the key policy issues currently facing the team.