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.

We have a fantastic opportunity for a Senior Analyst to join the Supervisory Risk Specialist (SRS) Directorate of the Bank! This is a specialist supervisor role to review and challenge the risk management practice and controls at the major investment banks the PRA supervise. The scope of the role is wide and dynamic, allowing great opportunity to engage a number of large banks and across the boundaries with other directorates.

As a directorate of the PRA, Supervisory Risk Specialists (SRS) provides technical expertise and applies expert judgement across risk areas as part of the PRA's integrated supervisory approach, in order to identify, analyse and mitigate material risks to the safety and soundness of PRA regulated firms.

SRS comprises four main divisions:

• Credit, Risk Analytics, Liquidity and Capital (CRACL)
• Investment Banking and Sector Risks (IBSR)
• Model Development and Review (MDR)
• Operational Risk & Resilience (ORRD)

Department Overview

The IBSR division assesses the risks in IB business models, the risk management and controls of those risks, firms’ structured finance activity, and co-ordinate SRS’s role on banking sector risks. There are 4 specialist teams within IBSR and this role is within the Risk Management and Controls (RMC) team. The RMC team review the quality, culture, independence & effectiveness of firms’ risk managers; and assess compliance and strengths/weaknesses of risk management and control frameworks. The team’s areas of expertise include Traded Risk Management, Trading Controls and Valuation/Product Controls.

Job description

The Senior Analyst will:

• Work closely with PRA colleagues in contributing to firm specific or cross-firm reviews to assess’ firms risk management and controls, through detailed analysis of management information and on site meetings with firms’ executives.
• Develop issues into action-able outcomes for firms and PRA supervisors to pursue and report and present results to PRA and firms senior management.
• Provide quantitative and qualitative analysis on risk management and control issues that impact investment banks and the broader financial services industry.

With relevant experience, there are opportunities to contribute to many specific control topics:

• Front office trading controls (e.g. trading supervision and unauthorised trading)
• Control framework design and operation (e.g. “three lines of defence” and enterprise-wide risk management)
• Front to back control design, operation, reporting and oversight
• Operations and middle office through the trade lifecycle (e.g. trade capture, transaction management, clearing, settlement and reconciliations)
• Independent P&L production, attribution and explanation
• Fair value reserves and independent price verification processes
• Valuation uncertainty measurements and prudent valuation adjustments
• Solvent wind down
• Market and counterparty credit risk reporting, monitoring and management

Role Requirements

Minimum Criteria

• Experience working in a control function, including Internal Audit, Operational Risk Management, Middle Office, Trading Control function, Finance or Product Control. This experience will be gained within an investment bank; or from a consultancy or accounting practice dealing with front-to-back risk and control functions.

Essential Criteria

• Familiarity with relevant regulatory requirements and industry standards and practices in relation to risk management and controls
• In-depth understanding of trading environments and front-to-back systems and controls including trading supervision, trade booking and lifecycle, middle office and operations, reconciliations and reporting
• Ability to interpret and synthesise data and MI quickly and develop informed judgments to support the supervisory approach for firms.
• Strong interpersonal and influencing skills, and build strong working relationships with other partnering directorates.
• A dynamic self-starter who is able to work on their own or lead from the front in a small team to successfully implement and complete projects.
• Draft and present clear and concise reports for firm’s and PRA’s top executives.

Desirable Criteria

• Experience of attending and presenting to regulators or firms top governance committees (e.g. board committees)
• Experience with regulatory data reporting; experience with data analytics e.g. database, visualisation and data tools such as Python or R
• Professional qualification e.g. ACA, ACCA, CIMA, CFA or FRM and c.5 years of post-qualification experience

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.

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.