Department Overview

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

We are a diverse organisation. Each of our 4,000 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.

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 the resolution of banks and other financial institutions subject to the UK Special Resolution Regime, and for developing the Bank’s policy in this area. RD’s work is a key contributor to delivering the Bank’s Strategic Priority 2 (‘Proactively prepare for emerging risks in the financial system’) and is highly visibility amongst senior staff Bank-wide, thus provide opportunities to make a real difference both domestically and internationally.

RD is a highly dynamic area of around 110 people from a diverse range of personal and professional backgrounds including policy analysis, supervision, central banking, economics, professional services (accounting, law, banking, credit rating agencies), and the public sector. Our growing team reflects the broad range of issues we confront. This makes a diverse, stimulating and exciting place to work, where it is possible to learn rapidly from a wide range of colleagues and situations.
 

Job Description

An excellent opportunity has come up in RD’s Domestic Resolvability Division (DRD). DRD is responsible for the resolvability of all UK domestic banks from the smallest to the largest. The issues DRD deals with are often new, emerging and at times fast-paced, which offers the opportunity for the role-holder to develop broad skills. Identifying and agreeing solutions requires intellectual agility, the ability to understand the perspectives of others and influence them, and a willingness to hold firms and other stakeholders to account. We work closely with a range of important stakeholders on both practical and policy matters, including our colleagues in the Prudential Regulation Authority (PRA) as well as Her Majesty’s Treasury (HMT), the Financial Services Compensation Scheme (FSCS), the Financial Conduct Authority (FCA), the Financial Stability Board (FSB) and overseas authorities.

The Senior Manager role involves designing and implementing supervisory strategies to hold multiple firms to account on their resolvability, taking into account amongst other things the Bank’s first cycle assessment of firms’ capabilities under the Resolvability Assessment Framework (RAF). In implementing these strategies, the Senior Manager will lead the engagement with the firms’ board and senior management, working closely with policy and supervisory colleagues in RD, the PRA and other authorities. For some firms with international operations, this will include engaging with international authorities including through colleges and Crisis Management Groups (CMGs). This role will contribute to RD-wide planning work ahead of the start of the RAF second cycle assessment from October 2023. As appropriate, the role-holder may also be involved in contingency planning work to address emerging risks and challenges.

We are looking for an individual who can own and run a wide portfolio of work, with multiple responsibilities and deliverables. The successful candidate will need to show they can plan and organise their work and that of their teams, delegate appropriately and work collaboratively with their colleagues.

We deal with issues that are often new and require you to think strategically and creatively, understand and influence others while being able to meet deadlines and produce high quality work. When speaking to the firms you will need to be ready to challenge and hold them to account in relation to our statutory and policy objectives.

This is a people management role where the role-holder will be directly and indirectly managing a wider team including Managers and analysts within a matrix management structure. The role-holder will be responsible for day to day management of the team and for defining roles and responsibilities. The role-holder will develop their 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. The role-holder will also be responsible for managing all staff-related matters that may arise including performance, absence and sickness.

The role-holder will also contribute to the management of the division, including in prioritising divisional work, and support the Head of Division (HoD), alongside fellow Senior Managers and Managers. The role provides opportunities to lead on RD-wide initiatives.

Number of direct reports: 2

Role Requirements

Minimum Essential Criteria

• Significant responsibility and experience of project management and delivery (i.e. strategic thinking, planning milestones, clear articulation of outputs, organisation of workstreams for analysts etc.).
• A self-starter, highly motivated and capable of working autonomously, able to work within tight deadlines during busy periods.
• Experience of / an ability to influence key stakeholders (both internally and externally, including at senior levels) with a track record of delivering results through building and maintaining strong working relationships.
• Strong problem-solving and communication skills.
• Understanding the structure and operations of financial institutions, with a sound understanding of the key elements of balance sheets and a broad understanding of financial markets.
• Ability to take an inclusive approach to management and leadership, bringing out the best in and developing the talents of each individual given a variety of different backgrounds.
• Passion for leading and supporting Diversity and Inclusion initiatives and encouraging others to do the same.

Desirable Criteria

You should not be put off from applying if you do not meet or do not have all of these criteria – we would actively encourage you to get in touch to discuss what support you might need to close any gaps and/or any other skills you might have which you think could be helpful in this role.

• Experience in supervision or the banking industry and familiarity with the prudential regime for banks.
• An understanding of the UK resolution regime. The ability to assess whether a firm can fail in an orderly manner, and if not, identify what structural changes are required to improve an institution’s resolvability  
• Interest in resolution regimes. Knowledge of the UK, European and US resolution regimes and practical experience of bank supervision and resolution planning in the US or Europe.

Our commitment to diversity and inclusion

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 . RD also has a local Staff Working Group.

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 open to job shares, flexible and part time working patterns. A number of colleagues in RD, including at senior levels, work part-time or have done so on an extended basis before.

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 take your time to complete the application form questions carefully and in detail as requested. The application questions form an important part of the initial selection process and any incomplete submissions will 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 £74,400 - £95,000 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.