Senior Technical Specialist, Specialist Financial

2 weeks ago

London, United Kingdom Bank of England Full time

**Senior Technical Specialist, Specialist Financial Risk**

- **(**010501**)**

**Primary Location** UK-ENG-London

**Job** Risk

**Organisation** 651000 - MODEL, DEVELOPMENT & REVIEW (MDRD)

**Job Posting** 06-Mar-2024, 8:39:16 AM

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 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.
On 1 April 2013 the Prudential Regulation Authority (PRA) became responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. The PRA was created by the Financial Services Act (2012) and is part of the Bank of England.
As a directorate of the PRA, the Supervisory Risk Specialists (SRS) provides deep technical expertise and applies judgement in specific risk disciplines in order to identify, analyse and mitigate material risks to the safety and soundness of PRA regulated firms. SRS also supports the wider Bank through providing risk specialist expertise to a range of functions including policy development and implementation, the Bank's concurrent stress tests and the supervision of central counterparties.
- SRS comprises five divisions:

- Credit, Risk, Analytics, Liquidity and Capital (CRACL)
- Investment Banking and Sector Risks (IBSR)
- Model Development and Review (MDRD)
- Operational Risk & Resilience (ORRD)
- Sector Resilience Division (SRD)

**Department Overview**

MDRD supports front-line banking supervisors and prudential policy with expert advice and by conducting in-depth analysis on individual firms. The division also contributes to the wider policy functions of the Bank, including through stress testing of the major UK banks. Building upon existing resources we aim to recruit, develop and retain a capable, adaptable and motivated specialist team which will successfully and efficiently deliver the division's goals today and for the future.
- The Credit Risk Measurement (CRM) team is one of 3 teams within the Model Development & Review Division, the other 2 being Traded Risk Measurement and Quantitative Modelling & Analytics.

CRM provides expert advice, primarily to the PRA’s Supervision and Policy directorates, on IRB rating systems and wider credit risk measurement topics such as decisioning, impairment (e.g. IFRS 9) and stress testing models. The team is also responsible for reviewing firms’ RWA projections for the concurrent stress testing programme.

**Job description**

This is a technical role. You will have responsibility to:

- Provide management and direction to a team of specialists to analyse and follow industry trends to inform and deepen the PRA's understanding and assessment of firms’ risks and vulnerabilities, as well as our assessment of systemic and cross-firm risks.
- Lead and critically review firms’ wholesale and/or retail credit risk models and wider rating systems against the IRB requirements, and make recommendations to senior PRA committees.
- Provide technical leadership to colleagues within the CRM team on regulatory and technical points of detail in reviewing IRB models.
- Scope and lead on-site visits to regulated firms coupled with desk-based reviews of documentation, develop conclusions and write reports and present results to senior PRA partners.
- Provide technical support and advice to other areas of the PRA (such as its Policy teams) on the development and implementation of new IRB policy.
- Act as an advisor to other areas of the PRA on wider credit risk modelling issues such as decisioning, IFRS 9 provisions and stress testing models.
- Develop PRA thinking on "best practice" in the area of wholesale or retail credit risk modelling.
- Have the opportunity to develop their skills and knowledge through work with other teams across the division.

**Role Requirements**

**Minimum Criteria**
- Significant experience of wholesale or retail credit model development and/or validation, gained within one or more firms with a significant wholesale or retail lending business, a consultancy or a regulator.
- Excellent knowledge of the main techniques used to develop wholesale and/or retail IRB models, including of relevant IRB requirements (e.g. CRR, Supervisory Statements) and guidance, and of the supporting governance and validation processes that need to be in place to support the models.

**Essential Criteria**
- A consistent track record of working independently, or as part of a team, across several projects simultaneously to deliver against hard deadlines.
- Impressive personal impact, influencing and inter-personal skills, including the ability to build strong working relationships with partners.
- Ability to clearly and concisely communicate the results of quantitative analysis to both senior technical

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