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Market Risk Policy Manager
2 months ago
Department Summary
The Banking Policy Division (BPD) is at the forefront of establishing policies related to prudential standards, aimed at ensuring that financial institutions effectively identify and manage risks, maintain adequate capital reserves, and possess sufficient liquid assets. The division is actively engaged in policy formulation, execution, assessment, and future trend analysis, collaborating closely with various teams within the Bank and on an international scale. BPD contributes to cross-Bank initiatives and conducts research to maintain the Bank's leadership in the intellectual discourse surrounding prudential policy.
Team Overview
Our team specializes in policy matters concerning traded risks, which arise from banks' ownership and trading of financial instruments such as equities, bonds, and derivatives. This encompasses risks associated with fluctuations in financial instrument prices (market risk), counterparty defaults (counterparty credit risk), and variations in interest rates (IRRBB).
This is an exciting phase for our team, as the rapid advancements and continuous innovations in financial markets present ongoing challenges for regulators, making the role intellectually stimulating.
Position Description
An exceptional opportunity has emerged to oversee and direct the market risk segment of our team, focusing on the Fundamental Review of the Trading Book (FRTB) and bilateral margin requirements for non-cleared derivatives.
As a manager, you will play a pivotal role, either directly or through your team, in ensuring that banks' trading risks are sufficiently capitalized by leading initiatives on prudential risks associated with trading financial instruments. The primary focus will be on market risk, particularly the FRTB, alongside leading the bilateral margin requirements for non-cleared derivatives.
This is a crucial time for the team as we implement post-crisis reforms from BCBS, including the Fundamental Review of the Trading Book (market risk) and the new Credit Valuation Adjustment framework. Additionally, we are engaged in a comprehensive program to ensure that the policy framework is suitable for the UK market.
The role offers significant autonomy, allowing you to lead several policy initiatives directly, supported by team members. You will also be responsible for overseeing the technical outputs and development of the team. The working environment is intellectually enriching, emphasizing continuous learning and knowledge sharing.
Over time, team members will gain exposure to a wide array of our work, which includes:
- Leading on traded risk policy files in UK implementation, including policy development, impact analysis, and monitoring implementation.
- Supporting our efforts on various policy issues, including equivalence assessments and regulatory framework inquiries.
- Evaluating banks' approaches to innovative financial products or structures, such as the risks associated with crypto assets.
- Contributing to local and bank-wide work streams and projects, including reviews and analyses of market events or developments.
Minimum Criteria
- In-depth knowledge of market risk, particularly the Fundamental Review of the Trading Book.
- Strong analytical skills, with experience in developing analysis plans and guiding data analysis to draw relevant conclusions.
- Proven experience in managing a highly skilled team, focusing on both technical content and broader strategic direction.
- Exceptional written and verbal communication skills, with the ability to convey complex technical issues clearly and adapt communication styles to diverse audiences.
- Outstanding stakeholder management skills, capable of building constructive relationships with individuals at various levels, both internally and externally.
- Proficiency in managing multiple projects and adapting dynamically to changing priorities and timelines.
- Experience in fostering diversity and promoting an inclusive workplace culture.
- Practical or theoretical knowledge and experience in prudential regulation, investment banking, or financial markets and products, or relevant academic qualifications such as finance, mathematics, or statistics.
- Experience in mentoring and coaching less experienced colleagues.
Our Commitment to Inclusion
The Bank values diversity, equity, and inclusion. We play a crucial role in maintaining monetary and financial stability, and to do this effectively, we believe in having a workforce that reflects the society we serve.
At the Bank of England, we strive for all colleagues to feel valued and respected, working diligently to build an inclusive culture that supports individuals from all backgrounds and communities to excel in their roles. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation, and socioeconomic status. We believe that leveraging diverse perspectives and experiences leads to better decision-making for the public.
We welcome applications from individuals who prefer flexible working arrangements, including job shares and part-time schedules. We have also partnered with external organizations to assist in making necessary adjustments for candidates and employees during the recruitment process.
For roles that can be performed remotely, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to this minimum requirement, individuals and managers should collaborate to determine the best working arrangement for them, their team, and stakeholders.
Salary and Benefits Overview
We encourage flexible working, part-time arrangements, and job share options. Part-time salaries and benefits will be adjusted accordingly.
This role offers a competitive salary along with a comprehensive benefits package, which includes:
- A non-contributory, career average pension providing a guaranteed retirement benefit of 1/95th of your annual salary for each year worked, with options to adjust the pension in exchange for salary through our flexible benefits program.
- A discretionary performance award based on a current award pool.
- An 8% benefits allowance with the option to receive it as salary or purchase a variety of flexible benefits.
- 26 days of annual leave, with the option to buy up to 12 additional days through flexible benefits.
- Private medical insurance and income protection.
Employment in this role will be subject to the National Security Vetting clearance process, which typically takes between 6 to 12 weeks post-offer, along with additional Bank security checks as per Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, along with details on how the Bank processes personal data for these purposes, as outlined in the Bank's Privacy Notice.
Application Process
Important: Please ensure that you complete the 'work history' section and answer ALL application questions thoroughly. All candidate applications are anonymized to ensure that hiring managers cannot view personal information, including CVs, during the initial screening process. Therefore, it is crucial to fill out the work history and application form questions completely, as your responses will be vital to the initial selection process.
The assessment process will consist of two interview stages.
About Us
We are the UK's central bank, recognized by our peers for our world-leading expertise in policy and strategy.
Our mission is to promote the welfare of the UK populace by maintaining monetary and financial stability. We strive to keep prices stable and ensure the safety of people's money. Our work significantly impacts individuals and families across the UK. We are driven by curiosity and the desire to undertake important, challenging work.
It takes a dedicated team to operate the Bank of England. We rely on one another to fulfill our roles, benefiting from a collaborative culture and established flexible working practices that support our colleagues in balancing their professional and personal lives. We aim to be a workplace where everyone feels they belong and have equal access to opportunities, as diverse perspectives enhance our decision-making for the public good.
There's much to gain from working with us, including career-defining opportunities at the heart of the UK economy, being part of a remarkable team, and a rewarding compensation package.
Discover a unique banking experience with us. Together, we can make a significant impact.
The Bank of England will use and safeguard the information you provide during your application process, in accordance with our obligations under data protection law. This information will be utilized to assess your suitability for the role and manage your application. If successful, it will also be used to offer you a position and facilitate your onboarding process.
