Job Description

Manager, Market and Counterparty Credit Risk Policy - ( 010016 )
Primary Location UK-ENG-London
Job Policy
Organisation 643100 - BANKING CAPITAL POLICY DIVISION
Job Posting 28-Nov-2023, 6:26:22 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 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 leads on policy relating to banking firms\' prudential balance sheet requirements, including issues related to 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 plays an active role in 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.
Team description
We are responsible for policy related to traded risks, i.e. risks that arise when banks own and trade financial instruments like equities, bonds and derivatives. These include the risk of losses from changes in the price of financial instruments (market risk), from a counterparty defaulting (counterparty credit risk), or changes in interest rates (IRRBB). This is a very exciting time to join us! As the rapid evolution and constant innovation of financial markets will always present challenges to regulators, the role is intellectually challenging.

Job description An exciting opportunity to lead and manage the counterparty credit risk side of the team, covering counterparty credit risk and credit valuation adjustment policy. As a manager, you will take a leading role, either directly or through your team, in ensuring banks\xe2\x80\x99 trading risks are adequately capitalised by leading on prudential risks from trading financial instruments. The role will focus on counterparty credit risk (including SA-CCR and IMM), and CVA. The team will also focus on minimum haircuts for SFTs. This is an interesting time for the team. We are currently implementing the post-crisis reforms from BCBS, including the Fundamental Review of the Trading Book (market risk), and the new Credit Valuation Adjustment framework. Also, having left the EU, there is a broad programme of ensuring that the policy framework is fit for the UK market. The role has good autonomy, leading on some of these policy initiatives directly, with the support of several team members. You would also be comfortable overseeing the technical output and development of the team. The working environment is intellectually stimulating with an emphasis on continuous learning and knowledge sharing. Over time, team members gain exposure to the full range of our work. This includes contributing to or leading on specific issues as they arise and representing us in various internal and external engagements, including the following:

• Leading on traded risk policy files in UK implementation, including developing policy, analysis of impacts, and monitoring implementation.

• Supporting our work on other policy issues, including equivalence assessments and other questions around the regulatory framework.

• Assessing approaches by banks in relation to innovative financial products or structures (for example, recent work has looked at the risks of crypto assets).

• Contribute to local and bank-wide work streams and projects, for instance, reviews and analysis of market events or developments.

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.

Number of direct reports: 3
Role Requirements

Minimum Criteria

• Knowledge of counterparty credit risk and CVA, and a willingness to develop expertise across other policy files covered by the team (market risk, IRRBB).
• Analytical skills \xe2\x80\x93 experience in formulating an analysis plan and analysing (or guiding others to analyse) data to draw relevant conclusions.
• Experience in managing a highly-skilled team for both technical content and setting the broader strategy.

Essential Criteria

• Strong written and verbal communication skills, including the ability to explain complex technical issues accurately and succinctly, and to flexibly adapt communication styles to an audience with varied backgrounds.
• Excellent stakeholder management skills and ability to build constructive relationships with people of different seniority internally and externally.
• Ability to manage multiple projects and work dynamically to accommodate shifting priorities and timelines.
• Experience of tangibly improving diversity and promoting an inclusive culture.

Desirable Criteria
Practical or theoretical knowledge and experience in prudential regulation, investment banking, or financial markets and products, or relevant degrees such as finance, mathematics or statistics.

• Experience with supporting and coaching less experienced colleagues.

Our Approach to Inclusion The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve. At the Bank of England we want all colleagues to feel valued and respected, so we\'re working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. 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 it\xe2\x80\x99s by drawing on different perspectives and experiences that we\xe2\x80\x99ll continue to make the best decisions for the public. We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We\'ve also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they\'re needed. For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders. Finally, we\'re proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the \xe2\x80\x98Candidate Personal Information\xe2\x80\x99 under the \xe2\x80\x98Disability Confident Scheme\xe2\x80\x99 section of the application. Salary and Benefits Information This specific role offers a base salary of circa \xc2\xa362,700- \xc2\xa379,470 per annum (depending on skills and experience) on a full-time basis. We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate. In addition, we also offer a comprehensive benefits package as detailed below:

• 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. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
  
• 26 days\xe2\x80\x99 annual leave with option to buy up to 12 additional days through flexible benefits.
• Private medical insurance and income protection.

National Security Vetting Process Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank\'s Privacy Notice
The Application Process
Important: Please ensure that you complete the \xe2\x80\x98work history\xe2\x80\x99 section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It\xe2\x80\x99s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process. The closing date for applications is Tuesday 19th December 2023 at 11.59pm
The assessment process will comprise of two stages.
Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.