The Financial Strategy and Risk Directorate (FSSR) FSSR is responsible for assessing risks to financial stability from across the financial system and defining the Bank's strategy for responding to them. Key elements of this are: conducting financial stability risk assessment and research across all sectors and markets, to inform decision-making by FPC, PRA Board and MPC; providing support to microprudential supervisors; identifying appropriate policy responses including what macroprudential instruments the Bank needs, and designing the Bank's strategy for their use; delivering and developing the Bank's stress-testing framework; and developing public understanding and awareness of the FPC and establishing and delivering its framework for operation.
We are seeking a Senior Advisor that has - or can develop - a deep understanding of banks and the banking sector to apply to our assessment of financial stability risks to and from the UK banking system. You would use knowledge of how banks work to provide insight to the Financial Policy Committee and other senior Bank of England policymakers with a view to identifying, assessing and taking action to reduce risks to the resilience of the UK financial system. A key part of your role would be to work with others across the division and in other directorates.
You do not need to come to the job with in-depth expertise across all of profitability, capital and liquidity. A good baseline understanding of banks and the banking sector would provide a base upon which a depth of expertise can be built.
The Financial Stability Strategy and Risk (FSSR) Directorate works towards a financial system that has sufficient resilience to be able to facilitate and supply vital financial services in a manner that absorbs rather than amplifies shocks. The directorate is responsible for identifying risks to UK financial stability, assessing the resilience of the UK financial sector to those risks and developing policy solutions to reduce them. The directorate closely supports the Financial Policy Committee, and our work sits at the heart of the Bank of England's mission.
The Bank Stress Testing and Resilience Group (BSTAR) group within FSSR assesses systemic risks to and from the banking system. That includes: the outlook for banks' profitability, capital and liquidity resilience; an assessment of the risks they face; scenario design, analysis and strategy for stress testing; and appropriate policy choices. We are a group of friendly staff from a wide range of backgrounds, and we work very closely with staff from other divisions around the Bank.
As a senior advisor, you would be expected to have or develop a deep understanding of how banks and the banking sector operate, including across pricing, capital and liquidity strategies. You would use this understanding to influence the Bank's assessment of risks to financial stability.
Typically this would involve analysing what an emerging trend or stress scenario may mean for banking sector profitability, capital or funding positions, how banks might respond, and what might be the implications for risks to the provision of lending and other financial services to the real economy.
You would do this by working with all of the teams across the division. You would also work closely with supervisory and risk specialist teams in different directorates, including in the Prudential Regulatory Authority and Monetary Analysis. And you will be expected to build a strong understanding of and view on analysis of the UK banking sector produced outside the Bank of England.
You would be expected to represent the division to senior staff and policy committees, cementing our credibility in presenting a view of the financial stability risks arising to and from the UK banking system.
You would use your interpersonal skills to: form strong working relationships with those stakeholders; provide insight and challenge in an effective way; and to build the expertise of the division through coaching and other forms of knowledge transfer.
You would be a member of the division's senior leadership team, and hence contribute to areas such as resourcing, work planning and strategic discussions.
Minimum (Essential) Criteria
- A good baseline understanding of banks and the banking sector, upon which a depth of expertise can be built. You do not need to come to the job with in-depth expertise across all of profitability, capital and liquidity.
- Experience gained over a number of years working in one or several of: banking supervision, prudential policy, macroeconomic analysis, markets, as a risk specialist, or other roles in the financial services industry.
- A track record of analysis. This should have involved leading analytical work to synthesize information across a sector or the economy, drawing original insights and reaching an overarching view.
- The ability to draw out policy-relevant messages and to communicate findings or technical concepts to senior staff clearly and concisely both in written format and verbally.
- A track record of working inclusively with a wide range of stakeholders, and of supporting and developing other team members.
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's by drawing on different perspectives and experiences that we'll 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 'Candidate Personal Information' under the 'Disability Confident Scheme' section of the application.
Salary and Benefits Information
This specific role offers a base salary of circa £87,750 - £101,250 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 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
- 26 days' 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 'work history' 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's 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 Friday 09 February 2024.
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.