Policy Analyst - Policy & Customer Engagement Team - Banking Services Directorate

Scale G

12 months FTC

Full time

Location - Leeds or London

Banking Services Directorate

Banking Services Directorate supports the Bank's mission to maintain monetary and financial stability by using and sharing its expertise to: develop and operate resilient and efficient banking, payment and custody services; set and influence policy; and to promote innovation. The directorate is also responsible for all aspects of Bank of England banknotes from design, to distribution and destruction, and for the regulation of Scottish and Northern Ireland banknote issuance.

We are at the heart of the Bank both in terms of our core role in Monetary and Financial Stability, and the wide range of colleagues we collaborate with. The variety and immediacy of the work we do means we are one of the most outward facing and fast paced areas of the Bank. The Banking Services Directorate includes the following divisions:

• Central Banking Operations Division
• Customer Banking Division
• Future of Money Division
• Notes Operations Division

Customer Banking Division Overview

Customer Banking Division (CBD) is the bank within the Bank of England. We provide a range of wholesale banking services to a small number of systemically important customers (notably UK Government, central banks and Financial Market Infrastructure, such as CCPs).

The Policy team operates within the Policy and Customer Engagement (PaCE) team in CBD. Our role supports all the smooth operation of CBD banking services provided to our customers (a sterling payment account, securities custody, gold custody and fixed term deposits). The role will work across PaCE to build skills and experiences.

Policy is a cross-Bank and outward looking team, collaborating closely with a number of areas across the Bank as well as externally with other central banks and payment schemes. The work is varied and requires an appetite for both slow burn and fast-paced responses to specific issues and broader, often forward thinking, policy topics.

Job Description

The role involves both supporting the CBD operations with advice / analytical work and supporting Banking Services management with analysis on broader topics. Day-to-day this will involve writing and presenting policy papers, briefing seniors, and meeting with customers and other partners.

The role would suit an analyst who enjoys seeing an issue through from an initial problem statement to a practical solution which can be implemented. Policy team analysts are expected to analyse policy and operational issues from first principles, assess the risks and other considerations and put forward practical recommendations for solutions.

The jobholder is likely to work across the full range of issues that come to the team, providing excellent development opportunities. They will be encouraged to build and continually develop their understanding of the wholesale banking and payments landscape; this can be learned on the job, by tapping into the expertise of others and through relevant training courses.

Wider responsibilities will include:

• Providing thought leadership and support on some aspects of the division's strategy, ensuring we meet the Bank's and our customers' evolving needs.
• Analytical and secretariat support and co-ordination of the Customer Banking Oversight Board, including the production of management information.
• Supporting wider PaCE deliverables, such as managing customer risks, in particular understanding geopolitics and reputational risk.
• Actively contribute to wider CBD, Banking and Bank priorities and initiatives, in particular around contingency facilities.

Number of direct reports: 0

Role Requirements:

Minimum Criteria

• Degree level or equivalent.
• Experience of writing analytical documents to set the approach on new topics and applying analytical skills to a variety of topics.
• Experience of workload management and making your own decisions on prioritising your work.
• An ability to utilise accumulated financial knowledge, skills, and experience to make good principles-based judgements in your analytical work.
• Problem solving skills that deliver joined up solutions for policy and operational issues.

Essential Criteria

• Strong written and verbal communication skills
• Experience of working on policy issues - for example, formulating positions and approaches to address specific issues or situations.
• A willingness and curiosity to learn new subject matters quickly, researching a wide range of topics and their implications and applying your knowledge, seeking out contributions from a range of stakeholders
• Proven ability to work effectively as part of a team and with multiple stakeholders, both internal and external, junior and senior.
• Fully competent in the use of the MS Office suite.

Desirable Criteria

• An understanding of some the products and services offered by the Bank of England and the range of customers it deals with through the Customer Banking Division. Knowledge of the payments industry landscape or markets.
• Comfortable in using analytical tools such as Tableau and R.

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 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.
This role offers a salary of circa £40,000-£45,000. 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 assessment process will comprise of two interview stages. (Amend and add brief details if relevant, such as interview/assessment dates or process for your specific role)
This role closes on Friday 6th September 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.