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Risk Specialist - Valuations & Control's Team, Traded Risk Division (SRS)

Employer
Bank of England
Location
Lambeth, South East London, United Kingdom
Salary
Competitive Salary
Closing date
Sep 28, 2020

View more

Job Role
Risk Manager
Sector
Finance
Contract Type
Permanent
Hours
Full Time
Job Description - Risk Specialist - Valuations & Control's Team, Traded Risk Division (SRS) (004180)Job Description Risk Specialist - Valuations & Control's Team, Traded Risk Division (SRS) - (004180)Primary

Location:
UK-ENG-LondonJob: RiskOrganisation: SUPERVISORY RISK SPECIALIST DIRJob Posting: 24-Sep-2020, 2:41:28 PMDescription 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 is split into four main divisions:
Credit RiskOperational Risk & Resilience (ORRD)Risk Analytics, Liquidity and Capital (RALC)Traded Risk
Department Overview

The Traded Risk Division (TRD) comprises subject matter specialists in trading risk, market and counter-party risk management, product, valuation and general trading controls. Its role covers firms' trading activity in the wholesale cash and derivative markets, and their risk management and control activities in the front, middle and back office functions. Its purpose is to evaluate these areas, assess firms' competence in them, authorise regulatory capital applications and support the bank's policy directorate.
The Valuation and Controls Team (VCT) is a key part of TRD. It is responsible for evaluating firms' general trading controls, as well as specific areas of financial risk and control such as trade valuation, product control and resolution and recovery.

The team's areas of expertise include:

Trading Controls:
Front office trading controls, such as trading mandates, trading supervision and authorised trading control.Control framework design and operation. For example, "three lines of defence" and enterprise-wide risk management."Front to back" or "end to end" control design, operation, reporting and oversight.Operations and middle office processes through the trade lifecycle including trade capture, transaction management, clearing, settlement, reconciliations, books and records.
Valuations & Product Control:
Fair value reserves and independent price verification processes.Valuation uncertainty measurements and prudent valuation adjustments.P&L production and attribution.Resolution and recovery.
Other:
VCT provides expert advice to the bank's policy directorate for regulatory requirements relating to valuation risk, trading controls (e.g. algorithmic trading) and internal audit. It also provides specialist input for approving regulatory capital applications and executive and non- executive appointments.
Job description

Applicants will have a deep knowledge and experience of control frameworks in large, complex banks and investment banks and the enterprise-wide governance, risk and compliance activities related to these frameworks. They will have experience of these areas and would engage with firms' senior executives and external parties (e.g. regulators or auditors) about them.

The role is project based involving firm specific, cross-firm, or theme based reviews. Previous projects include thematic reviews of new product approval processes, trader mandates, algorithmic trading, and general trading controls.

The key elements of the role include:
Leading and collaborating with VCT and TRD colleagues on firm specific, cross- firm or thematic reviews to assess firms' trading risks controls, through detailed analysis of management information and on site meetings with firms' senior executives.Identifying and developing issues into meaningful outcomes and communicating and reporting them both to PRA and to firms' senior management.Analysing results of assessments and related governance implications for their applicability to an individual firms' strategic direction, and its supervision by the PRA and the "read-across" to the broader financial services industry.Establishing and developing relationships within the PRA to facilitate knowledge sharing, teamwork and collaboration.Depending on the candidate's experience, responsibilities could also include evaluating P&L and valuation functions at the major investment banking firms.
Role Requirements

Minimum Criteria
Experience of working in a control function to include either Internal Audit, Risk or Operational Risk Management, Middle Office, Trading, Finance or Product Control. Experience of the above gained at a bank; a consultancy or accounting practice or another regulator.Experience and in-depth understanding of trading and middle and back office functions, including front to back systems, processes and controls covering the product and trade lifecycle. For example, trade booking and support, trader supervision, operations, clearing and settlement, market risk, valuation and p&l control.Established record of successful, impactful project based work on trading risks and controls. Proven ability to interpret and synthesise large amounts of data quickly and reach informed judgments.
Essential Criteria
Good knowledge of the UK financial system and global investment banking.Dynamic self-starter who is able to work on their own, take ownership and help drive projects to a successful completion.Good understanding of large investment banks' overarching governance, risk and compliance processes.Strong communication and writing skills for reports and presentations to PRA and firm executives.Good understanding of relevant regulatory requirements and industry standards and practices. For example, the prudential policy framework for banks' trading book.Strong interpersonal and influencing skills, and ability to build strong working relationships.Record of engaging with firms' executives as well as external parties (such as non-executives, regulators or auditors).
Desirable Criteria
Graduate or post graduate, with relevant professional qualification e.g. ACA, ACCA, CIMA, CFA

Qualifications We anonymise applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission. Please complete work history and the application form questions as requested because incomplete submissions will not be reviewed.The closing date for applications is 31 October 2020.

We continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Our focus on inclusion is intended to build greater diversity in order to reflect the society we serve and be an employer of choice.

As a unique institution, we have a reward package which sets us apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. We also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives including an on-site medical and dental unit.

The salary range for this vacancy is £45,900 - £59,400, dependent on relevant skills and experience. In addition, the total reward package also includes:
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.25 days annual leave with option to buy up to 13 additional days through flexible benefits.Private medical insurance and income protection.
Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.

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