Bank of England

Real Time Gross Settlement Renewal Programme

Policy Analyst Roles

Applications have now closed

Location: London

Remuneration: Up to £57,330 plus benefits

ProgrammeSupported hire into permanent role. Applications from those who wish to work flexibly are welcome.

Deadline: Apply by 10 February 2019

The Opportunity

The Bank of England welcomes professionals who have taken an extended career break to apply for these permanent roles. Successful hires who have taken a career break of 2+ years will receive coaching support through the transition period from Women Returners. The Bank is absolutely committed to having an inclusive environment. Improving the diversity and depth of experience of staff is something that the Bank is passionate about.

Market Services Division (MSD) is recruiting a number of experienced policy analysts to work on issues relating to the running and renewal of the Bank’s Real Time Gross Settlement (RTGS) and CHAPS payment scheme operations.  They will be working on a key and exciting workstream the RTGS Renewal Programme.

Successful candidates will join either the Payment and Settlement Analysis (PSA) or RTGS Renewal Policy team, which provide policy and analytical support for the Bank’s role in settling hundreds of billions of pounds worth of payments every day.

There are Policy Analyst roles available across all the main functions on the teams: operational policy, new operations design and strategy.  Applicants should make clear if they have a preference, or wish to be considered for all roles. There is scope to move between roles over time, or to take on a portfolio of work across more than one of the main activities. The two teams work closely together and many RTGS renewal-related workstreams involve analysts from both teams.

Successful applicants are likely to have been educated to degree level or equivalent and undertaken analytical work in a public policy or financial services environment.  Prior knowledge of banking and/or payments would be desirable but is not essential.  Candidates who have not worked as a policy analyst before will be considered if they have strong analytical skills and experience of critically assessing information (both numerical data and other types of information), drawing conclusions and making recommendations.

These roles are a great opportunity to develop your knowledge and experience at the very core of the sterling banking system.

Department Overview

Market Services Division (MSD) delivers many of the high-profile operations that underpin the Bank’s monetary policy and financial stability objectives.  The variety and immediacy of the work they do means that they are one of the most outward facing and fast moving areas of the Bank.

MSD operates the RTGS, which is at the heart of all sterling payments and holds the reserves accounts of banks and other systemically important institutions.  The current RTGS infrastructure is over 20 years old, and despite its excellent operational record, needs to be modernised and developed to meet today’s needs.  This includes understanding how the world of payments is changing and considering how the new system is best designed to meet these needs.  For a closer look at the work of the RTGS Renewal Programme, take a look at their website.

MSD also runs the CHAPS high-value payment system and manages a range of securities settlement functions in respect of the Bank’s sterling and foreign currency operations. This includes liquidity provided through the Sterling Monetary Framework, and transactions relating to the Bank’s Asset Purchase Facility and the UK’s foreign exchange reserves. They feed their practical experience and understanding of how the financial system works into the Bank’s wider policy making.

What does the job involve?

MSD’s operations generate a varied range of policy questions.  Team members typically have several lead specialisms but will have plenty of opportunity to develop expertise outside their own defined roles, providing excellent development opportunities.  The teams have a very wide remit so the roles can be tailored to the successful applicant’s skills and interests, but key workstreams, which successful candidates could expect to get involved in, include:

On a day-to-day basis the roles are very varied – typical tasks include running interactive workshops with both internal and external stakeholders to understand requirements; writing policy proposals and briefing seniors, including programme governance and RTGS/CHAPS Board, on these; and engaging with other central banks undertaking similar activities and renewal programmes.  Some roles will also require analysis of large data sets. Analysts will also be expected to build and continually develop their understanding of the UK payment systems and wider landscape; this can be learned on the job and by tapping into the expertise of others across the Division and the Bank.

The roles would suit someone who enjoys seeing an issue through from an initial problem statement to a practical solution which can be implemented. Policy 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. In some cases, analysts may also be involved in delivering these recommendations.  We would also expect successful applicants to take a role in mentoring and supporting more junior members of the team and acting as a role model.

Much of the work involves close co-operation with other parts of the Division and the rest of the Bank, which means that stakeholder management is important.

Role Requirements

The successful candidate will need to be able to demonstrate the following:

For certain roles, additional skills would be desirable.  These include:

Salary

These roles offer a base salary in the range from £37,700 up to £57,330 (subject to experience and skillset).  The total package also includes:

About the Bank of England

The Bank of England is the UK’s central bank and a diverse organisation. As a place of work, the Bank feels different from most other organisations. The atmosphere is relaxed but professional, research-driven and also very much connected to real events in the economy. While organisations in the private sector are focused primarily on profits, the ultimate objectives for the Bank are always the quality of thinking and the rigour of analysis. This makes for an unusually satisfying place to develop your career. Whichever area of the Bank you join, you will almost certainly be working on high-profile and high-impact projects. The issues they deal with on a daily basis are often in the news headlines, and have implications for everyone in the country. For many of their people, this sense of contributing to the public good is one of the most rewarding aspects of working there.

The environment is extraordinary too: a historic building located in the heart of the City, which combines rich tradition with up-to-date technology and facilities. Just as importantly, they have a strong culture of support that exists within each of their teams and across the organisation as a whole.

The Bank also encourages Diversity of Thought, which inspires colleagues in every area to share different ways of thinking, working and achieving success. The aim of this is to promote creativity and encourage diverse approaches by inviting people with different backgrounds, skills or talents to present their thoughts and ideas.  For more information, please see our diversity and inclusion website.

To Apply

Please apply online, by completing the application questions and submitting a copy of your CV, using this link: Job Description – Policy Analyst.

The Bank anonymises applications so hiring managers will not be able to see your personal information such as name and address when reviewing your submission. Please complete the application form questions as requested as any incomplete submissions may not be reviewed.

The closing date for applications is 10 February 2019.

With any questions, please email askhr@bankofengland.co.uk