Market Services Division
Remuneration: £65,000 to £74,000 plus benefits
Programme: Supported hire into permanent role. Part-time Job-share
Deadline: Apply by 21 May 2018
The Bank of England welcomes professionals who have taken an extended career break to apply for this permanent role. 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. The role is on a part-time (0.4 – 0.6 FTE), job-share basis.
About the Role
The Banking, Payments & Financial Resilience Directorate translates monetary and financial stability policy decisions into real actions that deliver tangible outcomes, and their policy functions feed the practical experience and understanding of how markets and the financial system operate into the Bank’s policy making. The variety and immediacy of the work they do means they are one of the most outward facing and fast-moving areas of the Bank, operating the UK’s high value payments system and acting as the ‘bank’ within the Bank of England.
Within the directorate the Market Services Division (MSD) is responsible for many of the high profile operations that underpin delivery of the Bank’s monetary policy and financial stability objectives. In particular, MSD operates the Bank’s Real Time Gross Settlement (RTGS) system. RTGS facilitates settlement of hundreds of billions of pounds worth of payments every day via payment systems such as CHAPS and CREST. MSD also manages a range of vital securities settlement functions in respect of the Bank’s sterling and foreign currency market functions.
Payment and Settlement Analysis (PSA) is responsible for strategic and operational policy across the Division’s payment and settlement functions. PSA also manages policy issues relating to the CHAPS, CREST and retail payment systems, and the Division’s role in securities and custody operations. The team consists of around 15 staff, including a senior manager and three managers.
What does the job involve?
An excellent opportunity to manage part of the Payment & Settlement Analysts (PSA) team, on a part-time (0.4 – 0.6 FTE), job-share basis. This role focuses on operational policy and change management.
Key responsibilities will involve the shared line management of at least four of the team; initiating and leading analytical and policy workstreams relating to RTGS/CHAPS and collateral management operations; implementing change; and external liaison.
The jobholder will be responsible for:
- Planning and managing the delivery of a mixture of short and medium-term policy analysis and operational policy work, through the team of analysts and the Research Assistant. The team’s work includes provision of policy briefings and regular analytical reports for senior Bank management , as well as ownership of key control documentation for RTGS. The complexity and breadth of the team’s work requires the manager to lead work flexibly across a variety of workstreams and deadlines, reprioritising work and escalating policy issues and resource conflicts to management where necessary.
- Direct delivery of some analytical and policy workstreams, particularly those of a more sensitive nature. Current priorities which will require direct input from the jobholder, include the managing and mitigating the impact of Brexit on the Bank’s RTGS/CHAPS and collateral management operations. There will also be the opportunity to work on relevant aspects of the Division’s strategic policy agenda, supporting the development of Bank’s payments and settlement policy in relation to internal, domestic and international policy debates.
- Managing and further developing the team’s working-level relationships both internally and with key external stakeholders, including Euroclear (CREST), HM Treasury and the New Payment System Operator.
- Working with the Senior Manager, and other managers to set priorities and agree distribution of work across PSA, including working with and providing cross-cover for the New Operations Design and Strategy Managers.
- 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.
- A strong track record of undertaking high quality analysis and delivery to tight deadlines; the ability to think through complex problems, and present a credible source of policy leadership internally and externally;
- Experience of supervising or providing coaching on analytical work;
- A strong collaborative working style with excellent communication and representation skills – the job involves a wide range of internal and external contact at differing levels;
- Good organisation and workload management – ability to organise and reprioritise a long, varied and often fast-changing work programme across the team;
- The ability to demonstrate and develop the skills required to manage a team, and develop each member of the team, across varied levels of experience and skillsets;
- A desire to take on a broad portfolio of varied work across different subjects in the payment and settlement space.
- Knowledge of payment and settlement systems and the Bank’s role within them, though there is ample scope to acquire this knowledge on-the-job;
- Experience of working in an operational policy and/or change management environment;
- Previous line management experience.
This role offers a FTE base salary of between £65,000 and £74,000 plus benefits.
The total package also includes:
- A non-contributory, career average pension
- A discretionary performance award
- A 7% benefits allowance
- 25 days annual leave with option to buy up to 13 additional days through flexible benefits
- Private medical insurance and income protection insurance
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.
Please apply online, by completing the application questions and submitting a copy of your CV, using this link: Job Description – Policy Manager
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 21 May 2018.
With any questions, please email firstname.lastname@example.org