LEEDS BASED

Prudential Policy Directorate 

The Prudential Policy Directorate is responsible for designing, agreeing and implementing effective prudential regulation to remove or reduce systemic risks, promote the safety and soundness of PRA-regulated firms and ensure appropriate protection for insurance policyholders. PPD supports both the Prudential Regulation Committee and Financial Policy Committee in fulfilling their objectives. 

Department Overview 

We are recruiting for the Governance, Accounting, Resilience and Data (GARD) division within the Prudential Policy Directorate. GARD leads policy for both banks and insurers on questions relating to governance, accounting and audit, recovery and resilience, disclosure and reporting and also includes a climate coordination unit for PPD. Together these policies are directed to ensuring that regulated firms have an effective framework that reduces the likelihood they will need to draw on their capital to absorb losses. 

The Reporting, Disclosure, and Data Strategy Team (RDDS) is responsible for our policies on public disclosures and firms’ regulatory reporting to the PRA. We cover both banks and insurers, and engage with a wide range of stakeholders with an interest in firms’ data or a role in our data collection processes, including colleagues across frontline supervision, risk specialists, Legal, and Technology. We also work closely with the FCA, HMT and other authorities in the UK and abroad. 

RDDS also houses PPD’s data science hub, which leads PPD’s data strategy, connects our work to wider analytics initiatives across the Bank, and supports policy teams across the directorate on data projects.

RDDS is currently delivering the PRA’s Future Banking Data programme. This programme targets tangible reporting cost reduction for banks in line with the PRA’s secondary competitiveness and growth objective, as well as improvements to the relevance, quality and timeliness of data collection.

Job Description

You will be involved in policy development and implementation, providing expert advice and helping set direction on reporting and disclosure for banks. Likely areas of focus in the coming years include:

Leading on Pillar 3 disclosure policy for banks, including considering adaptations necessary to reflect changes to regulatory reporting, accounting standards, and supporting international initiatives on disclosure.
Designing improvements to bank regulatory reporting through the Future Banking Data programme, working with colleagues to develop options, build support among senior Bank stakeholders and communicate emerging proposals clearly to firms.
Partnering with other policy teams to assess how new prudential policies affect regulatory reporting and disclosure.
Owning and managing queries on bank reporting, supported by analysts in the team.

The role holder will progress these by conducting robust qualitative and quantitative analysis, preparing strategy notes, drafting governance papers and publications, and proactive and accountable stakeholder engagement.

As a Lead Policy Analyst in the team, you will be expected to lead key components of our work, collaborating with analysts and managers across the team. We organise our work in a matrix fashion to bring the right mix of skills to each project, so over time you will work with all members of the team.

A willingness to engage proactively and work collaboratively will enable the individual to learn and succeed on the job. Subject to the team’s overall priorities, the mix of work can be adjusted to the development goals and skills of the successful applicant. In particular, though this is not a data science role, the team is keen to support policy specialists in developing their skills in advanced analytics.

 What will I get from this role? 

A key role within a dynamic team that works on high-profile, cross-sectoral issues within the PRA and wider Bank. 
A deep understanding of the PRA’s approach to data, reporting, and disclosure, and an opportunity, given our current work, to shape that approach. 
Insights into all the phases of the policymaking process, with an opportunity to lead the design, development and roll-out of important policy reforms. 
Ample opportunities for cross-team working within the division, PPD and wider Bank.
The chance to build close relationships with a diverse range of specialists including banking and insurance policy and supervision teams, lawyers, technology, the FCA and other external organisations in the UK and abroad.

Role Requirements

The role holder will be required to help design, execute and implement policy to a high standard. To do this well, they will need to meet the following criteria: 

Minimum Criteria

Experience analysing information from a range of sources to develop practical recommendations to improve processes and outputs to management
Clear communication skills (in written and oral form) and ability to present information in a concise manner that is appropriate to the audience.
Able to make sound judgements, based sometimes on incomplete or conflicting information or views.

Essential Criteria 

The ability to work flexibly and collaboratively with colleagues and wider stakeholders, being able to manage competing priorities, deliver to time and respond well where priorities and timelines may change at short notice.
Be outcome-focused and be able think creatively, seeing things as they are and how they could be. 
Be willing to adapt, learn and take on new responsibilities and challenges, with a flexible approach.

Desirable Criteria  

Experience of producing, or advising on the production of, financial or regulatory reports by banks or insurers.
Qualified or qualifying Chartered Accountant.
Experience analysing banking regulatory data.
Demonstrated ability to develop a detailed understanding of a financial, policy or regulatory topic, assess the relevant evidence and implications, and provide well-informed advice.

You should not be put off from applying if you do not meet all of these desirable criteria. We have extensive support and training for team members, particularly new joiners to the PRA, to support development. 

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.

Salary circa £50,320 - £56,600. In addition, we also offer a comprehensive benefits package as detailed below:

Currently a non-contributory, career average pension giving you a guaranteed retirement benefit of 1/80th of your annual salary for every year worked. There is the option to increase your pension (to 1/65th) or decrease (to 1/105th) in exchange for salary through our flexible benefits programme each year. The Bank has the discretion to vary standard accrual rates and dial up and dial down rates at any time and to withdraw dial up and dial down options at any time.
A discretionary performance award based on a current award pool.
An 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 Bank of England welcomes applications from all candidates, but as a UK Visas and Immigration (UKVI) approved sponsor, we have a responsibility to comply with the Immigration Rules and guidance. As such, our ability to employ individuals who require sponsorship for immigration purposes is limited. The Bank cannot guarantee that you and / or the role you are applying for will be eligible for sponsorship and that any application made to UKVI will be successful. Eligibility will therefore be considered on a case by case basis.

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.

This role closes on 12th Nov.

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.

Base Salary: circa £50,320 - £56,600

Bank of England

Lead Policy Analyst - Reporting, Disclosure and Data Strategy, Governance, Accounting, Resilience and Data

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Bank of England

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