Lead Policy Analyst – Medium Term Strategy & Research (Prudential Policy Directorate)

– ( 008169 )

Primary Location UK-ENG-London

Job Policy

Organisation 642200 – PRUDENTIAL FRAMEWORK DIVISION

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 plus 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.

Prudential Policy Directorate are responsible for designing, negotiating internationally and implementing effective prudential regulation in order 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

As a part of PPD, the Prudential Framework Division (PFD) seeks to promote the resilience of the financial system with a prudential framework fit for now and in a changing world. We:

• Maintain the integrity of the framework
• Evolve: evaluate, learn and adapt, provide thought leadership here and abroad
• Explain: providing clarity and transparency for our stakeholders

The Medium-Term Strategy and Research (MTSR) Team collaborates extensively within PFD and with others in the Bank on (i) the economic design and calibration of capital requirements for banks; and (ii) how they interact with other prudential and public policies.

We deliver policy strategy, economic analysis and research to underpin Basel Committee, PRC and/or FPC’s policy development and evaluation in these areas.

In addition, we develop, maintain and oversee the delivery of PPD’s research strategy and PPD’s responsibilities v/v the Bank’s Research Agenda and Hub.

We welcome people to come on board and learn about banks and prudential policies as they apply their skills in taking forward research projects and policy work. We offer lots of support and help in getting going. So don’t worry if you don’t know the ins and outs of how prudential policy works!

Job description

We are looking for a Lead Policy Analyst to support the work of senior members of our Team and other collaborators in delivering an exciting and challenging work programme. That is expected to be centred around: evolving bank capital frameworks to reflect lessons learned in operating them; simplifying them so that they deliver resilience in a robust way (e.g., within the PRA’s plans for a Strong and Simple framework) and/or considering the role of capital in mitigating financial risks from climate change. Given the range of our responsibilities and diversity of Team members, there is some flexibility to craft the role to meet the applicant’s skill-set and interests and engage in a wide range of work.

Your role will typically comprise the following responsibilities:

• Be a source of expertise on the UK frameworks for bank capital requirements. Including how they work in practice both as a whole and in interacting with other prudential frameworks.
• Extracting data from internal and external databases on bank capital requirements as well as developing datasets relevant to the team, including making these processes more efficient such as by creating reproducible, automatable analysis and tools.
• Authoring and contributing to high-quality policy papers covering macro- and micro- prudential policy issues on bank capital.
• Supporting the Team’s Economists to produce insightful analytical projects on bank capital.
• Developing and maintaining effective relationships across the diverse community of staff within the Bank working on related issues.

Role Requirements

Minimum Criteria

• Experienced in applying established quantitative techniques (of one or more of either a statistical, financial, economic, engineering, physical sciences, mathematical or actuarial nature) to analyse practical issues in a professional work environment.
• An appropriate track record of delivering projects involving the analysis of data (collating, modelling, manipulating, investigating, interpreting, visualising).

Essential Criteria

• Experienced in understanding, synthesising, and communicating a range of complex and technical information well, orally and in writing.
• The ability to handle a diverse and dynamic workload under tight timeframes.
• Excellent attention to detail and ability to find creative solutions to analytical problems.
• Ability to collaborate effectively with others.
• Able to build strong relationships and manage multiple stakeholders effectively.

Desirable Criteria

• Knowledge of micro- or macro-prudential policy including bank capital, current policy debates and developments in the UK and/or internationally.
• Track record of working on your own initiative, and in leading others, to deliver policy projects.
• Be proficient in at least one data analysis package (e.g., STATA, R or Python) and/or a data visualisation tool (e.g., Tableau).

The Bank values diversity and inclusion – we want to reflect the society we serve better, we want the best people to work for us and we want our workplace to be inclusive. We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation. One way we support diversity and inclusion is through our staff-run networks, which are summarised here.

We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working. This role is therefore open to flexible working patterns.

We are also committed to making workplace adjustments for all of our employees as needed, and also for candidates throughout all stages of the selection process. We are a member of the Disability Confident scheme, summarised here, and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please fully complete the application form questions as requested, as any incomplete submissions may not be reviewed.

Reward Package

The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.

The base salary for this vacancy is approximately up to £60,800, 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.

Employment in this role will be subject to National Security Vetting clearance and the passing of additional Bank security checks in accordance with Bank policy from time to time. Further information of vetting and security clearance requirements for the role will be provided to the successful applicant. Further information about how the Bank processes personal data for these purposes, is set out in the Bank’s Privacy Notice at Privacy and the Bank of England | Bank of England.

Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.