Operational Risk and Resilience Analyst

Job title:

Operational Risk and Resilience Analyst

Company

Bank of England

Job description

Department Overview

The Bank operates a three lines of defence model for the management of risk. Enterprise Risk and Resilience Division sits within the Risk Directorate, the ‘second line of defence’ in the Bank’s Risk Framework. Risk Directorate is led by the Executive Director for Risk, who reports to the Governor.

Enterprise Risk and Resilience Division is responsible for:

• making sure that – through oversight and challenge – non-financial risks are managed and mitigated, by the First Line of defence, within the Bank’s risk tolerance, and that the Bank’s Executives are aware of material risks to the Bank, and how they are being managed;
• enabling the Bank to have strong operating procedures, that are resilient to shocks, with an ability to respond to recovery quickly and effectively; and-
• the development and implementation of the Bank’s Risk Management Framework, risk management systems and tools.

Working in the division provides an excellent opportunity to develop an understanding of, and interact with, all areas of the Bank – including senior leaders. Risk Directorate is committed to ensuring diversity within the Directorate. This includes diversity of skills, perspectives and background. We operate a flexible working environment.

Candidates meeting the standard for the role will also be considered for other similar roles which may arise in the near future.

Role description

The Operational Risk and Resilience Analyst role focuses on:

• undertaking second line oversight of the Bank’s non-financial risks, including but not limited to: process, people, legal, data, third party, property, climate and model risk;
• supporting work to develop the Bank’s resilience to different types of risks crystallising, including through development of plans of how to respond to, and recover from, extreme but plausible events;
• using data analytics tools such as Tableau to present the Bank’s non-financial risk, resilience and incident analysis in a compelling way;
• drafting and contributing to risk analysis to support Risk Reports for Executive Risk Committee (ERC); Executive Operational Coordination Committee (EOCC); Audit & Risk Committee (ARCo) and Court;
• leading analysis in risk deep dives, horizon scanning and risk event response playbooks;
• embedding an effective operational risk and resilience culture across First Line business areas, through the use of risk and resilience tools such as Risk and Control Self-Assessment, Critical Risk Metrics, Incident Management, Business Continuity Plans and Critical Incident exercising.

There may be scope to also support the RTGS Second Line Team, which would involve contributing to risk analysis for RTGS/CHAPS Risk Committee (RiskCo), RTGS Programme Board, Renewal Executive Board, engagement with numerous stakeholders ahead of the TS3 Go-live and tracking and monitoring operational risks in relation to RTGS/CHAPS

Role requirements

Knowledge and experience of operational risk and resilience is beneficial but not a pre-requisite. You should be able to explain how your experience is relevant to risk management and demonstrate the ability to pick up and apply new areas of knowledge quickly. You must have an ability to communicate with a wide variety of stakeholders, including executives, to ensure relevant risks are being effectively managed.

Essential criteria

• Stakeholder management skills: the job holder should have some experience of engaging with senior staff either within the Bank or elsewhere, and supporting management in ensuring senior stakeholders are kept informed of key risk matters.
• Written and oral communication skills: the job holder will need to be a strong communicator – both orally and in writing.
• Analytical skills: the job holder should be able to analyse and interpret a broad range of risk data from varied sources to identify key points and provide evidence-based judgement.
• A keen interest in the Bank as an institution and be inquisitive about the risk environment: the job holder should be able to take a broad and forward-looking view of the Bank’s varied responsibilities and objectives and the risks it faces in delivery of them.

Desirable criteria

• A high degree of proficiency with tools such as Excel and/or Tableau would be a particular plus, as we look to make greater use of the Bank’s risk data.
• Prior experience of working in operational risk and resilience would be advantageous but not essential. Other relevant experience could include:

– working in one or more of the Bank’s front line operational risk and resilience functions;

– working in comparable ‘first or second line’ risk roles in the public or private sector;

– a regulatory or audit background

Qualifications

Our Approach to Inclusion

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.

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 .

Finally, we’re proud to be a member of the . 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

This specific role offers a base salary of circa £52,730 – £60,840 per annum (depending on skills and experience) on a full-time basis. 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.

In addition, we also offer a comprehensive benefits package as detailed below:

• 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 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

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 closing date for applications is 14 March 2024.

The assessment will comprise two stages: a written exercise and an interview. We expect to conduct interviews across February and March and can discuss in person / online requirements.

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.

Expected salary

£52730 – 60840 per year

Location

London

Job date

Sat, 24 Feb 2024 01:56:47 GMT

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