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 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.

On 1 April 2013 the Prudential Regulation Authority (PRA) became responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. The PRA was created by the Financial Services Act (2012) and is part of the Bank of England.

As a directorate of the PRA, the Supervisory Risk Specialists (SRS) provides deep technical expertise and applies judgement in specific risk disciplines in order to identify, analyse and mitigate material risks to the safety and soundness of PRA regulated firms. SRS also supports the wider Bank through providing risk specialist expertise to a range of functions including policy development and implementation, the Bank's concurrent stress tests and the supervision of central counterparties.

SRS comprises five divisions:

• Credit, Risk, Analytics, Liquidity and Capital (CRACL)
• Investment Banking and Sector Risks (IBSR)
• Model Development and Review (MDRD)
• Operational Risk & Resilience (ORRD)
• Sector Resilience Division (SRD)

Department Overview

The Credit Risk Measurement team is one of 3 teams within the Model Development & Review Division, the other 2 being: Traded Risk Measurement and Quantitative Modelling & Analysis.

The Credit Risk Measurement Team provides expert advice and assurance, primarily to the PRA’s Supervision and Policy directorates, by providing technical review of IRB rating systems and wider credit risk measurement techniques such as impairment (e.g. IFRS 9) and stress testing models. In addition, the team engages regularly with other regulatory bodies including amongst others the SSM and the EBA.

The Bank of England is committed to our staff having a wide range of skills, perspectives and backgrounds, as we believe diversity and inclusion benefit policy making and encourage an intellectually stimulating and enjoyable working environment. In addition, and in common with the Bank of England as a whole, the PRA is committed to the principle of flexible working.

Job description

The successful candidate will work alongside a team of banking industry specialists who can draw upon their experience in retail, commercial or investment banking. The selected applicant will:

· Critically review firms’ wholesale or retail credit risk models and wider rating systems against the IRB requirements, and make recommendations to senior PRA committees

· Lead on-site visits to regulated firms coupled with desk-based reviews of documentation, develop conclusions and write reports and present results to PRA partners

· Be the main point of contact for aspirant IRB firms

· Provide support and advice to other areas of the PRA (such as its Prudential Policy directorate) on the development and implementation of new IRB policy

· Contribute to other areas of the PRA on wider credit risk modelling such as stress test results as part of the annual concurrent stress test process, IFRS9 provisions or thematic reviews across the industry

· Contribute to the development of PRA thinking on "best practice" in the area of wholesale or retail credit risk modelling.

Key Benefits of the Role

· The chance to make a difference in the financial services industry by supporting the PRA in promoting the safety and soundness of regulated firms

· Exposure to a broad range of IRB and other modelling approaches across a large number of firms (large and smaller banks)

· The opportunity to influence the development of IRB policy both locally and internationally

· Insight into wider credit risk issues and the opportunity to work on cross-disciplinary projects with other specialists in the field of credit risk & work that is intellectually stimulating.

Role Requirements

Minimum Criteria

· Familiarity with the IRB regulatory requirements and supervisory statements.

· Experience of credit model development and/or validation, gained within one or more firms with a significant wholesale or retail lending business, a consultancy or a regulator.

Essential Criteria

· Working knowledge of the main techniques used to develop retail IRB models, including of relevant IRB requirements and guidance, and of the supporting governance and validation processes that need to be in place to support the models

· Inter-personal skills, including the ability to build strong working relationships with partners, and excellent personal impact and influencing skills

· Ability to clearly and concisely communicate the results of quantitative analysis to a senior non-technical audience both verbally and in writing

· Strong analytical ability and judgement

· Capacity to work independently, or as part of a team, to deliver against hard deadlines.

Desirable Criteria

· A good understanding of how credit risk models are used within a bank’s wholesale or retail credit risk function in both large and smaller banks

· A post-graduate degree in a quantitative subject or a professional qualification.

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

This specific role offers a base salary of circa £79,870 to £92,160 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 Bank's Privacy Notice

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 Monday 1st April 2024 at 11.59pm.

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.