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Senior Collateral Risk Analyst - Markets Directorate

Bank of England
Closing date
21 Sep 2023

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Employer Sector
Banking & Finance - Retail
Contract Type
Full Time
Job Type
Risk Analysis, Risk
Job Description - Senior Collateral Risk Analyst - Markets Directorate (009517)

Primary Location UK-ENG-London

Job Market Operations


Job Posting 23-Aug-2023, 4:25:51 PM

Department Overview

This role is in the Bank of England's Markets Directorate ("Markets"), in the Collateral Risk Team of the Financial Risk Management Division (FRMD).

Markets promotes monetary and financial stability: it provides lending facilities to financial institutions and, when appropriate, intervenes in financial markets. Underpinning much of that activity are collateral assets, which the Bank accepts to protect its balance sheet from financial losses. FRMD oversees those assets, as well as managing counterparty credit, market and liquidity risks.

This role is in the Collateral Risk Team within the Financial Risk Management Division (FRMD).

FRMD is responsible for first-line risk management of all financial risks faced by the Bank in order to protect the Bank's balance sheet and public money. FRMD works closely with staff from across Markets and other parts of the Bank, as well as with the Bank's counterparties.

The purpose of the available Senior Collateral Risk Analyst position is to guard the Bank's balance sheet. The post-holder will focus on first-line risk management of collateral assets that the Bank accepts by a wide range of banks and building societies in order to borrow against the Bank's liquidity insurance (lending) facilities and funding schemes (Report on the Bank's official market operations 2019-21 Bank of England ). These assets can vary from portfolios of mortgages to consumer loans and corporate loans, and also structured debt instruments backed by loans. They will take a lead in producing analytically-grounded risk assessments of portfolios and counterparty financial institutions. And they will have ample opportunities to interact with and influence the directorate's senior management with their analysis. In doing so, they will work with colleagues across Markets, other directorates of the Bank, as well as with external counterparties.

Role Overview

The role will be an excellent opportunity for experienced financial analysts. It offers scope to deepen skills in financial risk analysis, assessment and management and, because it straddles micro (asset-level), meso (institution-level) and macro (economic policy implementation) topics, would be a great stepping stone to more senior roles.

The jobholder will be part of the 14-strong and growing Collateral Risk Team, which is responsible for
  • Valuing and assessing the quality and financial risks of assets accepted as collateral, as well as assessing whether the Bank should accept new types of loans or securities and under which terms;
  • Deciding the appropriate haircuts to be applied to those assets to protect the Bank against the risk of losses in the event that one of its counterparties defaults;
  • Assessing the strategy, lending policies and risk and control processes of the counterparties that deliver those assets;
  • Ensuring the Bank is able to manage and sell these assets in the event that a counterparty defaults - working with the Resolution Directorate. PRA and other stakeholders.
The Senior Collateral Risk Analyst will be leading all of the analysis and assessment underpinning the Team's aforementioned responsibilities for the collateral assets and counterparties that the Analyst will take ownership of. As part of their role, the Analyst will
  • Proactively monitor and assess emerging risks affecting collateral assets, and identify appropriate risk mitigants;
  • Present analysis and recommendations to the Bank's Risk Committees;
  • Make significant and tangible contributions to ensure FRMD's collateral risk framework continues to evolve in order for it to remain first class, robust and efficient;
  • Build trust and strong relationships with the Bank's counterparties and undertake counterparty site visits across the UK (including occasional overnight stays);
  • Participate on Bank-wide contingency planning exercises to ensure the Bank is able to manage and dispose of collateral following the default of a counterparty;
  • Bring a strong cross-team approach to working with other teams in FRMD and a range of other areas of the Bank, such as Sterling Markets, Middle Office, Risk oversight (second line of defence), Resolution Directorate, PRA, Legal Directorate and COO.
Role Requirements
  • Knowledge of credit risk modelling and / or market knowledge for at least one of the following asset classes: mortgages, consumer credit, corporate credit and / or securitisation notes and covered bonds secured against those assets;
  • Strong analytical and numerical skills, with proven experience in conducting quantitative analysis of economic or financial data;
  • Ability to acquire new technical knowledge;
  • Strong communication skills - written and verbal - and experience of presenting to senior management;
  • Experience of managing and influencing various stakeholders;
  • Strong organisational skills and ability to work independently and adapt to changing priorities;
  • Approach to work that is team oriented and proactive.
  • Client / counterparty relationship management experience;
  • Experience of working with large economic or financial datasets;
  • Experience of contributing to cross-organisation workstreams.
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. You can find more information on what this means here . 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 GBP48,000 - GBP60,840 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 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
  • 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 at Privacy and the Bank of England Bank of England.

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 Sunday 17 September 2023.

Please apply online . click apply for full job details

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