Operational Assistant on the SMD Operational Policy team

Operational Assistant on the SMD Operational Policy team
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009748
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Primary Location UK-ENG-London

Job Market Operations

Organisation 456000 – STERLING MARKETS DIVISION

Job Posting 20-Oct-2023, 6:56:58 AM

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, made up of approximately 4,000 people – each committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

The Markets Directorate promotes monetary and financial stability by leading the Bank’s market operations, and by using our presence, expertise and influence in financial markets to inform and shape the Bank’s policy decisions and priorities.

The Markets Directorate includes 6 Divisions which are:

Sterling Markets

Foreign Exchange

Market Intelligence

Financial Risk Management

Middle Office

Markets & Banking COO

Department Overview

Sterling Markets Division (SMD) is responsible for:

Implementing monetary policy decisions of the Monetary Policy Committee (MPC): normally, by maintaining overnight market interest rates in line with Bank Rate; currently, via ensuring that the target for asset holdings under the Asset Purchase Facility is met.

Providing liquidity insurance to the banking system, through the implementation of the Sterling Monetary Framework.

Contributing market intelligence and analysis in support of the Bank’s core purposes for monetary and financial stability.

Maintaining the integrity of the Bank’s balance sheet.

Administering the Sterling Overnight Indexed Average rate (SONIA).

The Operational Policy team is integral to the smooth functioning of the Division and has a broad range of responsibilities. These include helping to manage the introduction of new operations, managing the onboarding of new participants into the range of facilities operated by SMD, developing a longer term strategy for SMD-owned systems (as well as managing short-term changes), providing data and management information on our operations to other teams, and, forecasting the Bank’s sterling balance sheet. In doing all this, the team works closely with the Sterling Desk in SMD, and with colleagues in other Divisions and Directorates including Central Banking Operations Division and Market Services Division in BPI, Legal Directorate and the PRA.

Job description

As an Operational Assistant on the SMD Operational Policy team, the jobholder will be exposed to the breadth of the Division’s responsibilities through a varied workload. This is likely to include most or all of the following:

Supporting regular market operations, including some trade entry
Providing management information on operations and data for policy analysis
Helping to forecast the level of reserves and monitoring the Bank’s balance sheet
Contributing to the management of the division’s operational risk and working to improve processes to minimise operational risk
Contingency planning, ensuring that SMD’s business continuity policies are up to date and staff are fully trained to provide emergency access to the SMF during a contingency event
Contributing to the design of future sterling facilities and helping to develop, test and introduce new technology to operationalise any new facilities

This is an entry-level position including opportunities for development tailored to the successful applicant, including training and contributing to projects within the division and Markets more generally.

Role Requirements

A strong candidate is likely to be able to demonstrate most of the following attributes and experiences. But please don’t be put off applying if you don’t have everything on the list. If you think you can only do some of the role, we still want you to apply!

Minimum Essential Criteria

The ability to produce accurate, reliable information promptly;
The ability to prioritise and organise a large and varied task list;
Able to use experience and knowledge to suggest and implement process improvements;
Good interpersonal skills to build relationships within the division and with contacts across Markets, Banking and beyond;
A good level of general IT skills, particularly Excel, and a willingness to embrace new technology.
Working as part of an operational area requires flexibility. The job holder will need to be able to adapt to changing work priorities and to respond to live issues as they arise.
Wanting to learn about the Bank’s policy operations and how they work in practice;
Ability to handle of number of tasks concurrently and work collaboratively with others across the directorate at all levels.

Desirable Criteria

A working knowledge of R, Openlink or other similar tools.
Experience of, or an interest in, Sterling Market Operations.
An understanding of the Bank’s balance sheet, and the Sterling Monetary Framework and the operations supporting it would be useful, but is not essential.

No specific prior experience or technical knowledge is required for the role and training will be provided.

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 £25,620 – £30,330 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. (Effective from April 2023 and for the Benefits year 2023/24)
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 10th November 2023.
The assessment process will comprise of two stages.

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