Assurance and Financial Risk Manager

Recruiter
Bank of England
Location
Lambeth, UK
Salary
Competitive
Posted
13 Jun 2019
Closes
19 Jun 2019
Ref
1180107410
Sector
Accountancy
Contract Type
Permanent
Hours
Full Time
Job Description - Assurance and Financial Risk Manager (002218)Job Description Assurance and Financial Risk Manager - (002218)Primary Location: UK-ENG-LondonJob: Operational RiskOrganisation: BANKING DIRJob Posting: 04-Jun-2019, 2:27:58 PMDescription Directorate Overview Banking, Payments and Innovation Directorate (BPI) directly supports the Bank's mission to maintain monetary and financial stability. The directorate has a leading role in one of the Bank's strategic priorities, and a significant role in a further four. We use our expertise to develop and operate resilient and efficient banking, payment and custody services; to set and influence policy; and to promote innovation. The variety and immediacy of the work we do means we are one of the most outward facing and fast moving areas of the Bank. We are responsible for operating and developing the Real-Time Gross Settlement (RTGS) system across which all high value payments in the UK are settled. This amounts to a value of over £500 billion each day. The directorate also has a key role in acting as the 'bank' within the Bank of England for government, UK CCPs and other central banks. We also host reserves accounts for the implementation of monetary policy and providing inter-bank settlement for CHAPS, CREST, and other retail payment schemes. A core part of our role is to act as the Payment System Operator (PSO) for the UK's High Value Payment System (known as CHAPS). This settles £330bn of payments each day using our RTGS infrastructure. This settlement scheme is one of the largest high-value payment systems in the world offering our direct participants, and over 5,000 indirectly connected financial institutions an efficient, safe and reliable real-time payments mechanism. The Bank has also committed to delivery of a renewed RTGS system, with strengthened resilience and enhanced systemic risk management. The Renewal Programme works alongside the operation of the core business service teams. Now is an exciting time to join the Bank's Market Services Division: Operation of the UK's core payment infrastructure and High Value Payment System;Transformation of the Bank's approach to systemic risk management;Renewal of the central RTGS infrastructure to enhance resilience;The broader disruption of the global payments sector. Role Description A unique opportunity has arisen for a highly motivated risk professional to join the Bank's payment systems risk function. The Bank's role as systemic risk manager for the high-value payment system is to identify where systemic risks may arise and to validate that the natural owners of those risks are taking appropriate actions. This team is central to the Bank's role as the systemic risk manager for CHAPS working closely with internal and external stakeholders to understand where systemic risks may arise and to support risk owners to manage this risk within risk tolerance. The assurance and financial risk manager will be an integral part of the Payments System Risk team, which is made up of a team of general and specialist risk professionals. The main activities and responsibilities of this role are as follows: Active member of the Payment Systems Risk management teamResponsible for a team of risk analysts providing management oversight, support and developmentResponsible for delivering or supporting key initiatives on behalf of the Chief Risk OfficerResponsible for establishing and maintaining appropriate risk policiesChampioning a greater understanding of risk management and risk ownership across the Division Assurance responsibilities: Manage the assurance process over our critical service providers in accordance with CPMI Annex F assessment methodologyManage the provision of assurance to external entities (as requested)Manage our internal ISAE3402 assurance processSupport the Division's work to maintain ISO27001 certificationSupport the Division's work to conduct the annual PFMI self-assessment Financial risk responsibilities: Oversight of the regular monitoring of participant performance to established credit and liquidity controls and where required proposing changes to rules, requirements and policy to manage any identified risks;Engagement with firms who are in breach or at risk of breach of their financial risk controls;Responsible for the design, ongoing monitoring, testing and reporting within the liquidity & throughput framework;Responsible for the design, ongoing monitoring, testing and reporting within the tiering framework; Input to the design and ongoing monitoring of the participant categorisation framework. The role will involve close liaison externally with Direct Participants as well as internal stakeholders. The successful candidate will have a good understanding of risk management and mitigation; will have excellent communication skills both verbal and written, enabling them to engage at various levels and manage expectations. Role Requirements Essential Criteria Risk or regulatory experience in a similar environment;Strong communication skills - both written and verbal for senior and Board reporting;Ability to see boarder strategic risk approaches outside of defined role as well as within the wider Division;Experienced delivery manager, including the management of external delivery partners; Good team-working skills, complemented by the ability to build and maintain good stakeholder relationships within the Bank;Attention to detail as the role will require numerical analysis and quality assurance reviews;Confidence overseeing activities in some areas of non-subject matter expertise and drawing upon the team, Division and Bank wide resources when required;Proficient in Microsoft Excel, PowerPoint and Word.Desirable Criteria It would be beneficial to have knowledge of payments and transactional banking;Strong quantitative and qualitative analysis skills. Qualifications We anonymise applications so hiring managers will not be able to see your personal information such as name and address when reviewing your submission, including your CV. Please fully complete work history and the application form questions as requested because incomplete submissions may not be reviewed.We continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Our focus on inclusion is intended to build greater diversity in order to reflect the society we serve and be an employer of choice.The closing date for applications is 26th JunePlease apply online, ensuring that you answer the application questions, complete the work history and submit your CV.As a unique institution, we have a reward package which sets us apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. We also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives including an on-site medical and dental unit. This specific role offers a base salary of c. £59,000 - £74,500 (subject to experience and skillset) The total 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. The current cost to the Bank of providing this pension is 35% of your salary.A discretionary performance award based on a current award pool and target award of 10%, with a maximum potential award of 25%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

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