Senior Manager, Traded Risk Management (Supervisory Risk Specialists)

Bank of England
Lambeth, UK
16 Sep 2019
22 Sep 2019
Contract Type
Full Time
Job Description - Senior Manager, Traded Risk Management (Supervisory Risk Specialists) (002613)Job Description Senior Manager, Traded Risk Management (Supervisory Risk Specialists) - (002613)Primary Location: UK-ENG-LondonJob: RiskOrganisation: SUPERVISORY RISK SPECIALIST DIRJob Posting: 06-Sep-2019, 3:19:36 PMDescription 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 plus 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.As a directorate of the PRA, the Supervisory Risk Specialists (SRS) provide deep technical expertise and apply 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 and the Bank's concurrent stress tests.

SRS is split into four main divisions:
Credit RiskOperational Risk & Resilience (ORRD)Risk Analytics, Liquidity and Capital (RALC)Traded Risk
Department Overview

SRS' Traded Risk Division reviews firms' trading activities across cash and derivative markets, covering front, middle and back-office functions. It assesses the vulnerability of firms' business models and risk taking, and their effectiveness in market risk, counterparty credit risk, valuations and controls. Traded Risk staff are predominantly experienced risk specialists with a background in the aforementioned disciplines.

There are four teams within the division:
Front Office Review (FORT), which focus on the review of firms' business models, trading strategies, and sources of revenue and risk taking;Valuations and Controls (VCT), which focus on the review of firms' valuations practises, and their control frameworks (in particular, operational controls and trading controls);Traded Risk Management (TRMGT), which focus on the review of firms' risk management of their trading activities (in particular, of market and counterparty credit risk); andTraded Risk Measurement (TRMST), which primarily focus on the review of firms' internal models used for market risk and counterparty credit risk.
Teams maintain the Bank's understanding of regulated firms' capabilities, identifying any material vulnerabilities that have the potential to affect the viability of regulated firms, or pose a threat to financial stability. They are involved in stress testing for UK firms, and regulatory capital assessment and resolvability planning for all the large UK and international investment banks. The teams also provide more general technical support to front line supervision.

Job description

The Senior Manager role is expected to be for the Traded Risk Management team, but there is potential to consider suitable candidates for the Front Office Review team. If you feel that your experience is more in line with this team (based on the brief description above), then please indicate this clearly in the relevant online application question.

This is a people management role. You will be responsible for day-to-day management of the team and for defining roles and responsibilities. You will develop your team through sharing information effectively, coaching and communicating a clear vision to ensure that your staff are productive, engaged and motivated to deliver the area's aims. This will include setting clear goals and smart stretching objectives that are aligned to those of the team, division and directorate. You will also be responsible for managing all staff-related matters that may arise including performance, absence and sickness.

The role provides a unique opportunity to gain an understanding of traded risk at a wide range of regulated firms in the UK. You will have responsibility to:
Provide direction to a team of experts to analyse industry and firm-specific data, and follow industry trends, to inform and deepen the PRA's understanding and assessment of firms' risks and vulnerabilities, as well as our assessment of systemic cross-firm or cross-jurisdictional risks and vulnerabilities.Review and challenge the findings of thematic and cross-firm projects, to ensure that risks of different natures (e.g. specific products, books, business lines, countries/regions) that represent material prudential risk to regulated market participants are identified and managed to consistently high standards.Review and challenge the findings of firm-specific projects to ensure that material risk management inadequacies are identified and remediated.Communicate key findings and results of analysis to stakeholders in policy, supervision and across the wider bank.Represent the division in cross-Bank work, and more generally build links between the division and key stakeholders in the wider organisation.Be an active member of the division's management team, helping to develop the division's strategic direction.
Number of direct reports: 6-8

Role Requirements

Minimum Criteria
Proven ability to manage people and lead a team, either directly as a line manager or in the context of significant project work/delivery.Significant experience of market and counterparty credit risk management principles and practises as they relate to large and complex trading firms, and sufficient understanding and critical thinking to be able to judge them on their merits.Relevant experience of cash and derivatives based trading products (including both vanilla and more complex options), and associated trading strategies, particularly as they relate to FX, interest rate, equity, and credit markets.You will have a good appreciation of, and be able to distinguish between, robust and deficient business practices within firms. The required level of experience could have been developed from risk-taking or risk management roles gained:in an investment bank; acting as a consultant in a major financial services consultancy practice; or working in a relevant role within a financial regulator.Proven quantitative skills gained in relevant roles.
Essential Criteria
Drive and enthusiasm: a passion for contributing to the team's agenda to improve risk management practices at regulated firms.Demonstrated ability to lead across a range of projects simultaneously. Strong written and oral communication skills: the ability to present complex issues clearly.A demonstrated ability to work across boundaries effectively and engage collaboratively with staff at all levels.A demonstrated commitment to diversity and inclusion.
Desirable Criteria
Knowledge of regulatory matters that impact upon the risk management of trading activities.Knowledge and understanding of trends in the investment banking industry and skill to assess the potential impact of future trends. Qualifications We anonymise applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission. Please complete work history and the application form questions as requested because incomplete submissions will not be reviewed.The closing date for applications is 27 September 2019.Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.

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