Operational Assistant - Sterling Markets Division

15 Oct 2020
15 Oct 2020
Clearance Level
DV, None / Undisclosed, SC
Job Type
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 at the heart of the Bank's Mission. Through the Sterling Monetary Framework (SMF) and Asset Purchase Facility (APF) it implements monetary policy by maintaining the MPC's desired level of Bank Rate, maintaining/reinvesting the MPC's asset purchase programme of 'quantitative easing', and operating two new schemes introduced in response to the COVID-19 crisis: the Term Funding Scheme with additional incentives for SMEs (TFSME) and the Covid Corporate Financing Facility (CCFF). The SMF also provides liquidity insurance to participants through the Bank's Operational Standing Facilities, Open Market Operations, Discount Window Facility and the Contingent Term Repo Facility. It also contributes to wider market intelligence and analysis in support of the Bank's monetary policy and financial stability work.

The Operational Policy team is integral to the smooth functioning of the Division and has a broad range of responsibilities. These include managing the introduction of new operations, managing the onboarding of new participants into the range of schemes 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
An exciting opportunity has become available to join the Operational Policy Team in SMD as an Operational Assistant.

Operational Assistants are responsible for supporting SMD's sterling operations, including providing data and analysis on operations and completing ad-hoc data requests and regular operational processes.

A more detailed description of the role is listed below.

  • The primary role of the Operational Assistant Team is to support the Bank's sterling operations. This includes regular operational and reporting tasks as well as completing ad-hoc data requests.
  • The job holder will be expected to contribute to analysis of the Bank's operations. A high degree of attention to detail and excellent time management is required as team outputs are often included in briefing for senior management.
  • The team is seen as the primary contact for help and advice on SMD's IT Systems. The jobholder will be expected to develop a good working knowledge of the systems used within SMD and a close working relationship with the Sterling Operations team.
  • The Operational Policy team is responsible for suggesting, testing and helping to implement improvements to systems used by SMD, including ideas to minimise operational risk. The jobholder will be expected to show initiative and analytical skills in this area.
  • The position includes opportunities for development tailored to the successful applicant, including contributing to projects within the division and Markets more generally.
  • The team has a friendly atmosphere. Information sharing and working collaboratively is essential within the Division to ensure tasks are completed efficiently.
  • The jobholder will also help to manage the Bank's balance sheet by contributing to the team's liquidity forecasting process: learning and performing the role on a regular basis (in conjunction with other members of the team), contributing to regular meetings and discussing ongoing improvements to the process.

The jobholder will be expected to work constructively within a close-knit team, and to develop good working relationships with peers in other areas within and outside Markets, for example Middle Office, Banking, COO and ISTD.

The role also offers the chance to develop a good understanding of how the Bank implements monetary policy and provides liquidity insurance, and how the Bank's front, middle and back offices link together. The job holder's work can be highly visible across the division and beyond, so this role provides a good opportunity for an experienced candidate looking to strengthen and demonstrate their abilities.

Role Requirements
Minimum Essential Criteria
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 think you have absolutely everything on the list. If you think you can only do some of the role, we still want you to apply! We're happy to discuss any questions you might have about the role, please don't hesitate to get in touch with Katie Buckland or Paul Burton.
  • Wanting to learn about the Bank's policy operations and how they work in practice;
  • The ability to produce accurate, reliable information promptly;
  • The ability to prioritise and organise a large and varied task list;
  • Use experience and knowledge to suggest and implement process improvements;
  • Good interpersonal skills to develop relationships within the division and with contacts across Markets and Banking;
  • 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.

The Division is a busy one and all team members need to be able to handle of number of tasks concurrently and work collaboratively with others across the directorate at all levels. A calm, professional approach and good interpersonal skills are therefore important.

Desirable Criteria
Knowledge of payment or settlement processes, or data analysis and visualisation tools would be an advantage, but are not essential.

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 £24,225 - £28,530 (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.

· 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

· Private medical insurance and income protection insurance

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 5th November 2020.

Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.

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