The Financial Market Infrastructure Directorate (FMID) is responsible for supervision, policy and technical risk analysis on the infrastructure that sits at the core of the financial system - payment systems, central counterparties and central securities depositories. This infrastructure includes some of world's most systemically important firms. For more information on the Directorate's work, see our most recent annual report available here https://www.bankofengland.co.uk/news/2020/december/supervision-of-financial-market-infrastructures-annual-report-2020
FMID is unusual within the Bank in that it brings together supervisors, policy analysts and risk specialists in one place. As a small directorate, this means there are plenty of opportunities for cross-cutting working and the opportunity to get an insight into how different areas work. FMID encourages cross-Directorate moves as part of a career within FMID. Learning about financial market infrastructure can also set you up for your career within the wider Bank, as shown by the fact that a large number of senior people across the Bank have spent time in FMID. Working in FMID is a good way to understand the linkages at the heart of the financial system.
FMID is committed to ensuring diversity within the Directorate: diversity of skills, perspectives and background. Flexible working is encouraged. You can do this job as a job share. Job description
An opportunity has arisen for a Risk Specialist to join the Risk & Resilience Team which has responsibility for assessing the financial and operational risk management and resilience of the UK regulated FMIs, and providing technical expertise to other areas in FMID.
The role sits within the Operational Resilience sub-team which focuses on the development and implementation of FMID's supervisory approach towards assessing the adequacy of FMI's operational risk and resilience capabilities. In addition to supporting the team's ongoing responsibilities, the successful candidate will take a leading role in the delivery and enhancement of the Directorate's approach towards assessing FMI's IT risk and resilience capabilities. The post-holder will also participate in the team's broader engagement with internal and external stakeholders on a range of operational resilience related matters. Role Requirements
Core responsibilities are:
- Take a leading role in the delivery and enhancement of FMID's supervisory approach towards assessing FMI's IT risk and resilience capabilities.
- Provide technical advice and support to supervision teams in their engagement with FMIs regarding their operational risk and resilience capabilities, leading discussions with senior management where required.
- Undertake desk-based and on-site technical risk reviews to assess FMI compliance with regulatory requirements and guidance, including; risk governance, enterprise risk management, cyber security, IT change management, business continuity plan, disaster recovery and outsourcing.
- Undertake preparatory work to support risk assessments including producing scoping documents, work plans, information requests, meeting agendas, etc.
- Produce clear and concise risk assessment reports to support review findings, conclusions and recommendations, and presenting papers to senior management.
- Support the development and implementation of FMID's operational resilience supervisory framework and assessment tools, providing training and assistance as required.
- Technical knowledge and experience of delivering or overseeing operational risk and resilience related disciplines.
- Strong analytical and problem solving skills, with a track-record of being able to learn new technical subject matter quickly.
- Ability to present operational risk and resilience subject matter confidently and succinctly to internal and external stakeholders at senior management level.
- Strong report writing skills with the ability to synthesise technical information and analysis to support conclusions and recommendations.
- Ability to build and maintain effective relationships with internal and external stakeholders.
- Willingness to develop in role, taking on new responsibilities and adopting a flexible and pragmatic approach to your work.
- Knowledge of end to end processes for payments, clearing and settlement, FMI business models and operating practices.
- Knowledge of regulation and international standards for FMIs.
- Technical knowledge and experience of delivering or overseeing IT risk management (e.g. cyber and information security, IT change management, disaster recovery).
The successful candidate will be given support and training on FMI's risk governance and internal control environments and the key regulatory requirements. 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
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 £45,900 - £55,000 (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 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
• Private medical insurance and income protection insurance
The closing date for applications is 20 April 2021.
Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.