The Real-Time Gross Settlement System (RTGS) lies at the heart of UK payments. RTGS settles over £685bn of payments each working day which is close to the UK's annual GDP every 3 days. The RTGS infrastructure is over 20 years old and, despite its strong operational record, it needs to be modernised and developed to meet today's needs. Balancing strong resilience whilst enabling innovation is key.
The RTGS Renewal Programme has been established to develop the next generation of the Bank of England's RTGS system. The way payments are made has changed dramatically in recent years, reflecting changes in the needs of households and companies, changes in technology, and an evolving regulatory landscape. The range of payment providers is growing rapidly. Given the implications of these changes for the Bank's mission and for users, businesses and regulators, it is important that the Bank develops an RTGS that can evolve to meet and shape payments trends in the coming decades. Department Overview
Reporting directly to the RTGS Renewal Programme Director, the Commercial Lead will be responsible for overseeing all commercial activity required to support the RTGS Renewal Programme. This includes the contract management of the multi-year, multi million pound Technical Delivery Partner (TDP) contract for the design and build of the new system and delivering a major pipeline of associated procurements in line with the Public Contracts Regulations . Job description
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.
You will be responsible for leading all of the Commercial activity required to support the successful delivery of the RTGS Renewal Programme. As Commercial Lead you will be expected to draw on industry experience and knowledge to effectively manage the multi-year contract with the Bank's Technical Delivery Partner to build, test, deploy and initially support the new RTGS capability.
You would also be responsible for the delivery of a pipeline of associated commercial activity required to support the Programme and the TDP encompassing software licencing; IT infrastructure & support and professional service through a combination of established Bank agreements, public sector framework agreement and new, standalone procurements, to be delivered in compliance with Public Contract Regulations.
You will work within and around 'virtual team structures' which will draw together people from across procurement, business design, BAU, technology, and policy in order to produce the required outputs. This role will require managing and leading a team of circa 6 reports (not all direct reports),
Problem solving is a significant part of this role and you are expected to navigate the Bank to get the required outcomes whilst being compliant and operating within the legal frameworks. You will be commercially minded, able to achieve desired outcomes and solve any issues in the management process as well as able to forecast issues, identify issues and anticipate issues and then move to build mechanisms to mitigate problems and issues.
This role requires strong negotiation and organisational skills to operate effectively in a complex commercial and agile delivery environment and to ensure the Bank meets its contractual requirements.
The TDP's performance is fundamental to the success of the programme and this role is crucial in ensuring the successful delivery of the TDP Contact. The main resonsbilities include:
• Leading the commercial delivery of a multi-million pound system development contract using an agile development methodology to create a new piece of vital financial infrastructure
• Defining and leading the overall Commercial strategy for the Programme, and ensuring it delivers value for money (VfM) and remains in accordance with Bank principles, procedures, and broader objectives.
• Owning and being a great partner with legal, security, and the Commercial division of the Bank as required. The Commercial Lead will therefore be accountable to these areas, as well as to the Renewal Programme.
• Ensuring the TDP meets the Programme's requirements and overseeing the contract management arrangements to manage the TDP through all phases of the contract
• Leading the commercial governance process, with support from the Programme Management Office (PMO). This will involve reporting to various governance groups throughout the process, such as the RTGS Renewal Committee a sub-Committee of the Bank's Court (Board).
• Leading the Programme's commercial function to ensure effective delivery Role Requirements Minimum/Essential Criteria
• A shown track-record in leading multi-million pound supplier negotiations, delivering complex change programmes; developing key strategic supplier relationships and will have experience in strategic stakeholder management.
• Strong people management skills.
• Deep knowledge/experience of major technology procurements..
• A deep understanding of best practice in vendor management, and experience of major public sector contract delivery.
• Commercial experience and understanding of the full procurement life cycle from origination to successful execution of new projects and value delivery
• A thorough understanding of Public Contract Regulations (PCR) Desirable Criteria
• Experience in leading complex governance processes, and may be familiar with the Bank's committees and governance structures.
• A good knowledge of CHAPS and the retail payment systems, particularly those operated by Pay UK. 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 8th August 2021.
Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV. Reward Package
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 and wellbeing initiatives.
The salary range for this vacancy is £72,000 - £88,000, dependent on relevant skills and experience. In addition, the total reward 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.
- A discretionary performance award based on a current award pool.
- 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.