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Assurance Manager, Payment System Risk, Banking, Payments & Innovation

Bank of England.
Closing date
19 Jul 2021

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Clearance Level
DV, SC, None / Undisclosed
Job Type
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Job Details

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.

Banking, Payments and Innovation Directorate (BPI) supports the Bank's mission to maintain monetary and financial stability by using and sharing its expertise to: develop and operate resilient and efficient banking, payment and custody services; set and influence policy; and to promote innovation.

We are at the heart of the Bank both in terms of our core role in Monetary and Financial Stability, and the wide range of internal stakeholders we collaborate with. BPI has a lead role in one and a significant role in four of the Bank's strategic priorities. 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, operating the UK's high value payments system (the Real Time Gross Settlement System and CHAPS), maintaining the Bank's readiness to provide Emergency Liquidity Assistance to banks and other financial institutions, and acting as the 'bank' within the Bank of England for government, UK CCPs and other central banks.

Department Overview

Payment Systems Risk (PSR) team sits within Market Services division of BPI. It is an exciting time as the wider payments industry is undergoing considerable change with new players, as well as an important renewal programme. PSR's role is central to the Bank's aspiration to manage risk on an end-to-end basis throughout the payment ecosystem. The team provides a single view of risks that pose a threat to Bank in delivering its core payment services, and provides support and challenge to the teams within the Division who own these risks.

Job description

An exciting opportunity has arisen for a highly motivated individual to join the Bank's payment systems risk function. Reporting to the Chief Risk Officer, this role provides an opportunity to play a meaningful role in driving and shaping risk management of RTGS/CHAPS. The assurance manager will be an integral part of the Payments System Risk team, who will be contributing to the safe running of Critical National Infrastructure.

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 main activities and responsibilities of this role are as follows:
  • Active member of the Payment Systems Risk management team;
  • Line management of a small team, providing leadership, support and development;
  • Lead the assurance process for our critical service providers in accordance with CPMI/IOSCO PFMI Annex F assessment methodology.
  • Lead the provision of assurance to external entities (as requested)
  • Develop and lead an effective oversight approach for assurance work undertaken by internal partners (e.g. non-critical technology suppliers).
  • Deliver our internal RTGS ISAE3402 assurance process.
  • Lead the division's work to complete the annual RTGS/CHAPS PFMI self-assessment
  • Lead work to maintain ISO27001 certification.
  • Responsible for delivering or supporting key initiatives on behalf of the Chief Risk Officer.

The role will involve liaison externally as well as internal partners. 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.

Number of direct reports: 2

Role Requirements

Minimum Criteria
  • Risk or regulatory experience in a similar environment;
  • Experience of line management
  • Strong interpersonal 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 partner relationships within the Bank;
  • Attention to detail as the role will require analysis and quality assurance reviews;
  • Confidence leading all aspects of activity in some areas of non-subject matter expertise and drawing upon the team, Division and Bank wide resources when required;
  • Experience of line management

Desirable Criteria
  • Experience of working in an operational risk, change management or audit environment.
  • An understanding of any aspects of payment system operations and design, or of the broader payments industry.
  • Experience of communicating sophisticated issues simply and confidently both in person and in writing to different audiences.
  • Exposure to supplier risk management, audit assurance and relevant certifications (such as ISO27001).

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.

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

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