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Data Scientist - RegTech Data & Innovation

Bank of England.
Closing date
23 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.

ARTIS (Authorisations, RegTech, and International Supervision) is a new Directorate formed in July 2021. ARTIS compromises of the following divisions:
  • The Authorisations Division, which deals with regulatory transactions where firms apply to carry out PRA regulated activities, or make changes to the activities they undertake;
  • The new RegTech, Data and Innovation Division; charged with enabling the PRA to harness the full power of its data; and
  • the four divisions responsible for the supervision, as a host regulator, of the UK activities of banks, custodians and designated investment firms headquartered in over 50 overseas jurisdictions - including some of the world's highest profile firms.

We believe in diversity. We define diversity as both who we are (identity diversity, such as gender or ethnicity) and how we think (cognitive diversity). We are actively seeking the benefits of having a range of backgrounds and characteristics in our teams. Diverse teams are more inclined to consider novel ideas and challenge each other, enabling them to infer cause and effect and to solve problems better and thereby help us to better achieve our mission. Diversity does not mean ticking boxes, it means ensuring we are best able to fulfil our mission of promoting the good of the people of the UK by maintaining financial stability.

Department Overview

This role sits within the new RegTech, Data and Innovation Division (RDI).

RDI is an agile team at the forefront of delivering analytical excellence across the PRA. RDI take lead in supporting the development of a world-class RegTech and data strategy, both of which form part of the Banks priorities which were highlighted in the

Governor's Mansion House speech on the Future of Finance .

RDI takes a leading role in advancing Artificial Intelligence and Machine Learning capabilities across the Bank.

Our team liaises with senior leaders internally and externally, we actively work with Central Banks, major tech companies, academic institutions and industry leaders. RDI represents the Bank in a range of summits and meetings in the UK and abroad.

Job Description

An exciting opportunity has arisen in RDI for a Data Scientist (Scale F) to join a growing team developing how the PRA apply advanced analytics, data science and artificial intelligence / machine learning techniques to improve a variety of internal business functions related to financial supervision and regulation.

The post-holder will take input on a number of key PRA projects and can expect to have autonomy in implementing the best solutions, including coordinating training and contributing to the development of new analytical tools. The successful applicant will be responsible for challenging the current status quo and with fellow colleagues will aim to enhance analytical capabilities across the PRA. To achieve this, they will need to demonstrate strong willingness to learn about programming languages and the latest developments in the RegTech/SupTech space.

Being part of a team of experienced technical/analytical practitioners the post-holder will be covering regulatory, financial, exploratory and digital analysis. The right candidate will be able to engage effectively with individuals at all levels of the PRA and will have early opportunities to represent the PRA in external engagements.

This is an agile role and management is supportive of work-life balance and employee development, we are therefore happy to consider options other than the standard 9-5 office-based hours. As an agile data team we trust colleagues to think creatively about how, when and where they work, to deliver high quality outputs. There is also the potential to enrol in related funded courses of interest such as Prince2, Lean Six Sigma or embark on an advanced data science related qualifications.

Responsibilities will include:
  • Consult/advice on data matters across departments in the PRA
  • Articulate written recommendations and assist in report writing for internal papers on RegTech/SupTech
  • Help identify, frame and deliver analytical projects using project and data management techniques
  • Build analytical tools to generate efficiency throughout regulatory functions
  • Explore and visualize a wide variety of data, to find and present 'stories' within the data in a meaningful way to a range of technical and non-technical audiences
  • Document the techniques and data used in projects so the analysis can be replicated, either directly or for similar projects
  • Keep abreast of the latest developments in the field of data science and share knowledge with Bank colleagues
  • Build and maintain strong collaborative relationships with key partners, subject matter experts and colleagues at all levels
  • Attend technical events outside the PRA with industry stakeholders and other central banks / regulators

Role Requirements

Minimum (Essential) Criteria

The position requires familiarity with the Bank's suite of analytics tools and awareness of the financial sector. As a minimum, a candidate should be able to demonstrate:
  • Proactive attitude - A drive to learn and master new technologies and techniques developing your data science knowledge
  • Strong problem solving skills with an emphasis on product development
  • Experience using computer languages (R, Python, SQL) to manipulate data and draw insights from large data sets
  • Experience working with and creating data architectures
  • Good analytical skills and ability to synthesise key messages from data, both in writing and verbally
  • Good understanding of the PRA's objectives, its main supervisory processes, and the Bank of England's approach to stress testing the major UK banks
  • Ability to organise own workload independently, or as part of a team, to meet business requirements on time
  • Good inter-personal skills and experience of working in a team, including evidence of building effective stakeholder relationships, having personal impact and influencing abilities
  • Analytical ability and pragmatic approach to problem solving, to reach sound judgements with incomplete information and ability to explain them
  • An awareness of the regulatory and risk data landscape for banks, including both content and processes

Desirable Criteria
  • Knowledge of a variety of machine learning techniques (clustering, decision tree learning, neural networks, text analytics / NLP) and their real-world advantages/drawbacks
  • Knowledge of advanced statistical techniques and concepts (regression, properties of distributions, statistical tests and proper usage) and experience with applications
  • Experience visualising/presenting data for stakeholders using R, Python, Tableau or similar
  • Knowledge of data governance principles and data science product lifecycle, including security, privacy and risk control metrics
  • Displays intellectual curiosity, proactively explores areas of innovation and interested in data science focused research
  • Good knowledge of the insurance and banking sector, and in particular the UK regulatory framework
  • Experience with COREP/FINREP/Solvency II reporting frameworks

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 will 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 13 August 2021.

The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives. Successful applicants will also be entitled to a pro-rated Benefits+ allowance.

This specific role offers a base salary of between £45,000 and £57,000 per annum including our comprehensive benefits package;

• 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.

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