LEEDS OR LONDON BASED
Change and Outsourcing team, Operational Risk & Resilience Division, Supervisory Risk Specialists Directorate, Prudential Regulation Authority, Bank of England
As a directorate of the PRA, the Supervisory Risk Specialists (SRS) provides technical expertise and applies judgement in specific risk fields in order to identify, analyse and mitigate risks to the safety and soundness of regulated firms as well as financial stability objectives. SRS also supports the wider Bank through providing risk specialist expertise to a range of functions including policy development and implementation, the Bank's concurrent stress tests, Concurrent Operational Resilience Stress Testing, central counterparty and payments oversight. SRS comprises five divisions:
- Operational Risk & Resilience (ORRD)
- Sector Resilience Division (SRD)
- Credit, Risk, Analytics, Liquidity and Capital (CRACL)
- Investment Banking and Sector Risks (IBSR)
- Model Development and Review (MDRD)
Department Overview
The Operational Risk and Resilience Division (ORRD), part of the SRS Directorate, plays a pivotal role in shaping the PRA’s supervisory approach to operational risk and resilience. This is a unique opportunity to contribute to the evolution of ORR policy and practice, influencing both regulatory and financial stability agendas. The work spans system-wide issues and engages with central banks, regulators, and government agencies at both domestic and international levels, giving you an opportunity to develop strategic developments in operational risk and resilience.
Team Overview
The Change and Outsourcing team provides specialist assurance over regulated firm’s use of technology and third-party arrangements. We assess whether firms are designing and operating resilient technology services that support financial stability outcomes. Our work focuses on technology transformations, cloud adoption, third party including critical third parties, operational resilience and cyber resilience. We deliver technical insight, cross-firm intelligence and targeted reviews to support supervision of systemic firms.
The role holder will be a technology assurance professional with expertise in assessing technology, resilience and third-party risks, including cloud migrations, recovery capabilities like bare metal rebuild & data vaulting, business continuity, and large-scale transformation programmes. They can lead complex risk reviews, provide challenge to firms, and deliver risk-based insights to senior audiences on emerging technology and operational resilience risks. They will have good communication and social skills, to represent the Bank and the PRA credibly with senior counterparts in regulated firms.
Job Description
An opportunity has arisen for a Manager in the Change and Outsourcing team. Key responsibilities:
- Acts as a recognised technical authority on Technology and Third Party risks, shaping how complex and emerging risks (including technology, cloud, cyber, infrastructure, and AI) are assessed across firms and at sector level.
- Leads firm and cross-firm assurance reviews of technology transformation and Third Party initiatives including how are those resilient and secure to mitigate severe scenarios (e.g. cyber disruptions).
- Designs and continuously enhances technical risk reviews to bring together evolving sector risks and leads multi-functional alignment on technology and third party.
- Exercises independent, high impact judgement on complex and uncertain issues affecting firms’ technology and third party within the wider operational resilience agenda.
- Engage directly with CROs, CIOs, CTOs and other senior leaders during reviews.
- Provide technical challenge and specialist support to supervisory teams and senior PRA decision-makers including identification of systemic risks and emerging vulnerabilities across the financial sector.
- Shapes supervisory thinking, contributing to Policy development and influences senior committees through thought leadership, cross‑firm comparison, and interpretation of evolving practices in Technology and Third Party.
- Represents the function in cross‑Bank and industry fora, advocating best practice in operational risk and resilience.
Role Requirements
Minimum Criteria
- Significant technical work experience in technology and third-party risks or assurance and/or Business Continuity Planning and technical recovery solutions for severe disruptive scenarios (such as bare metal rebuilds, data vaults, etc).
- Understanding of related Bank policy such as SS2/21 – Outsourcing and third party risk management and SS1/21 Operational resilience: Impact tolerances for important business services.
- Extensive knowledge of Technology risk (identification, protection, response and recovery).
- Ability to represent the Bank and PRA credibly and professionally in both internal and external meetings.
Essential Criteria
- A solid grasp of the implications underpinning the broader Operational Resilience and cyber agenda, the importance and complementarities of technology and third party.
- Good interpersonal skills and the ability to work flexibly as part of a team and collaboratively with wider Bank colleagues.
- Strong written and oral communications, including to senior audiences, with an ability to explain complicated material in easy-to-understand ways.
- Experience to design and refine risk assurance reviews to reflect evolving sector risks.
- Solid experience in applying sound judgement to complex and uncertain issues, enabling effective identification, assessment and management of emerging risks.
- Demonstrable track record of leading and delivering substantial pieces of work, including managing others working on it, ensuring progress against plan, and keeping key partners informed.
Desirable Criteria
- A good understanding of the important business services provided by systemically important financial institutions or financial market infrastructure.
- Experience in cloud implementations and risk management including cyber scenarios
- Relevant professional qualifications.
- A track record of supporting diversity and inclusion initiatives and encouraging others to do the same.
What will I get from the role?
- An opportunity to strategically influence a highly complex and fast evolving agenda on technology, AI, third party and wider operational resilience.
- Undertake stimulating and challenging work in operational risk and resilience, with the opportunity to influence positively firms’ behaviour at a time when operational risk is high on the regulatory agenda.
- Contribute to the implementation of the PRA’s wider operational resilience strategy.
Acquire a high profile within the UK’s operational risk community.
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IMPORTANT NOTE:
Please answer ‘N/A’ to the following screening questions:
“Please give examples highlighting your skills that are applicable to the requirements of this role. In your response, please include: - The situation or task – the context and challenge involved - The actions you took – what you were personally responsible for - The outcome – the results achieved and the impact of your actions Your examples can be drawn from any role, project, or experience. We are interested in what you did and how you applied your skills. (max 300 words)” and “Explain why you are interested in this role and how your skills and experience meet the minimum and essential criteria, as outlined in the job description.”.
Please ensure you answer all other screening questions fully.
Our Approach to Inclusion
The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.
At the Bank of England, we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.
We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.
For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.
Finally, we're proud to be a member of the Disability Confident Scheme . If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.
Salary and Benefits Information
We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate.
Salary circa £73,760 - £82,000 (Leeds) or £81,920- £92,000 (London). In addition, we also offer a comprehensive benefits package as detailed below:
- Currently a non-contributory, career average pension giving you a guaranteed retirement benefit of 1/80th of your annual salary for every year worked. There is the option to increase your pension (to 1/65th) or decrease (to 1/105th) in exchange for salary through our flexible benefits programme each year. The Bank has the discretion to vary standard accrual rates and dial up and dial down rates at any time and to withdraw dial up and dial down options at any time.
- A discretionary performance award based on a current award pool.
- An 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
- 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits.
- Private medical insurance and income protection.
National Security Vetting Process
Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice .
The Bank of England welcomes applications from all candidates, but as a UK Visas and Immigration (UKVI) approved sponsor, we have a responsibility to comply with the Immigration Rules and guidance. As such, our ability to employ individuals who require sponsorship for immigration purposes is limited. The Bank cannot guarantee that you and / or the role you are applying for will be eligible for sponsorship and that any application made to UKVI will be successful. Eligibility will therefore be considered on a case by case basis.
The Application Process
Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.
The assessment process will comprise of two interview stages.
This role closes on 18 Aug.
Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.
