Senior Analyst, Financial Risk - Traded Markets Team

Do you want to work at the heart of the Bank's Markets function? Are you looking for a challenging and high-profile role that offers a unique blend of financial risk management and investment strategy? Keen to see first hand how the Bank uses its official operations to achieve monetary and financial stability? An opportunity has arisen to join the Traded Markets Team within the Bank's Financial Risk Management Division (FRMD). FRMD is responsible for:

• The first-line financial risk management for the Bank of England's balance sheets, Sterling Monetary Framework (SMF) and FX reserves.
• Advising HM Treasury on the investment strategy and risk management for the UK's foreign exchange reserves, the Exchange Equalisation Account (EEA).
• Providing input to policy design, supporting the Bank in its monetary policy and financial stability objectives.
The Division is split into the Credit, Collateral Risk Management Team (CCRT), Traded Markets Team (TMT), Quantitative Risk and Analytics (QRA), and Climate Risk teams. TMT is split into the Market and Liquidity Risk Team (MLRT) with ~10 staff, the EEA Financial Reporting team with ~3 staff, and the Credit Risk Reporting Team with ~4 staff. This role is for a Senior Analyst position within MLRT. This is a crucial role in a dynamic team, responsible for:
• Market and liquidity risk measurement and management for the Bank's balance sheets and the EEA.
• Setting the investment strategy and downstream investments for the EEA, ~$185bn of reserves (as an agent of HM Treasury).
• Providing input on the Bank's financial market operations across both the SMF and FX balance sheets.
• Developing and implementing risk models, haircuts and stress tests (to interest rates and FX).
• Producing analytical work and drawing out risk-policy trade-offs, with clear recommendations to inform decision making.
Role Responsibilities:
• Risk monitoring and reporting for the Bank's balance sheets, and the EEA. Including designing and reviewing frameworks, risk limits and reports.
• Input to policy work for the Bank's markets operations and financial risk appetite, in the context of broader monetary policy and financial stability objectives.
• Play a leading role in setting the investment strategy and scheduling of investments for the UK's foreign currency reserves of ~£185bn (the EEA).
• Develop and implement methodologies (for example, collateral haircuts, stress testing, risk metrics and asset allocation).
• Provide first line risk challenge to front office divisions (Foreign Exchange and Sterling Markets Divisions).
• Lead projects, present and participate in internal and external committees.
• Provide analytical support and mentorship to more junior colleagues within the team, to facilitate their delivery and development.
• Build and maintain effective working relationships with colleagues from across the Bank, particularly within the Markets directorate and the Bank's second-line risk function (Financial Risk and Resilience Division).
• Some members of the team contribute towards the Markets directorate's Market Intelligence function.
We encourage applicants from a range of professional backgrounds, as there will be opportunities to develop skills and knowledge whilst in the role! Minimum Criteria
• Excellent analytical skills, blending quantitative and qualitative information to evidence a considered view.
• A track record of delivering high quality analysis, with experience of presenting to senior decision-making bodies.
  
  A team working ethos, supporting peers and seniors within the team and the wider Bank.
• Flexibility and the ability to manage competing priorities and deliver within challenging timelines.
• A desire to work in an operational environment, requiring pragmatism and problem-solving.
• A commitment to fostering and maintaining a diverse and inclusive working environment.
Desirable Criteria The following criteria are desirable but not essential. You are encouraged to apply even if you do not meet the criteria below:
• Previous experience in one (or more) of the following areas: market risk, trading, reserves management, and data science.
• Some understanding of macro-economics, and its impact on fixed income or FX markets.
• Good working knowledge of one (or more) of the following: R, Python, Matlab or other coding languages.
• Qualifications related to economics, finance or financial risk management (e.g. master's degree, CFA, FRM etc.), either attained or a desire to undertake study.
  
  Our Approach to InclusionThe 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 InformationWe 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 is as follows: Leeds circa £47,430 - £54,000London circa £52,730 - £60,840 In addition, we also offer a comprehensive benefits package as detailed below:
• 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 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.