Job Description - Manager, Domestic Resolvability or International Resolvability - Resolution Directorate (007513)Job Description Manager, Domestic Resolvability or International Resolvability - Resolution Directorate - (007513)Primary Location: UK-ENG-LondonJob: ResolutionOrganisation: 420000 - RESOLUTION DIRECTORATEJob Posting: 16-Aug-2022, 12:51:11 PMDescription The Bank of England is the UK resolution authority and is responsible for both the execution of resolutions when necessary and developing policy to make banks more resolvable both within the UK and internationally and to implement the resolution part of the post financial crisis agenda. The Resolution Directorate is a team within the Bank that performs that function.
The Bank of England’s Resolution Directorate (RD) is looking for Manager (Scale E) level candidates. We are looking for highly motivated, proactive, inclusive leaders to support delivery of our critical financial stability objectives. We are particularly interested in recruiting part-time staff, as well as considering those who have full-time working patterns. If this sounds like you, please read on for more detail!
RD is responsible for exercising the Bank of England’s functions as UK resolution authority to prepare for and, if needed, manage bank failure. This is a relatively new, developing, and exciting area of financial regulation with high visibility amongst senior staff and the opportunity to make a real difference both domestically and internationally.
RD is a highly dynamic area of around 110 people from a diverse range of personal and professional backgrounds, including policy analysis, supervision, central banking, economics, professional services (e.g. accounting, law, banking, credit rating agencies), and the public sector. Our growing team reflects the broad range of issues we confront. This contributes to making it a stimulating, enjoyable, and exciting place to work, and one where it is possible to learn rapidly from a wide range of colleagues, collaborative work opportunities and different types of work.
Roles will be available in the Domestic Resolvability Division (DRD) or the International Resolvability Division (IRD). The two divisions cover different populations of firms, with DRD covering UK-focused firms, while IRD covers more internationally-focused firms. Both teams focus on supervising firms to ensure their readiness to manage their own resolvability, including by working to remove barriers to resolution through the Resolvability Assessment Framework (RAF) and for the Global Systemically Important Banks, co-ordinating with international authorities to enhance authorities’ preparedness.
The teams also leads on contingency planning in the event of firm distress. Our work brings us into regular contact with UK and international authorities; PRA, HM Treasury (HMT), FCA and FSCS are some of our key domestic relationships.
These roles are high-profile and exciting with lots of opportunity for engagement with senior colleagues, working on a very broad range of challenging, interesting issues, and building your skills.
Our portfolios are varied and covers the very largest UK banks down to the very smallest. A normal day might see you meeting with senior executives at a firm to review and assess their implementation of resolvability policy; a key focus for DRD and IRD in 2022 and beyond is the implementation of the RAF – the policy framework focused on ending Too Big to Fail.
You might also be preparing for an international meeting with multiple overseas authorities from the US, European Union or Hong Kong where you will be representing the Bank in discussing resolution co-ordination for cross-border firms in Crisis Management Groups or other forums.
There could be contingency planning for a firm experiencing increasing risks, working with HCF, PRA supervision, HMT, FCA and FSCS to make sure we are prepared to carry out resolution if required.
We also get actively involved in the development of new resolution policy and how this can affect the firms we handle. You are also likely to be regularly involved in communicating to senior committees up to Governor level.
Managing your team and their development alongside your own personal growth is also crucial to ensure everyone in RD continues to build a strong set of personal and technical skills. 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, development and absence.
Number of direct reports: 2-3
We are interested in candidates from varied backgrounds, with a strong passion for our work. We want to recruit more part-time colleagues, as well as considering full-time applicants. We need an individual who can own and run a wide portfolio of work, with multiple responsibilities. The successful candidate will need to show they can plan and organise their work and that of their teams, delegate appropriately and work collaboratively with their colleagues.
We deal with issues that are often new and require you to think strategically and creatively, understand and influence others while being able to meet deadlines and produce high quality work. When speaking to firms you need to challenge and hold them to account in relation to our statutory and policy objectives.
Ability to take an inclusive approach to management, bringing out the best in and developing the talents of each individual given a variety of different backgrounds.Experience of leading and supporting Diversity and Inclusion initiatives and encouraging others to do the same.A self-starter, highly motivated and capable of working autonomously, able to problem-solve within tight deadlines and to a high quality.A consistent track record of planning, leading and delivering your work, working effectively as part of a team, using appropriate project management methods (i.e. strategic thinking, planning milestones, clear articulation of aims, organisation of work for analysts). Experience of / an ability to influence key internal and external stakeholders (including senior management) including delivering results through building and maintaining strong working relationships.Strong interpersonal and communication skills, both written and oral. Ability to exercise judgement when influencing firms and authorities to achieve desired resolvability outcomes.
Knowledge of the structure and operations of financial institutions, including banks, with a sound understanding of balance sheets and financial markets.Strong interest/experience doing supervision/resolution work, with an understanding of supervisory areas relevant to resolution for example capital, liquidity, governance, risk management, operational continuity, recovery planning.Good understanding of the UK resolution or prudential regime and its key components elements and practical experience of applying to the firms within the scope of the UK resolution regime.Experience in advising or executing restructuring projects and/or insolvency procedures.
You should not be put off from applying if you do not meet or do not have all of these criteria – we would actively encourage you to get in touch to discuss what support you might need to close any gaps and/or any other skills you might have which you think could be helpful in this role.
Qualifications Our Commitment to Diversity and Inclusion
RD believes in diversity. We define diversity as both who we are (identity diversity, such as gender or ethnicity) and how we think (cognitive diversity). We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation.
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. We want RD colleagues to represent the variety of backgrounds, life experiences and cultures found in the UK. In fact it’s crucial for RD’s objectives as well as the wider objectives of the Bank of England. One way we support diversity and inclusion is through our staff-run networks, which are summarised here.
To help us identify the best candidates for our roles, RD is committed to the use of inclusive recruitment processes (including pooled recruitment), and ensuring diverse recruitment outcomes. These commitments are grounded in principles of fairness, openness, ethical behaviour and respect for people.
We support our staff in structuring their working arrangements to balance their work-life needs. We are especially keen to recruit colleagues in job shares, flexible, and part-time working patterns, as well as full-time applicants. A number of colleagues in RD, including at senior levels, work part-time or have done so on an extended basis before. We also offer many opportunities for training and career development.
Where a role can be carried out from home, we are working towards colleagues spending at least half of their time in the office, so that we can all benefit from working together in person, while maintaining the flexibility offered by home