Operational Assistant Sterling Markets Division

Job Description

The Bank of England is the UKs central bank. Our mission is to deliver monetary and financial stability for the British people. The Bank of England is a diverse organisation, made up of approximately 4,000 people - each committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.The Markets Directorate promotes monetary and financial stability by leading the Banks market operations, and by using our presence, expertise and influence in financial markets to inform and shape the Banks policy decisions and priorities. The Markets Directorate includes 6 Divisions which are:

Sterling Markets

Foreign Exchange

Market Intelligence

Financial Risk Management

Middle Office

Markets & Banking COO

Department Overview Sterling Markets Division (SMD) is at the heart of the Banks Mission. Through the Sterling Monetary Framework (SMF) and Asset Purchase Facility (APF) it implements monetary policy by maintaining the MPCs desired level of Bank Rate, maintaining/reinvesting the MPCs asset purchase programme of quantitative easing, and operating two new schemes introduced in response to the COVID-19 crisis: the Term Funding Scheme with additional incentives for SMEs (TFSME) and the Covid Corporate Financing Facility (CCFF). The SMF also provides liquidity insurance to participants through the Banks Operational Standing Facilities, Open Market Operations, Discount Window Facility and the Contingent Term Repo Facility. It also contributes to wider market intelligence and analysis in support of the Banks monetary policy and financial stability work. The Operational Policy team is integral to the smooth functioning of the Division and has a broad range of responsibilities. These include managing the introduction of new operations, managing the onboarding of new participants into the range of schemes operated by SMD, developing a longer term strategy for SMD-owned systems (as well as managing short-term changes), providing data and management information on our operations to other teams, and, forecasting the Banks sterling balance sheet. In doing all this, the team works closely with the Sterling Desk in SMD, and with colleagues in other Divisions and Directorates including Central Banking Operations Division and Market Services Division in BPI, Legal Directorate and the PRA. Job descriptionAn exciting opportunity has become available to join the Operational Policy Team in SMD as an Operational Assistant.Operational Assistants are responsible for supporting SMDs sterling operations, including providing data and analysis on operations and completing ad-hoc data requests and regular operational processes.A more detailed description of the role is listed below.

The primary role of the Operational Assistant Team is to support the Banks sterling operations. This includes regular operational and reporting tasks as well as completing ad-hoc data requests.

The job holder will be expected to contribute to analysis of the Banks operations. A high degree of attention to detail and excellent time management is required as team outputs are often included in briefing for senior management.

The team is seen as the primary contact for help and advice on SMDs IT Systems. The jobholder will be expected to develop a good working knowledge of the systems used within SMD and a close working relationship with the Sterling Operations team.

The Operational Policy team is responsible for suggesting, testing and helping to implement improvements to systems used by SMD, including ideas to minimise operational risk. The jobholder will be expected to show initiative and analytical skills in this area.

The position includes opportunities for development tailored to the successful applicant, including contributing to projects within the division and Markets more generally.

The team has a friendly atmosphere. Information sharing and working collaboratively is essential within the Division to ensure tasks are completed efficiently.

The jobholder will also help to manage the Banks balance sheet by contributing to the teams liquidity forecasting process: learning and performing the role on a regular basis (in conjunction with other members of the team), contributing to regular meetings and discussing ongoing improvements to the process.

The jobholder will be expected to work constructively within a close-knit team, and to develop good working relationships with peers in other areas within and outside Markets, for example Middle Office, Banking, COO and ISTD. The role also offers the chance to develop a good understanding of how the Bank implements monetary policy and provides liquidity insurance, and how the Banks front, middle and back offices link together. The job holders work can be highly visible across the division and beyond, so this role provides a good opportunity for an experienced candidate looking to strengthen and demonstrate their abilities. Role RequirementsMinimum Essential CriteriaA strong candidate is likely to be able to demonstrate most of the following attributes and experiences. But please dont be put off applying if you dont think you have absolutely everything on the list. If you think you can only do some of the role, we still want you to apply! Were happy to discuss any questions you might have about the role, please dont hesitate to get in touch with Katie Buckland or Paul Burton.

Wanting to learn about the Banks policy operations and how they work in practice;

The ability to produce accurate, reliable information promptly;

The ability to prioritise and organise a large and varied task list;

Use experience and knowledge to suggest and implement process improvements;

Good interpersonal skills to develop relationships within the division and with contacts across Markets and Banking;

A good level of general IT skills, particularly Excel, and a willingness to embrace new technology.

Working as part of an operational area requires flexibility. The job holder will need to be able to adapt to changing work priorities and to respond to live issues as they arise. The Division is a busy one and all team members need to be able to handle of number of tasks concurrently and work collaboratively with others across the directorate at all levels. A calm, professional approach and good interpersonal skills are therefore important. Desirable CriteriaKnowledge of payment or settlement processes, or data analysis and visualisation tools would be an advantage, but are