Senior Assurance Analyst (Payments) in Participant Management

Bank Of England; Leeds; On-site; GBP 48,000 - 55,000; Full time

Job summary

A central banking institution in Leeds is seeking a Participant Performance & Assurance Manager to manage and support the CHAPS scheme, ensuring continuous improvement and risk mitigation. Candidates should possess strong management skills and a working knowledge of risk management, with a focus on the UK payments sector. Salary ranges from £48,640 to £54,720 with comprehensive benefits.

Benefits

Non-contributory pension

Discretionary performance award

8% benefits allowance

26 days annual leave

Private medical insurance

Qualifications

• Working knowledge of evaluating and interpreting participant data.
• Working knowledge of interpreting information into results.
• Experience in risk management or assurance.

Responsibilities

• Handle designated DPs and assess risk as main contact.
• Conduct enhanced risk assessments and analyze trends.
• Engage stakeholders to identify and mitigate risks.

Skills

Risk management knowledge

Data evaluation and interpretation

Continuous improvement mindset

Colleague management skills

Job description

Overview

The way in which we pay is changing quickly, and the Payments Directorate is at the heart of this change. Payments Directorate supports the Bank's mission to maintain monetary and financial stability by:

Running the live Real-time Gross Settlement (RTGS) service, which is the critical backbone of payments in the UK.

Operating the CHAPS payments system, allowing high-value wholesale payments to settle safely. We are supervised by the Financial Market Infrastructure Directorate given the systemic nature of these operations.

Horizon scanning developments in payments and leading engagement in key policy debates. This includes supporting the international G20 Roadmap to enhance cross-border payments.

We are at the heart of the Bank both in terms of our core role in Monetary and Financial Stability, and the wide range of internal stakeholders we collaborate with. Given the importance and high profile of our work, we provide regular updates to the most senior levels of the Bank including Governors and the Bank's Court of Directors. Payments Directorate has a lead role in the Bank's Strategic Priority 4 (the future of payments), as well as a supporting role in several other strategic priorities. The variety and immediacy of the work we do means we are one of the most outward facing and fast-moving areas of the Bank, engaging with external stakeholders across the UK and around the world.

Department Overview

CHAPS is the UK's high value payment system (HVPS) and transferred into the Bank in November 2017. CHAPS is used for time-critical, high value retail payments including house purchase payments, providing real time settlement and finality of payments to Financial Institutions and Non-Bank Payment Service Providers. Payments Directorate acts as CHAPS payment system operator and CHAPS end-to-end risk manager. Therefore, we are responsible for setting the rules which Direct Participants (DPs) must comply with to become and remain a member of the CHAPS System.

Job Description

The Participant Performance & Assurance Manager role provides an opportunity to become involved in a high profile and exciting team. It supports the Participant Management Team (responsible for handling the CHAPS Scheme end-to-end), as well as the full life cycle of DPs (from annual Assurance to Participant Performance & Incident management). In addition, it ensures pro-active management and delivery of specific tasks and projects within the team, and in Payments Directorate.

Roles and Responsibilities

• Handle a designated number of DPs/prospective DPs, continually assessing risk and acting as the main point of contact for all assurance related matters, developing and maintaining clear and open relationships.
• Handle the assurance related activities for additional products and services.
• Understand and use the CHAPS Reference Manual and other CHAPS manuals in all Assurance activities, ensuring the relevant rules and risks are handled, mitigated and applied to everyday responsibilities
• Evaluate and contribute to the Participant Performance framework to support our obligation to Financial and Markets Infrastructure Division (FMID) and to fulfil our end-to-end risk function
• Undertake enhanced risk assessment reviews, analysing data for trends and compliance status
• Own, identify and engage with key partners and stakeholders as necessary to identify and mitigate risk, get results and increase awareness of Participant Assurance responsibilities including handling overall risk to the Scheme

Minimum Criteria

• Working knowledge of evaluating and interpreting participant data
• Working knowledge of interpreting information into results
• Working knowledge to proactively handle and use collective knowledge and experience to drive continuous improvement and other specific business initiatives.
• Experience of risk management or assurance.

Essential Criteria

• Strong colleague management skills, given the need to work closely with Senior Management, colleagues in other teams and DPs

Desirable Criteria

• An understanding of the UK's payments industry.

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.

This role offers a salary of:

Leeds from £48,640 - £54,720

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 Monday 29 September.

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.