Job Description

Location: Leeds

Department Overview

The Strategic Change & Operations (SCO) directorate is central to the success of Markets and Banking. With around 150 staff, it undertakes the management and control of end-to-end business process and data flows in relation to market operations; works to devise and implement the operational strategy for MBPR and takes the lead on cross-divisional issues relating to: operational resilience; change delivery; business planning and oversight; challenge and mitigation of operational risk; people strategy including promoting diversity and inclusion.


Middle Office which sits in SCO has four main teams: Counterparty & Collateral Operations (CCO), Operational Financial Control (OFC), Pricing Policy & Valuation (PPV) and the EDM Support Team (EST).


The CCO team manages the eligibility of balance sheet and collateral assets including loans and the application of haircuts, whilst also being responsible for how counterparty and instruments data are stored in Markets' systems. The team works alongside a Support Team (EST) to identify and implement improvements to the current operational processes in the middleware system, EDM. In addition, the team works closely with Pricing Policy & Valuations (PPV) in Middle Office and the Financial Risk Management Division (FRMD) to implement new risk policy and methodologies, as well as handling the loans data processes.


The role is responsible for the end-to-end operational management of the c550bn (predominantly loan pool) collateral positioned with the Bank and the counterparty and system records and data flows in support of the Bank's market operations. That also includes supporting Middle Office's core data management system.


The jobholder will be a key contact responsible for informing (e.g. via the Collateral Review Committee discussions) and then implementing policy change and for supporting the smooth running of the Bank's market operations, end-to-end.


A defining feature of the role is that it involves working with Heads of Division, senior managers and mangers from many other teams across Markets & Banking - for example, working with the front office divisions (Sterling Market Division and Foreign Exchange Division), and the Future Balance Sheet Unit on operationalising new policy initiatives; with the risk management divisions (Financial Risk Management Division and Financial Risk and Resilience Division) on implementing risk and collateral policy and rating changes; with the SCO-COO and Technology divisions on process and system change; and with back office (Central Banking Division and Customer Banking Division) on settlement and payment systems and market infrastructure change.

Role Requirements:

Minimum Criteria

Experience of managing an operational team covering, BAU, projects and ad hoc tasks. Experience of working with a team and stakeholders to implement changes and evidence of owning processes/projects and drawing on resources to deliver. Experience of leading on the improvement of operational processes - reducing operational and financial risk both independently and through others. Experience of working accurately to tight deadlines with the ability to run your own workload and effectively prioritise tasks.

Essential Criteria

An excellent understanding of the Bank of England's Collateral and Counterparty Operations. A good working knowledge of non-exotic financial instruments. Strong IT skills and a consistent record of learning new processes and systems. Experience of providing effective training on processes and an understanding of documenting knowledge and sharing knowledge effectively. Strong interpersonal skills to interact confidently with other teams and directorates at junior and senior levels, including externally. Ability to both line manage and mentor others, providing feedback and development support of their analytical and interpersonal skills. A strong understanding of the importance of diversity and inclusion, and experience deploying innovative strategies to drive positive impacts.
This is a people management role. 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, absence and sickness.

Number of direct reports: 3 (Team of 15)

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.

Location: Leeds salary ranging from

65,440 - 73,620 (depending on skills and experience).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 stages.


This role closes for applications on

6 June 2025.

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.