Job Description

Location: Leeds only

Operations and Change Analyst (Scale G) - Middle Office, Operational & Financial Control

Would you like to play a key role in the operating of the Bank's financial controls?


Here at the Bank of England, we have been at the centre of the UK economy for more than 300 years. We're a public body and our work affects everybody. It's hard to capture all we do in one place but here's a good start. We print secure bank notes and oversee many of the UK's payment systems, ensuring people can pay for things easily and safely. We set interest rates to maintain price stability, and regulate high street banks, building societies and insurance firms to maintain confidence in the financial system. Alongside looking after the UK Economy now, we're also looking to the future. Be it shaping and delivering the future of payments or working to help the UK proactively manage the risks of climate change.

Directorate Overview

Markets, Banking, Payments & Resolution (MBPR) is one of four Deputy Governorships in the Bank and plays a critical role in the Bank's mission. MBPR consists of five directorates (Markets, Banking, Payments, Resolution and Strategic Change & Operations). Middle Office sits within the Strategic Change & Operations Directorate.

Department Overview

The Operational & Financial Control (OFC) team sits within the Bank's Middle Office. Middle Office is made up of four teams and is responsible for managing and controlling end-to-end business process and data flows in relation to all Markets & Banking operations. Core activities include: ensuring an effective operational and financial control framework (where this role sits); pricing and valuing on and off-balance sheet positions; and managing the Bank's collateral and counterparty related data.


OFC play a critical role in operating many of the Bank's financial reconciliations & controls and provides assurance over the assets and liabilities resulting from the Bank's market and banking operations. The control environment requires the team to understand and engage with Markets & Banking's full end-to-end system architecture and operational processes, helping to develop robust knowledge of the Bank's operations.

Job description

An exciting Operations and Change Analyst opportunity has arisen in the Operational & Financial Control team which currently consists of six people. As well as working as part of a team, you will collaborate across the wider division and engage with a variety of stakeholders from front and back-office teams in Markets & Banking, Audit, Finance, and the Programme Office to deliver our day-to-day business and drive forward change and operational excellence initiatives.


This role comes with the opportunity to gain an in-depth understanding of how the Bank's trading, banking, and settlement systems integrate into the core financial reporting systems. This knowledge will empower you to take timely and appropriate actions, ensuring accurate and efficient reporting of financial transactions.


Assessment of controls and ongoing improvements are fundamental to the team's quality assurance ethos, and you will be involved in reviews of end-to-end process flows and will take a lead role in delivering change such as M&B change initiatives.


If you're an upbeat and hardworking individual eager to expand your skill set, this opportunity allows you to gain hands-on experience with financial operations, products and controls.

Key responsibilities include but are not limited to:

Overseeing the completion of the team's daily and monthly financial controls (e.g. authorising cash, securities and collateral reconciliations). Leading and contributing towards projects and change initiatives which impact the team's operations and reconciliation tool (Autorek). Maintaining strong working relationships with key stakeholders, including front and back-office teams in Markets and Banking. Assessing the effectiveness of current processes, reporting and controls and driving forward operational improvements. Collaborating with internal audit teams and external auditors to facilitate smooth audit processes and addressing any findings or recommendations promptly.

Minimum Criteria

A good understanding of financial products and controls; together with an obvious interest in the Bank's operations Experience of implementing changes and evidence of owning processes/projects and drawing on resources to deliver An ability to digest complex issues and communicate them to managers/stakeholders in an understandable way Strong interpersonal skills and the ability to build relationships with a wide range of stakeholders, including influencing at all levels

Essential Criteria

An interest in working in an operational and control environment with superb attention to detail and high-quality standards The ability to switch pace and mindset between operational and change/project work, and prioritise effectively An organised, motivated and proactive individual capable of working autonomously and often to tight deadlines A good teammate with an ability to motivate and develop other team members and contribute to a positive team atmosphere Knowledge of data analytics and visualisation packages (e.g. Tableau/R)

Desirable Criteria

Previous experience working in a control environment including using a reconciliation system Accountancy and/or audit background in market and/or banking operations Proficient user of Excel comfortable with lookups, IF functions etc. and other Microsoft suite of applications People management experience
Depending on the successful candidates' skills and experience, this role offers the opportunity to manage people. You will be responsible for day-to-day management of two individuals and for defining their responsibilities. You will develop you're your direct reports 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: 2

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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 36,000 - 40,500

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 2nd 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.