Job Description
Job Description - Economist (Senior Manager) - Economic Impact, Research, and Cross Cutting Issues team (Insurance Policy Division) (008612) Go to the main content section. Welcome. Please sign in. | My Account Options My Job Cart
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The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.
The Bank of England is a diverse organisation. Each of its 4,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.
Prudential Policy Directorate are responsible for designing, negotiating internationally and implementing effective prudential regulation in order to remove or reduce systemic risks, promote the safety and soundness of PRA-regulated firms and ensure appropriate protection for insurance policyholders. PPD supports both the Prudential Regulation Committee and Financial Policy Committee in fulfilling their objectives.
Department Overview
If successful, you would take up a role in the Insurance Policy division. Insurance Policy Division (IPD) is one of six divisions in PPD. We work to maintain a strong and coherent prudential regime for UK insurers. We do this by shaping the international and domestic regulatory regimes, and supporting their implementation.
Job description
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 lead on all staff-related matters that may arise including performance, absence and sickness.
The Economic Impact, Research, and Cross Cutting Issues team is a new team within IPD. The team will be responsible for developing the Bank’s framework on the macroprudential effects of insurers on the system, and on the impact of regulation on insurance.
The team will lead for the Bank on critical areas of research, analysis and policy development around issues such as: the optimal level of capital for insurance; the effect of regulation on insurers’ investment behaviour; and the interaction of insurance policy development with the PRAs new set of objectives. The team will also oversee key cross cutting projects, such as Superfunds, and Strong and Simple for Insurance, and be the center of policy expertise on a variety of other macroprudential areas, for example on developing a new stress testing regime for insurers.
The team is being put together in response to our changing objectives and developing policy landscape. In particular we are seeking to make sure that policymaking is fit for purpose in a post Brexit and FRF world; that policymaking is mindful of our new objective set, and that macroprudential insurance issue are given sufficient prominence in policy thinking. The team will need to be highly connected to colleagues across Insurance Supervision, Prudential Policy, Financial Stability and Systemic Risk (FSSR) and International Directorate. Significant joint working across the Bank will be required for the team to succeed. The team’s work will be high profile, and you should expect to be presenting to the Prudential Regulatory and Financial Policy Committees (PRC/FPC) on the issues you are working on.
The jobholder will need to:
- Set strategic direction for the team, building consensus with colleagues and support from senior stakeholders
- Lead technical policy work across policy and supervision
- Manage a team of economists, actuaries and policy specialists to develop policy proposals
- Support and influence the PRA approach to insurance supervision
- Manage relationships with technical experts in firms and industry bodies
- Present technical work to senior internal stakeholders up to PRC/FPC
- Forge links with other areas of the PRA and Bank
- Play an active role in the running of the Division as a member of the management team
Number of direct reports: You will lead a team of approximately 7 people.
Role Requirements
Minimum Criteria
- Previous experience in leading people and a team, either directly as a line manager or in the context of project work/delivery. This includes the ability to build and implement a shared vision and delivery of outcomes.
- Experience in Financial Services or Economics
Essential Criteria
- 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.
- Track record of leading and supporting Diversity and Inclusion initiatives and encouraging others to do the same.
- Experience in leading analytical projects, and strong creative and problem solving skills.
- Excellent communication skills, both oral and written.
- Relationship management skills, and the ability to work with, engage and influence, different areas across the Bank, as well as external parties.
Desirable Criteria
- Critical thinking skills. This is a new team, and we will be looking to you to set its strategy in the context of the PRA’s agenda.
- An understanding of the insurance sector or willingness to learn is useful, and actuarial training is desirable but not essential.
You should not be put off from applying if you do not meet or do not have all of these criteria. We have extensive support and training for team members, particularly new joiners, to support development.
The Bank values diversity and inclusion – we want to reflect the society we serve better, we want the best people to work for us and we want our workplace to be inclusive. We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation. One way we support diversity and inclusion is through our staff-run networks, which are summarised here .
We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working. This role is therefore open to flexible working patterns.
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 working. From 6 June 2022, we expect colleagues to spend a minimum of 40% of their working time in the office per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them and their team.
We are also committed to making workplace adjustments for all of our employees as needed, and also for candidates throughout all stages of the selection process. We are a member of the Disability Confident scheme, summarised here , and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.
We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please fully complete the application form questions as requested, as any incomplete submissions may not be reviewed.
The closing date for applications is 31 March 2023 .
Reward Package
The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.
This specific role offers a base salary range of up to £101,250 per annum (depending on skills and experience) on a full-time basis.
In addition we also offer a comprehensive benefits package as detailed below. We encourage flexible working & part time working , therefore both salary and associated benefits will be adjusted on a pro-rata basis for part-time colleagues
- A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
- A discretionary performance award based on a current award pool.
- A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
- 26 days annual leave with option to buy up to 12 additional days through flexible benefits. (Note: effective from April 2023)
- Private medical insurance and income protection.
Employment in this role will be subject to National Security Vetting clearance and the passing of additional Bank security checks in accordance with Bank policy from time to time. Further information of vetting and security clearance requirements for the role will be provided to the successful applicant. Further information about how the Bank processes personal data for these purposes, is set out in the Bank’s Privacy Notice at Privacy and the Bank of England | Bank of England.
Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.
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