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Bank of England
,
London, Greater London
Risk Specialist - Structured Finance Team (Credit)
Overview
Job Description
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 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. On 1 April 2013 the Prudential Regulation Authority (PRA) became responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. The PRA was created by the Financial Services Act (2012) and is part of the Bank of England. As a directorate of the PRA, the Supervisory Risk Specialists (SRS) provides deep technical expertise and applies judgement in specific risk disciplines as part of the PRA's integrated supervisory approach, in order to identify, analyse and mitigate material risks to the safety and soundness of PRA regulated firms. These material risks can arise within and across firms and from the market environment. SRS is split into four main divisions: * Credit Risk * Operational Risk & Resilience Division (ORRD) * Risk Analytics, Liquidity and Capital (RALC) * Traded Risk Department Overview The Structured Finance Team (SF) is one of four teams within the Credit Risk Division of SRS. The products covered by the team include all forms of cash and synthetic securitisation, including RMBS, CMBS, CLOs and CDOs; as well as secured funding, in particular covered bonds. The team's responsibilities include: * Reviewing securitisations presented to the PRA under the Significant Risk Transfer Waivers and Notifications regime; * Analysis and stress testing of firms' structured finance and covered bond holdings; * Providing technical support to the Prudential Policy Directorate (PPD) to inform and support developments in regulation with respect to securitisation, covered bonds, and related products; * Providing liquidity reviews, large exposures and connected counterparty assessments, asset quality and asset encumbrance reviews; * Working collaboratively with colleagues across the wider Bank of England to ensure that risks relating to securitisation are widely understood throughout. Job Description The Structured Finance (SF) Credit Risk team in SRS is recruiting a Risk Specialist. Responsibilities include: * 60% - complete technical risk reviews of Significant Risk Transfer (SRT) securitisations used by firms for management of risk weighted assets. These reviews will consider whether risk transfer is effective and firms are adequately capitalised for the risks they retain. All recommendations and communications will be agreed with relevant stakeholders (Supervision/PPD/Legal) and support will be provided to Supervision in providing clear communication to the relevant firms. * 10% - provide technical support to PPD with regard to the continued implementation of the Securitisation regulation, and any further development of internal and external securitisation policy initiatives.. * 10% - participate in the SF team's future concurrent stress testing related work. This is primarily a review of structured finance portfolios * 10% - provide timely and targeted technical advice to Supervision on other non-SRT securitisations and other structured finance transactions e.g. covered bonds. * 10% - contribute to the delivery of a revised strategy for assessing SRT transactions, which will provide a more efficient use of team resources and focus attention primarily on higher risk and more material transactions. Role Requirements Minimum Criteria * Experience in one or more structured finance asset categories, for example RMBS, CDOs and CMBS. * Accustomed to analysing underlying data and MI, and fully understanding policies and procedures which apply in the securitisation and Credit Risk environments. * Experience of writing and delivering reports and presentations on complex issues, in a way that can be easily understood by senior management. Essential Criteria * A good communicator, comfortable with interacting with senior managers, both within the organisation and externally. * Strong partnering skills with the ability to work independently. Desirable Criteria * A working knowledge of the elements of the Annual Concurrent Stress Testing of major UK banks. * Understanding of the regulatory environment for SRT securitisations and knowledge of the PRA's requirements for these transactions. We anonymise applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission. Please complete work history and the application form questions as requested because incomplete submissions will not be reviewed. The closing date for applications is 19 June 2020 .