Manager, Collateral Management & Custody Team

  • Location

    London

  • Sector:

    Banking, Financial Services

  • Salary:

    £59,400 - £70,000 (subject to experience and skillset)

  • Published:

    21 days ago

  • Expiry date:

    2020-11-20

  • Client:

    #

The company:

Do you want to work at the heart of the Bank of Englands Banking Operations? Do you have excellent Leadership skills? Then why not apply to to be the Manager of the Collateral Management and Custody Team?

Banking, Payments and Innovation Directorate (BPI) supports the Bank’s mission to maintain monetary and financial stability by using and sharing its expertise to: develop and operate resilient and efficient banking, payment and custody services; set and influence policy; and to promote innovation.

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.  BPI has a lead role in one and a significant role in four of the Bank’s 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, operating the UK's high value payments system (the Real Time Gross Settlement System and CHAPS), maintaining the Bank’s readiness to provide Emergency Liquidity Assistance to banks and other financial institutions, and acting as the 'bank' within the Bank of England for government, UK CCPs and other central banks.

Department Overview

Created in May 2019, the Central Bank Operations Division (CBOD) brings together the Bank’s expertise in securities operations and the provision of liquidity. As back office for the Bank’s securities operations, CBOD is responsible for providing securities custody and settlement services in support of the Bank’s and HM Treasury’s foreign reserves as well as to the Debt Management Office (DMO) and foreign central banks. The team also provides collateral management services to the settlement of the Bank’s official Sterling Monetary Framework (SMF) operations and to enable the provision of intraday liquidity to CHAPS participants.

In addition, CBO is responsible for the policy design and implementation of Emergency Liquidity Assistance and lending under the Resolution Liquidity Framework.

The role:

A people management role, you will be responsible for day to day management of your people and for defining roles and responsibilities. You will develop your team through sharing information effectively, mentoring 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 handling all staff-related matters that may arise including performance, absence and sickness.

This is a essential and exciting operational role.  The manager of the Collateral Management and Custody (CMC) team is responsible for collateralisation of the Bank’s exposures through the Sterling Monetary Framework and the provision of custody services to the DMO and central banks.  The team has been central in supporting the Bank’s COVID response programme by running the settlement of operations launched during this period including the Term Funding Scheme with additional incentives for SMEs (TFSME), Contingent Term Repo Facility (CTRFs), USD Repo and Liquidity Facility in Euros (LiFE).

The team’s role is broad and as well as day-to-day operations CMC are lead owners of business delivery for a wide variety of system projects driven by regulatory change, operational improvements and risk and control.  The role is responsible for ensuring CMC stays aligned with legal, tax, regulatory, policy and audit requirements, that credit, operational, financial and reputational risks are avoided or minimised; that control arrangements are appropriate and efficient and that we safeguard our customers’ and the Bank’s assets.

This manager role is central to delivering tactical operations but is also responsible for inspiring change and innovation across the team and wider directorate, contributing to wider policy objectives and working closely with partners across front, middle and back office teams as well as the legal and risk divisions.

Number of direct reports: 5 with a total team of 26.

Role Requirements

Minimum Criteria

  • Experience of leading, motivating and developing teams

  • Experience of working within a Financial Operations environment

  • Experience delivering operations in a fast-paced environment

  • Experience delivering and supporting technology projects.

  • Demonstrable experience of leading multiple projects, workstream and/or incidents in a busy operational environment

  • Demonstrable experience of clear written and verbal communication

  • Strong organisational capabilities and ability to balance a broad range of responsibilities with a demonstrable experience of prioritisation

  • Strong experience of successful influencing skills

Desirable Criteria

  • Knowledge of the nature of the Bank’s operations and their role in achieving the Bank’s mission.  

The team have previously worked from London and an additional split site location.  Travel to and from an additional site may be required 2 or 3 times per month but in light of the current working environment we are reviewing different models to support our operational resilience.

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.

This role is open to job shares, flexible and part time working patterns.

The closing date for applications is 20 November 2020.

As a unique institution, we have a reward package which sets us apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. We also offer a working environment which fully supports individuals through flexible working and wellbeing initiatives

This specific role offers a base salary of £59,400 - £70,000 (subject to experience and skillset)

The total package also includes:

  • A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked

  • A discretionary performance award based on a current award pool and target award of 10%, with a maximum potential award of 25%

  • A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits

  • 25 days annual leave with option to buy up to 13 additional days through flexible benefits

  • Private medical insurance and income protection insurance