Research Assistant in Regulatory Data Group

Job Description

The Data and Statistics Division (DSD), part of the Bank's Data and Analytics Transformation Directorate (DAT). The directorate more broadly is responsible for aspects of data management and data culture that reach into the working lives of almost all Bank staff.

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.

Department Overview

The Data and Statistics Division (DSD), part of the Bank's Data and Analytics Transformation Directorate (DAT),is the Bank's centre of expertise for compilation, dissemination and publication of regulatory and statistical data, promoting innovation and quality to support analysis, policy and decision making by the Bank's Committees, UK government departments and international organisations. The directorate more broadly is responsible for aspects of data management and data culture that reach into the working lives of almost all Bank staff.

This is a time of significant change as the way we collect and handle data, and compile statistics, evolves in the light of the use of new technology with DSD at the forefront. The change draws on a wide range of skills, including: data management; data science; data systems; data engineering; data modelling; operational work; and subject matter expertise in aspects of economics, statistics, banking and insurance supervision, and the UK housing and mortgage markets.

The advertised role sits in the division's Regulatory Data Group (RDG). The Regulatory Data Group's primary focus is to contribute to the Bank of England's core purposes and external commitments by collecting, quality assuring and disseminating banking and insurance sector regulatory data. Currently, there are four main operational teams within RDG: Change, Banking, Insurance, and Household & Rates.

The Research Assistant role sits in the Banking team, who work alongside the other operational teams to support the delivery and continued maintenance of regulatory data change activities, and management of the plausibility checking processes of firm-level data. The team also work closely with Prudential Regulatory Authority (PRA) Supervision, as well as policy and various external stakeholders, to maintain firm regulatory schedules and respond to queries relating to regulatory data.

Lastly, the Research Assistants quality assure Sterling Overnight Index Average (SONIA) submissions, to promote confidence in this published benchmark rate for sterling markets. The production of the SONIA rate is a critical function for the Bank and is used to value around £30 trillion of assets each year, whilst also being referenced in over £90 trillion of new transactions each year. As such, the SONIA rate is considered a critical indicator in the UK's financial landscape, impacting a wide range of economic activities.

Job Description:

RDG is looking for a motivated Research Assistant to work with the team to quality assure large quantities of data. The position will involve collaborating with other Research Assistants to facilitate essential operational tasks.

As part of the role, the position holder will take part in our quarterly data plausibility checking rounds. This will combine a knowledge of intricacies of banking business models and financial data, as well as analytical skills to check a large volume of data. They will also assist with the checking and compilation of published quarterly statistics.

The team is responsible for the monitoring of many regulatory queries, which require triaging and responding to in a timely manner, therefore, the position holder will have to combine strong organisational and stakeholder management skills to effectively resolve issues relating to regulatory data.

The specific responsibilities undertaken by the position holder will depend on their skills. As part of this, they will:

• Conduct checks on banks regulatory returns, to understand or identify any large or implausible movements.
• Work within a team of other Research Assistants and Analysts by providing support for a number of operational tasks.
• Explain the technicalities of, and movements in the data, in response to queries from internal and external users.
• Work on process improvements through:
  • Maintaining and developing scripts (in R and Python) for processing data
  • Crafting and implementing processes for cleaning data.

As part of the SONIA remit, the successful candidate will work flexible hours, whilst participating in the occasional shift from 6am-9am, on a rota basis. The high-profile nature of this work will require the successful candidate to work under pressure and to tight deadlines, to quality assure SONIA-eligible activity ahead of 9am publication. Participating in SONIA provides the opportunity to work with different areas of the Bank, contributing directly to the Bank's mission of maintaining financial stability.

The position holder will also be encouraged to actively challenge the way we work and suggest ways in which we can use technology to work more optimally and inclusively as a team.

Essential Criteria

• Strong organisational skills, and the ability to work across multiple workstreams within the same period.
• Ability to work well within a team.
• Experience of building relationships with stakeholders and
• Experience using Microsoft office tools
• Strong attention to detail when looking at large sets of data.
• Ability to work autonomously.

Desirable Criteria

• Knowledge of using collaboration, version control and DevOps tools including but not limited to Jira, Confluence, Azure DevOps, Git.
• A basic level understanding of the UK Banking market which can be built upon during the role.
• An interest in programming languages, such as R, SQL or Python.

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. As part of our commitment to expand our presence across the UK, this role can be based in either London or our Leeds office.

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 circa £26,960 - £30,330. In addition, we also offer a comprehensive benefits package as detailed below:

• 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 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 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 Thursday 26 September.

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.

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About Us

We are the UK's central bank - and we are a bank like no other; known by our peers for our world-leading thinking on policy and strategy.

Our mission is to promote the good of the people of the UK by maintaining monetary and financial stability. We seek to keep prices stable and people's money safe. We know our work matters to people, to families, up and down the UK. We are driven by curiosity and the desire to do important, challenging work.

It takes a great team to run the Bank of England. We rely on each other to play our part. We benefit from a collaborative culture and long-established flexible ways of working, supporting our colleagues balance their work and personal lives. We strive to be a place where people feel they belong and have equal access to opportunities, because different perspectives helps us make the best decisions for the public.

There's much to gain from working with us - from career defining work at the heart of the UK economy, being part of a fantastic team, and a rewarding compensation package.

Join us and find a bank like no other. Together, we can make a difference.

The Bank of England will use and protect the information you provide when you apply for a role with us, in line with our obligations under data protection law. This is so we can assess your suitability for the role and administer your application. If you're successful we'll use it to offer you a position and onboard you to join the Bank.

If you would like more details about how your information will be used and your information rights, please visit our recruitment privacy notice