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.
The Accounting & Audit team sits within PPD, with overall technical direction for the team provided by the PRA Chief Accountant. It is the main source of technical accounting expertise for PRA supervisors and others in the Bank of England and leads on all matters of accounting and audit policy and practice in relation to regulated firms.
Amongst other things, the Accounting & Audit team is responsible for:
- Applying accounting expertise to identify, analyse and mitigate material risks to safety and soundness of regulated firms, focusing on risks to capital and future earnings.
- Developing the PRA’s view on accounting and auditing matters, and working with others (eg FRC, IASB) to promote high quality accounting by, and audits of, PRA-regulated firms.
- Developing and maintaining policies including the PRA’s Code of Practice on the auditor-supervisor relationship, written reports by auditors, skilled persons’ reviews, including supporting PRA supervisors in their use of these policies.
We are a diverse team currently comprising ten people made up of two managers, two lead technical specialists, five technical specialists and one analyst. We are recruiting for one more technical specialist to join the team, focusing mainly on the accounting practices sides of the team, with opportunities for some involvement in the work of the accounting policy and audit work of the team.
The Accounting & Audit team is recruiting for a Technical Accountant to take a leading role in the Bank’s work to encourage high quality accounting, and in providing support to supervisors and risk specialists within the PRA to identify risks to capital and future earnings.
This role is an outstanding opportunity to be part of a centre of excellence working at the forefront of accounting issues for banks and insurers.
The role entails:
- Establishing yourself as an accounting specialist internally and with key contacts at regulated firms and auditors.
- Performing analysis of financial and audit information to identify risks to capital and future earnings.
- Communicating risks and insights to support supervisors in meetings with regulated firms and auditors.
- Working collaboratively with colleagues across the Bank to provide authoritative advice on accounting issues and the interaction with regulatory capital rules.
- Working closely with the PRA Chief Accountant and other accounting specialists to advise senior management on accounting risks.
- Performing industry outreach to further our transparency agenda and better understand emerging issues affecting financial institutions.
- Supporting our interaction with global regulators on accounting issues.
- Working across the team on a variety of accounting practice and accounting and audit policy issues, for banks and insurers, depending on your skills and career plan.
From time to time other tasks may be required in order to fulfil the overall purpose of the role/meet the needs of the team.
- A fully qualified accountant, with at least 7 years post qualified experience.
- Experience in applying or advising on IFRS, either in a technical capacity or in auditing banks. This includes taking decisions or giving advice on applying IFRS 9 Expected Credit Losses (ECL) to major financial institutions.
- An incisive, enquiring mind; strong analytical skills; ability to see the risks behind the accounting, audit and regulatory information.
- Strong influencing skills. Able to grasp sophisticated concepts and technical details quickly and communicate them effectively to non-experts at all levels of seniority, with a confident and effective presentational style.
- Able to work in an inclusive, empowering way within a small team of peers and support a ‘no surprise’ environment.
- Commercially aware. Able to take timely, pragmatic and risk-based decisions.
- Very organised. Able to manage their time and prioritise.
- Data analytics skills.
- Experience in applying the PRA's prudential rules to major financial institutions.
- 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.
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 30 September 2022.
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.
The salary range for this vacancy is approximately £61,100 to £92,000, dependent on relevant skills and experience. In addition, the total reward 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. 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.
- 25 days annual leave with option to buy up to 13 additional days through flexible benefits.
- Private medical insurance and income protection.
Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.