Home > Recruitment Homepage > Current Vacancies > manager rmd  

Manager, Collateral Management Team, Risk Management Division

Salary

According to experience, plus excellent benefits

Introduction

The Markets Risk Management Division (RMD) analyses the risks faced by the Bank of England in its operations in financial markets.  We monitor and produce management information on credit and market risk and contribute to the formulation of the Bank’s policy on risk management. 

This policy and analytical role provides an opportunity to be at the heart of one of the most unique operations in the bank - the Special Liquidity Scheme (SLS).  This role has responsibility for the collateral management process for the scheme. 
The joholder will, from that vantage point, gain a fantastic understanding of the bank's risk management operations and how they fit into central banking policy.

Background
The collateral management team has been set up to implement the eligibility and credit assessment of the collateral in the Special Liquidity Scheme which the Bank of England is providing to allow banks to swap temporarily their illiquid high quality mortgage backed securities for liquid UK Treasury Bills. The team will report to the Head of Risk Management Division. This unit will be in place for 3.5 years.

The team’s key responsibility will be the proactive management of all collateral received in SLS (in terms of both on-going eligibility and in respect of credit assessment, credit judgements and ongoing dialogue with counterparties).

Job Description & Responsibilities

The key responsibilities are:

The key responsibilities are:

• Confirming that the characteristics of the collateral posted are consistent with the Bank’s risk appetite (in support of the Bank’s discretion to reject collateral);
• Ensuring that collateral received is appropriately valued and margined in order that in event of default the probability of loss is minimised;
• Developing contingency plans in the event of counterparty default;
• Establishing a framework and processes to make these policies effective;
• Managing a team of 4 – 2 Analysts and 2 Senior Research Assistants;
• Contributing to SLS policy development work;
• Providing input to the SLS Steering Group and Board; and
• Identifying and managing SLS business process improvements.

Skills/Experience Required
The candidate must have experience of working within the financial sector.
The following skills are also required:

• Previous management experience;
• Well organised and able to ‘get things done’;
• An understanding of institutions or large company balance sheets;
• An understanding of financial instruments such as asset backed securities and mortgage backed securities in particular;
• Strong analytical skills;
• Good communication skills – both written and oral; and
• Flexibility and an ability to work under pressure and at pace to demanding deadlines - the work is intense, but the rewards and satisfaction will be high.

To apply please click here