Technical Specialist, Retail Credit Risk - London, United Kingdom - Bank of England

Bank of England
Bank of England
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London, United Kingdom

1 month ago

Tom O´Connor

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Tom O´Connor

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Description

Technical Specialist, Retail Credit Risk

-

(

010257

)

Primary Location UK-ENG-London


Job Risk


Organisation CREDIT, RISK, ANALYTICS, CAPITAL & LIQUIDITY (CRACL)


Job Posting 23-Jan-2024, 5:06:16 AM

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 and is part of the Bank of England.

  • The PRA's primary objective is to ensure the safety and soundness of the firms that it regulates, and to avoid disorderlym failure which has systemic consequences. For insurers, it has a specific objective to ensure that policy holders are protected through sound financial management. In addition, it has a secondary objective to facilitate effective competition.


As a directorate of the PRA, the Supervisory Risk Specialists (SRS) provides deep technical expertise and applies judgement in specific risk disciplines in order to identify, analyse and mitigate material risks to the safety and soundness of PRA regulated firms.

SRS also supports the wider Bank through providing risk specialist expertise to a range of functions including policy development and implementation, the Bank's concurrent stress tests and the supervision of central counterparties.


  • SRS comprises five divisions:
  • Credit, Risk, Analytics, Liquidity and Capital (CRACL)
  • Investment Banking and Sector Risks (IBSR)
  • Model Development and Review (MDRD)
  • Operational Risk & Resilience (ORRD)
  • Sector Resilience Division (SRD)

Department Overview


Within the CRACL division of SRS, the
Retail Credit Risk (RCR) team comprises Retail credit industry professionals and is a centre of expertise across the Bank and the PRA.

RCR is focused on supporting the Bank's supervisory objectives.

Key activities of the RCR team include the following:


  • Horizon Scanning: Identify emerging and horizon risks pertaining to Retail lending portfolios and their potential impact on UK banks' portfolios. Ongoing monitoring of UK banks' Retail credit risks including assessing changes in reported portfolio quality and identifying areas of vulnerability
  • Firm reviews to assess and challenge Retail credit risk appetite and strategy, as well as credit risk management, including governance and control processes across the entire credit risk life cycle.
  • Asset Quality Reviews (AQRs) across Retail asset classes including Mortgages (Residential and BuytoLet), Credit Cards, Personal Loans, Motor Finance, and certain segments of SME lending.
  • Support stress testing processes to assess the firms' resilience to extreme but plausible stresses. Review and challenge analysis of firms' stress loss projections for UK and global Retail lending portfolios.


Collaborate with colleagues across the organisation to ensure that key risks are widely understood and to contribute to a coordinated regulatory framework.


Job description

  • Lead and review crossfirm or market reviews to evaluate firms' portfolio performance and risk concentrations (UK and International).
  • Scope and lead Risk Reviews across a variety of PRAregulated lenders (both UK and International). Reviews would typically involve assessing a bank's lending strategy, risk appetite, governance and control framework, portfolio management (Acquisition, account management, Collections and Recoveries management) as well as impairment / provisioning practices, covering a range of Retail Lending portfolios. The individual will also be responsible for developing relationships with Supervisors of these firms at the PRA, as well as interacting with senior management at firms, including Chief Risk Officers, Chief Credit Officers and Chief Executive Officers of divisions / regions.
  • Provide technical guidance and thought leadership in their area of expertise and, plan and lead all aspects of work within the framework of Supervisory Risk Specialist's engagement model with other Supervisory colleagues.
  • Proactively scan the horizon for emerging risks and ensuring appropriate action is taken to mitigate these.
  • Review a wide range of information including financial, regulatory and management information. The role holder will be required to challenge a firm's interpretation of its credit metrics, provide insightful analysis and specify, over time, the links to policy and financial resilience / stability.
  • Support stress testing with portfolio insights gathered from Asset Quality Reviews and periodic firm engagements.
  • Su
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