Senior Technical Specialist, Credit Risk Measurement, Model Development & Review Division - SRS

MDRD supports front-line banking supervisors and prudential policy with expert advice and by conducting in-depth analysis on individual firms. The division also contributes to the wider policy functions of the Bank, including through stress testing of the major UK banks. Building upon existing resources we aim to recruit, develop and retain a capable, adaptable and motivated specialist team which will successfully and efficiently deliver the division's goals today and for the future.

The Credit Risk Measurement (CRM) team is one of 3 teams within the Model Development & Review Division, the other 3 being Traded Risk Measurement and Quantitative Analysis and Risk Management.

CRM provides expert advice, primarily to the PRA’s Supervision and Policy directorates, on IRB rating systems and wider credit risk measurement topics such as decisioning, impairment (e.g. IFRS 9) and stress testing models.

This is a senior technical and leadership role, providing technical leadership and direction to the team. The successful candidate will bring deep expertise in retail or wholesale credit risk IRB modelling and IRB regulatory requirements. Expertise across both retail and wholesale credit risk is desirable.

Key Responsibilities

• Provide technical leadership in critically reviewing firms’ credit risk IRB models, assessing compliance with IRB requirements and making informed recommendations to senior PRA committees.
• Lead and manage a team of technical specialists, providing direction, fostering a collaborative culture, and ensuring high performance in the analysis of industry trends and model risks.
• Supervise and conduct on-site and desk-based reviews of PRA-regulated firms, develop conclusions, prepare reports, and present findings to senior PRA stakeholders.
• Ensure clear and effective communication of technical issues and associated risks to both technical and non-technical audiences, including senior stakeholders.
• Engage directly with firms’ senior management (including CROs) to communicate regulatory findings, expectations, and best practices in IRB modelling.
• Proactively drive the development of PRA best practices, identifying and implementing pragmatic solutions while remaining effective as priorities evolve and circumstances change.
• Provide technical support and advice to other areas of the PRA, including Policy teams, on the development and implementation of new IRB policy.
• Advise on broader credit risk modelling issues, such as decisioning, IFRS 9 provisions, and stress testing, ensuring alignment with regulatory expectations.
• Number of direct reports: Up to 3

Role Requirements

Minimum Criteria

• Previous experience in managing people and leading a team, either directly as a line manager or in the context of significant project work/delivery.
• Extensive experience in retail or wholesale credit risk IRB model development and/or validation, gained within firms with significant retail or wholesale lending business, consultancies, or regulators.
• Proven track record of conducting end-to-end IRB model development, validation or supervisory reviews, and writing detailed technical documentation for IRB models.
• Deep expertise in PRA regulatory requirements and expectations for IRB models, including Basel 3.1, CRR, and Supervisory Statements.
• Strong understanding of governance and validation processes supporting IRB models.

Essential Criteria

• Exceptional written and verbal communication skills, able to explain technical issues and their relevance to PRA objectives to diverse audiences.
• Confidence and credibility in representing the PRA in direct engagement with firms’ senior management and in representing the team in internal senior meetings.
• Strong stakeholder management skills, with the ability to navigate conflicting objectives and deliver challenging feedback confidently.
• Ability to focus on material risks to PRA objectives, avoiding unnecessary technical detail and ensuring impactful reviews.
• Proactively identifies and implements solutions, remaining effective when priorities shift and timelines are compressed.
• Proven ability to work independently or as part of a team across multiple projects to meet deadlines.
• Demonstrated commitment to diversity and inclusion.
• Proven quantitative skills gained in relevant roles.

Desirable Criteria

Expertise across both retail and wholesale credit risk.

Good knowledge of techniques used in stress testing of credit risk capital requirements.

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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.

From 1st October 2026, we expect all our colleagues to spend a minimum of 50% of their working time in the office per month. This is to capitalise on the benefits of working together in person across teams, while maintaining the flexibility offered by home working. Subject to that minimum requirement, individuals and managers should work together to find what works best for them and their team.

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.

We also offer a comprehensive benefits package as detailed below:

Currently a non-contributory, career average pension giving you a guaranteed retirement benefit of 1/80th of your annual salary for every year worked. There is the option to increase your pension (to 1/65th) or decrease (to 1/105th) in exchange for salary through our flexible benefits programme each year. The Bank has the discretion to vary standard accrual rates and dial up and dial down rates at any time and to withdraw dial up and dial down options at any time.

A discretionary performance award based on a current award pool.

An 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 Bank of England welcomes applications from all candidates, but as a UK Visas and Immigration (UKVI) approved sponsor, we have a responsibility to comply with the Immigration Rules and guidance. As such, our ability to employ individuals who require sponsorship for immigration purposes is limited. The Bank cannot guarantee that you and / or the role you are applying for will be eligible for sponsorship and that any application made to UKVI will be successful. Eligibility will therefore be considered on a case by case basis.

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. (Amend and add brief details if relevant, such as interview/assessment dates or process for your specific role).

This role closes on 16 Nov.

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.