Data Scientist- (003356)Primary Location
FS STRATEGY & RISK DIRJob Posting
24-Jun-2020, 11:28:47 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 3,600 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.
The Financial Strategy and Risk Directorate (FSSR) is responsible for assessing risks to financial stability from across the financial system and defining the Bank’s strategy for responding to them. Key elements of this are: conducting financial stability risk assessment and research across all sectors and markets, to inform decision-making by FPC, PRA Board and MPC; providing support to microprudential supervisors; identifying appropriate policy responses including what macroprudential instruments the Bank needs, and designing the Bank’s strategy for their use; delivering and developing the Bank’s stress-testing framework; and developing public understanding and awareness of the FPC and establishing and delivering its framework for operation.
The Macro-Financial Risks Division (MRD) is responsible for identifying financial stability risks stemming from the UK real economy and assessing policy interventions to reduce those risks.
The Division’s work includes:
- quantifying medium-term tail risks to GDP growth arising from the UK economy, including households, firms, and external finance and the current account;
- developing policy interventions to reduce these risks, and assessing their costs and benefits;
- contributing to the stress test by informing the design of stress test scenarios and forming a view of UK banking sector impairments;
- promoting successful communication of financial stability in the FSR, record and through FPC member speeches;
- publishing research and analysis on financial stability and broader issues, to enhance the Bank’s position as a thought leader on financial stability issues.
There are two teams within MRD, the household team and the corporate and external financing team. MRD staff frequently work across team and divisional boundaries, including in the FSSR project pool, providing staff with wider opportunities.
- The Household Team assesses risks to financial stability stemming from the UK household sector, and how household debt can amplify shocks through the economy and financial system. We play a lead role in designing, calibrating and monitoring FPC policies in this area as part of the FPC’s Annual Housing Review.
- The Corporate and External Finance Team assesses and provides advice to policy makers on risks to financial stability stemming from the UK corporate sector and external financing flows. Areas of focus include: the impact of highly indebted companies on economic activity; corporate sector credit risk; corporate access to finance; cross-border flows of capital and the state of the UK commercial property market.
We are looking for a Data Scientist to join MRD. MRD already does a large amount of modelling and statistical analysis of large datasets, such as the FCA’s Product Sales Database (PSD) and the Bureau van Dyke (BvD) dataset of company balance sheets. We are looking for someone who can extend our capabilities and experience in this area, and help embed best practice in the team. This is an exciting analytical role that will provide an opportunity to develop innovative approaches and work at the frontier of macroprudential policy analysis.
As a Data Scientist you will provide expertise that will directly feed into our assessment of real economy risks and resilience, as well as supporting the development and evaluation of policy.
Responsibilities will include the following:
- Applying data science techniques to projects and policy-relevant analysis and research, for example through statistical analysis and inference (eg regression analysis).
- Supporting the implementation of best programming practices and the sharing of data science skills and knowledge across the Division.
- Developing and embedding processes for sourcing, maintaining and manipulating large datasets on household and corporate lending markets and corporate balance sheets.
- Developing robust statistical models from the data.
- Contributing to the team’s risk assessment and other priorities, including through supporting the pre-FPC process, drafting reports and briefings, and developing analysis.
This is a cross-team role, with opportunities to work across a range of projects. You can also contribute to FSSR-wide priority projects through the FSSR pool. Team members have been actively involved in the FSSR Staff Group and new job holders will also be supported if they would like to engage in FSSR- or Bank-wide initiatives.
Minimum (Essential) Criteria
- Proficiency in at least one mainstream programming language (eg R, Python).
- Coding experience (not necessarily in an economics context).
- Knowledge of statistics, such as regression analysis and predictive modelling.
- Data management experience, including sourcing, cleaning and linking different datasets.
- Creative thinking and ability to find solutions to analytical problems.
- Ability to communicate clearly to a range of stakeholders, and explain complex ideas in a clear, focussed and concise way.
- Track record of delivering high-quality rigorous work, acting independently and with limited direct supervision.
- Interest in risk assessment and the wider macroprudential policy agenda.
Useful but not essential:
- Knowledge of the macro-prudential framework.
- Advanced data scientist skills such as machine learning.
We anonymise applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission. Please complete work history and the applications form questions as requested because incomplete submisssions will not be reviewed.
We continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Our focus on inclusion is intended to build greater diversity in order to reflect the society we serve and be an employer of choice.
As a unique institution, we have a reward package which sets us apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. We also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives including an on-site medical and dental unit.
This specific role offers a base salary of c. £50,000 (subject to experience and skillset)
The total 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.
- A discretionary performance award based on a current award pool and target award of 10%, with a maximum potential award of 25%
- 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 insurance
The closing date for applications is 15 July.
Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.