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Internal Audit Manager

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.

Internal Audit (IA) evaluates the design and effectiveness of the governance, internal controls and risk management processes that exist across the entire Bank. We do this to provide Court and Executive Management with assurance over the control environment in the Bank.

Each year, we present an annual audit plan to ARCo that sets out the audits we will complete during the year. As well as doing the audits in the annual audit plan, we engage in continuous monitoring, provide input to Bankwide projects and complete unplanned work. Based on our audit work, we make cost-effective recommendations to management that are designed to improve the Bank's control environment.

Internal Audit reports directly to the Audit and Risk Committee. IA works in relationship with its external auditors, European banks and the Treasury. Three layers of review ensure that the highest standards are achieved and maintained: external review, internal quality assurance review, individual assignment review

Department Overview

The Bank of England is the central bank of the United Kingdom. Its core purposes are to ensure monetary stability and financial stability and to perform macro and micro prudential regulation. The Bank’s Internal Audit function has c.30 professional staff and plays a key role in protecting the Bank’s assets, reputation, and sustainability by independently and objectively evaluating the effectiveness of internal controls, risk management and governance processes.

Job Description

This is a people management role. You will be responsible for day to day management of the team and for defining roles and responsibilities. You will develop your team through sharing information effectively, coaching and communicating a clear vision to ensure that your staff are productive, engaged and motivated to deliver the area's aims. This will include setting clear goals and smart stretching objectives that are aligned to those of the team, division and directorate. You will also be responsible for managing all staff-related matters that may arise including performance, absence and sickness.

With limited oversight from a Head of Division, the jobholder is required to establish and execute a programme of both scheduled audits and continuous monitoring across several areas of the Bank in order to provide comprehensive assurance to Court and Executive management. The jobholder is expected to develop a deep understanding of the business and business strategy in the relevant areas and develop and maintain productive relationships with executive directors, management and staff. More specifically, the role requires the role holder to:

• Help define the audit strategy for allocated areas of the Bank’s activities (most likely the Bank’s financial markets operations) with input from the Head of Division and executive management.
• Maintain an audit universe and underlying risk assessments. Use this to drive a programme of scheduled audits and continuous monitoring which provides balanced coverage, commensurate with business risk, of all relevant areas.
• Scope and manage an audit portfolio, ensuring key risks and issues are identified, root causes understood and well-targeted recommendations are agreed with the business.
• Execute assigned portfolio of audits within time and budgetary targets, ensuring all required documentation is completed and meets our quality standards.
• Deliver precise and readable audit reports that clearly convey key messages to senior stakeholders.
• Represent Internal Audit at project boards and other fora, making insightful and influential contributions to discussion of key risks, issues and controls.
• Contribute to, and where needed, lead the development of departmental practices and delivery and engage positively in Bank wide initiatives.
• Challenge management and the Executive constructively to ensure they take appropriate action, voicing independent opinions underpinned by objective analysis.
• Oversee the resolution of open audit findings, and challenge management responses. Ensure appropriate escalation of past due findings.
• Demonstrate a knowledge of – or willingness to actively learn – SMART auditing techniques, such as via the use of Data Analytics and Technology auditing skills.

The job holder will be expected to support the day-to-day management of the team, and also assist with the development of other team members. This will include defining stretching objectives that are aligned to those of the Internal Audit dept as a whole.

Number of direct reports: 1 - 3

Role Requirements
Minimum (Essential) Criteria

• Track record in managing successful engagements which deliver constructive outcomes.
• The candidate should have a strong understanding of risk and controls, covering both business area audits and project delivery.
• Strong analytical skills and judgement.
• The candidate needs to be a strong communicator, with credibility to be able to effectively build business relationships and represent IA in senior fora.
• Be able to negotiate efficient and effective improvements to risk management processes, internal controls, and governance processes, with Bank senior management. This needs to be done with diplomacy and determination.
• Have excellent writing and verbal communication skills, including the ability to explain highly technical audit findings in a straight-forward manner to senior stakeholders not familiar with the technical detail, and tailor outputs to the intended audience.
• Able to work co-operatively and effectively with others in a team environment and get the best out of the team to deliver high quality outputs.
• Familiarity with basic data techniques.

Desirable Criteria

• A strong and broad knowledge of the responsibilities and operations of the Bank is desirable, but not required.
• Data proficiency with tools such as Tableau, is desirable but not mandatory.

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.

For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

Finally, we're proud to be a member of the Disability Confident scheme. You can find more information on what this means here. 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

This specific role offers a base salary of circa £61,100 - £72,270 per annum (depending on skills and experience) on a full-time basis. 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.

In addition, we also offer a comprehensive benefits package as detailed below:

• 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. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
• 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 at Privacy and the Bank of England | Bank of England.

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 closing date for applications is 6 August 2023.