Chief Operating Officer Profile

<p><strong>Role Description</strong></p><p>The Chief Operating Officer (COO) reports to the Governor of the Bank of England and is responsible for its internal operations. The role holder is a member of the Bank of England’s Executive Committee with the four Deputy Governors and the Governor. The COO also attends, by standing invitation, all the meetings of the Court of the Bank of England, its governing body.</p><p>The COO plays a central role in ensuring that the Bank has the people, structures, processes, and systems it needs to be successful in delivering its mission to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.</p><p>They have direct responsibility for leading the combined functions of the Bank’s Technology, People, Security (cyber and physical), Facilities, and Property and Procurement functions. The Bank’s Data function also has a dual reporting line to the COO alongside the Deputy Governor, Monetary Policy. They are also a major contributor to the overall strategic direction setting of the Bank as a whole.</p><p>The Bank is constantly evolving and adapting to change, examples include: the effectiveness and efficiency of our use of new technologies; getting the most from the Bank’s resources; and responding to the technology changes across the financial sector including in the important area of payments. The COO plays a key role in supporting the rest of the Bank in responding to such change.</p><p>The COO must be a strong and experienced leader and influencer, have experience of implementing organisational and technological change, with exceptional people skills to help steer and support the Bank and all of its people to achieve important strategic and operational change that will enable the modernisation of its internal operations.</p><p>The Bank is committed to diversity and inclusion – we are committed to reflect the society we serve better, hire the best people and have an inclusive workplace for all. We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion, and sexual orientation. We are an equal opportunities employer and a member of the Disability Confident scheme.</p><p><strong>Key Accountabilities</strong></p><p>The COO is responsible for the internal operations of the Bank in support of its policy and regulatory responsibilities and activities – currently with a staff of c1281FTE (employees and contractors) and an annual budget of over £163M.</p><p>The COO is responsible for providing strategic oversight, leadership, and accountability for the internal operations of the Bank, including:</p><ol><li>Delivery of major technology and organisational change</li><li>The Bank’s technology strategy and plan coupled with efficient, effective, and robust technology delivery across the Bank’s information technology estate.</li><li>People strategies, policies, and processes to attract, develop, and retain a diverse range of talent across a broad range of disciplines</li><li>Full responsibility for the Bank’s real estate and procurement strategies</li><li>Delivering the highest standards of security for both physical properties and cyber</li><li>Shared responsibility for the Bank’s internal climate strategy and data function.</li></ol><p>The COO is a vital business partner to all the policy and regulatory areas of the Bank. They contribute to the institutional leadership of the Bank through membership at the Executive Committee and Executive Risk Committee and Chairing the Executive Operations Committee. The COO attends Court, the Audit and Risk sub-committee of Court, and the Remuneration sub-committee of Court.</p><p>The COO will also support the Bank’s strategic vision to create a more humble, human Bank, in step with the changing world and the delivery of the Bank’s strategic priorities. They will lead by example in promoting the Bank’s talent, and diversity and inclusion objectives. They will also model the behaviours of the Bank – Acting Inclusively, Driving Growth, and Delivering Outcomes.</p><p><strong>Capabilities and Experience</strong></p><p><strong>Required Skills, Knowledge and Experience</strong></p><ol><li>Experience of operating at the Executive Committee level with regular Board engagement either as a COO or CEO</li><li>Track record of working within complex business environments and models</li><li>Experience of successfully overseeing large and diverse change and/or technology programmes</li><li>Interest and enthusiasm for supporting a modernising programme for human resources</li><li>Strategic vision and knowledge to deliver modern, efficient, and effective functions and be a supportive and strong business partner to the policy and regulatory areas of the Bank</li><li>Willingness to understand the core policy work of the Bank to affect and deliver the change required.</li></ol><p><strong>Characteristics, traits and drivers</strong></p><ol><li>Commitment to the Bank’s Mission and desire to deliver the functions of the Bank in a manner which supports that Mission.</li><li>Strong interpersonal skills and appropriate stature and gravitas. An individual of substance who commands the respect of the Governor, Deputy Governor, and wider leadership including Non-Executive Directors of Court.</li><li>A gifted, collaborative leader with experience in running, motivating, and empowering a large and diverse team with a broad mix of skills and experience.</li><li>Independence of thought and possessing sound judgement bringing the highest level of integrity.</li><li>A rigorous leader used to deploying KPIs and value for money metrics to deliver performance to the highest standards.</li><li>Ability to assimilate information rapidly and to make sound judgements in a timely manner, including during critical incidents.</li></ol><p><strong>Remuneration and conditions of employment</strong></p><p>We expect the successful candidate to be motivated by the mission ahead of the compensation package and by the importance and challenge of transforming Central Services at such an important and iconic institution as the Bank of England.</p><p>The salary for this role is set annually by the Bank’s Remuneration Committee and is in line with the Deputy Governors. The successful candidate would be eligible for membership of the Career Average Section of the Bank of England Pension Fund. In addition to this, the jobholder will receive Private Medical Insurance (Employee & Family cover), Life Assurance (4 x pensionable salary).</p><p>The Governors of the Bank of England are not eligible for a performance award or incentive payment.</p><p>The role holder may, if they wish, take up other benefits offered through the Bank’s flexible benefits scheme (Benefits+). The cost of these benefits will be deducted from their monthly pay.</p><p>These benefits include:<br/>• Private medical insurance for partners and/or children.<br/>• Health screening<br/>• Up to 13 days’ additional leave.<br/>• Membership of in-house gym.<br/>• Dental insurance.</p><p>This role is a full-time position, however the Bank is committed to flexible working, as it recognises that traditional work patterns do not suit everyone, and that an individual’s needs often vary greatly over the course of a career. We therefore aim to be as flexible as possible, offering options that include variable hours and hybrid working.</p><p>The Court’s Remuneration Committee reviews terms annually.</p><p><br/><strong>Application process</strong></p><p>This role closes on 4th February 2025</p><p>We are working with Executive Search firm Moloney Search to support this recruitment. Please submit your CV and a covering letter detailing your suitability to <a href="#">boe@moloneysearch.com</a></p><p><br/><strong>Our Approach to Inclusion</strong></p><p>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.</p><p>At the Bank of England, we want all colleagues to feel valued and respected, so were 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.</p><p>We welcome applications from individuals who work flexibly, including job shares and part-time working patterns. Weve also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where theyre needed.</p><p>Finally, were 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.</p><p><br/><strong>National Security Vetting Process</strong></p><p>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 Banks Privacy Notice.</p><p>The Bank of England will use and protect the information you provide when you apply for a role with us, in line with our obligations under data protection law. This is so we can assess your suitability for the role and administer your application. If you’re successful we’ll use it to offer you a position and onboard you to join the Bank.</p><p>If you would like more details about how your information will be used and your information rights, please visit our recruitment privacy notice.</p> J-18808-Ljbffr