Executive Director, Risk Directorate

This position will be based in our Leeds office

Directorate Overview

Established in 2018, the Risk Directorate plays a pivotal role in safeguarding the Bank’s integrity and operational resilience. It is responsible for providing independent oversight of financial and enterprise risk, ensuring that the Bank operates within its defined risk appetite and complies with internal policies and regulatory requirements.

Currently the Directorate comprises three core functions: 

• Enterprise Risk and Resilience – overseeing strategic, operational, and reputational risks, including business continuity and crisis management.
• Financial Risk & Resilience – managing market, credit, liquidity, and counterparty risks, with a focus on financial stability and prudential oversight.
• Central Compliance Function – ensuring adherence to legal, regulatory, and ethical standards across the Bank’s operations.

The Directorate’s vision is to enable the Bank to take risk confidently, with agreed appetite, ensuring that all risks are well understood, appropriately managed, and aligned with the Bank’s mission and strategic objectives.

The division has cira 90 employees and the post holder will have 3 direct reports

Role Purpose

The Chief Risk Officer (CRO) has a direct reporting line to the Governor and an indirect reporting line to the Chair of ARCo and is the executive responsible for leading the Bank’s enterprise-wide risk management strategy. This role ensures that the Bank proactively identifies and assesses risk, enabling us to take mitigating action where necessary to bring risks within the right tolerance. The CRO’s leadership is vital to supporting confident and informed decision-making, and the right amount of risk-taking, in pursuit of the Bank’s public mission.

The CRO acts as a trusted advisor to the Governor, to the Executive Risk Committee and the Court of Directors, providing independent assurance and strategic insight into the Bank’s risk posture.

Key Responsibilities

• Strategic Leadership: Define and lead the Bank’s risk management vision, ensuring alignment with organisational goals and regulatory expectations.
• Second Line Oversight: Lead the second line of defence, developing and embedding robust risk frameworks, policies, and tools across the organisation.
• Governance and Assurance: Provide independent assurance to Court, ARCo and the Executive Committee on the effectiveness of risk controls, mitigation strategies, and compliance practices.
• Committee Engagement: Chair and actively participate in key risk and assurance committees, influencing strategic decisions and promoting a culture of accountability.
• Stakeholder Collaboration: Partner with senior leaders across directorates to embed a strong risk culture and ensure that risk considerations are integrated into planning, operations, and policy development.
• Directorate Management: Lead and develop the Risk Directorate, fostering high performance across Enterprise Risk, Operational Resilience, Risk Analytics, and Compliance teams.
• External Representation: Represent the Bank in external forums, regulatory engagements, and industry networks on matters of risk, resilience, and governance.
• Crisis Preparedness: Oversee the Bank’s approach to crisis management and operational resilience, ensuring readiness to respond to emerging threats and disruptions.

 

Minimum Requirements

• Proven track record of senior leadership in enterprise risk management, within central banking, financial services, and/or public sector institutions.
• Deep expertise in risk governance, regulatory frameworks, and assurance methodologies.
• Strategic thinker with the ability to influence and advise at Board and Executive levels.
• Strong people leadership skills, experience in leading and developing multidisciplinary teams and driving cultural and organisational change.
• Exceptional communication, negotiation, and stakeholder engagement capabilities.
• Strong commitment to diversity, equity and inclusion and experience of managing, coaching and developing diverse teams

Desirable Requirements

• Experience in crisis management, operational resilience, or financial stability.
• Familiarity with the Bank’s mission, governance structure, and regulatory environment.
• Exposure to international risk standards and cross-border regulatory collaboration.

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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.

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. 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.

This role offers a competitive salary.

In addition, 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 and a psychometric assessment for those that are progressed to the second stage interview.

This role closes on 23:59 on 20th October 2025

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.

We are the UK's central bank - and we are a bank like no other; known by our peers for our world-leading thinking on policy and strategy.   Our mission is to promote the good of the people of the UK by maintaining monetary and financial stability. We seek to keep prices stable and people's money safe. We know our work matters to people, to families, up and down the UK. We are driven by curiosity and the desire to do important, challenging work.    It takes a great team to run the Bank of England. We rely on each other to play our part. We benefit from a collaborative culture and long-established flexible ways of working, supporting our colleagues balance their work and personal lives. We strive to be a place where people feel they belong and have equal access to opportunities, because different perspectives helps us make the best decisions for the public.   There's much to gain from working with us - from career defining work at the heart of the UK economy, being part of a fantastic team, and a rewarding compensation package.    Join us and find a bank like no other. Together, we can make a difference.
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.
If you would like more details about how your information will be used and your information rights, please visit our recruitment privacy notice