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Procurement Risk Manager

Bank of England
£45,900 - £56,160
Closing date
12 Mar 2024

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Specialist Area
Job Level
Banking,Finance and Insurance
Contract Type
Full Time
CIPS Membership
Non CIPS member
  • Exciting opportunity to join the Bank of England in a newly-created role
  • Join the Central Procurement team during an exciting period of growth

About Our Client

The Bank of England is the UK's central bank. Their 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 plus 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 Bank exists to ensure monetary stability and to contribute to financial stability. PPSD ensure that the infrastructures required to support the Bank's critical functions are maintained and enhanced.

Central Procurement are part of Shared Services, which focuses on operational delivery, and includes colleagues from Human Resources, Finance, Technology, Property, Procurement and Security. The Bank exists to ensure monetary stability and to contribute to financial stability; the Shared Services Directorate provides the infrastructure and services required to support the Bank's critical functions.

Job Description

The Procurement Risk Manager is a newly-created role working as part of the Supplier Management (SM) team, responsible for delivering the supplier risk management framework in line with commercial policies and providing challenge to the people performing contract/supplier management in the business areas. The Bank of England is seeking an engaging individual adept at managing multiple stakeholders up to C-Suite level. Their objective is to drive consistency, repeatability, and to support continuous improvement of SM practice.

You will be responsible for supporting the Bank's supplier management community and Business Partnering teams in implementing best practice supplier management, with a focus on Third Party Risk. You will also be liaising on a regular basis with other functional teams and key stakeholders, to ensure that (a) the SM framework is aligned to the Bank's operational and strategic objectives, and (b) key principles are reflected in their activities and behaviours. The role reports to the Supplier Management Lead.

You will be responsible for:

  • Driving the effective coordination of third-party risk management throughout the procurement lifecycle, across the organisation, in line with the existing commercial policies
  • Engaging with Risk and subject-matter experts in the various risk areas to influence how the Bank approaches and manages third-party risk, and agree roles and responsibilities
  • Creating and maintaining engagement guidelines to ensure they are aware of the future pipeline of work, and are approached at the right point in the procurement lifecycle
  • Working with the Operations team, ensuring third party risk management is integrated in the Bank's procurement and supplier management processes
  • Collaborating with the subject-matter experts and the Supplier Management team to create third-party risk management training tailored to the various levels of commercial maturity of the business areas

The Successful Applicant

The successful candidate will need to demonstrate the following capability:

  • Working knowledge in the design, implementation and embedding of third-party risk management with the ability to influence at varying levels
  • Experience of policy and governance/compliance controls design and implementation in a regulated environment.
  • Experience of process design and implementation
  • Ability to synthesise data from a variety of sources
  • Experience in producing reports for Senior Managers up to C-Suite level
  • Experience in creating and rolling out training to a wide audience for third party risk management.
  • Knowledge/understanding of procurement and supplier management regulations and policy would be beneficial but is not essential e.g., PCR 2015 and ISO 3000

Behavioural capabilities:

  • Strong stakeholder management skills and assertiveness, with ability to challenge
  • Demonstrable influencing skills
  • Demonstrable excellent organisational, planning and time management skills
  • Ability to conceptualise and solve problems
  • Excellent written and oral communications skills, with the ability to present and communicate clearly and succinctly at all levels up to C-Suite
  • Self-motivation, with the ability to work both on your own initiative and as part of a team

What's on Offer

This specific role offers a base salary of circa £45,900 - £56,160 per annum (depending on skills and experience) on a full-time basis. An 8% benefits allowance with the option to take this on top of your salary is also included. We encourage flexible working.

In addition, they 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.
  • 26 days' annual leave with option to buy up to 12 additional days through flexible benefits.
  • Private medical insurance and income protection.

Where specific UK qualifications are required we will take into account overseas equivalents. All third party applications will be forwarded to Michael Page.

Ref Code: MPYCJN0220246324927Z

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