Job details

Market Data Compliance Officer

Market Data Compliance Officer

  • London
  • 28 Feb, 2023

Bank of England

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.

Work for an organisation steeped in history with a front row seat for the digitalisation of the financial sector, and the rise of rise of fintech and regtech. A core organisational strength, with our people at our centre, Technology enable the Bank of England to deliver its mission by providing a hugely diverse set of technical solutions and platforms. From supporting critical systems which underpin the UK economy, to evolving data analytics, reinventing our online presence, and introducing a fully digital workplace. Be part of a team that’s constantly evolving, just like our industry.

We take pride in our people, with backgrounds and experiences as diverse as the solutions they provide. You’ll enjoy flexible working opportunities, a strong sense of community and well-being, and a collective mission to promote the good of the people of the UK. All of which add up to make the Bank a hugely rewarding place to work.

Department Overview

The Data Compliance Officer will work with the (Market Data Services Team in DCP) within Technology and will be part of a small team consisting of Market Data Technicians and Market Data Administrators.  The Market Data Services Team is responsible for the support and development of all bank wide Market Data services used throughout the Bank (approx. 120 services,  1500 users).

This includes technical support, project management, contract negotiation, renewals and vendor management with external vendors.   Additionally the team provide data sourcing options for the business driving value for money outcomes,  permissioning users services, managing External data declarations, coordinating training and managing the Bank-wide spends on Market Data services.

The Data Compliance Officer will work alongside the Market Data Team and manage all aspects of Data Compliance of these services; this includes running the data Compliance process, negotiating contract terms and answering queries from the business and suppliers around distribution and publication of data both internally and externally.

We are looking to recruit a Market Data Compliance Officer on a permanent contract to join the Market Data Team within the Technology Directorate.
The successful applicant will provide legal advice and support to the 1000+ users of Market Data Services across many divisions of the Bank.    Assisting business users and their Managers to better understand the “Terms of Use” of each of the 120 contracts whilst enabling them to meet their business requirements and processes.  The role will also be responsible for implementing a new Bank wide data compliance process, using Key Survey (survey tool used by the Bank).   This process will require each Market Data User to provide an attestation that their use of services is within the contractual Terms of Use.  Business areas will require advice and guidance through this implementation. The role will also require regular communications with 70 external suppliers negotiating improved contractual and commercial terms for the Bank.
The role will suit an individual with experience in contract law as well as negotiating and handling contracts.   The individual will require strong attention to detail whilst working at pace answering different business area compliance queries.   The individual must have good communication and negotiating skills, a basic understanding of commercial contracts and strong problem solving skills.

The work of the team:

The Market Data Team comprises of 2 small teams.  One team of 3 who support the technical aspects of the Market Data Services and software and a second team of 3 Market Data Administrators and the vendor manager, who are responsible for validation and payment of invoices, contract renewals, permissioning of users, new data requests and managing the 6.5 million budget with a strong value for money focus.

The Data Compliance role essentially split’s into two main areas.   The implementation and ongoing support and development of the new Bank Wide market data compliance process and the day to day data compliance queries that are sent to the Market Data Team.   Some examples of day to day queries are requests to publish data in external Bank publications, redistribution of data across the bank, writing Terms of Use summaries for the business and negotiation of contractual terms at Contract renewals.

This role includes:

• Drafting contract specific amendments to existing contracts mainly at contractual renewal with a focus on improving terms and conditions of the service for the banks business users
• Drafting amendments to contracts for all new data suppliers to ensure align with the Bank’s legal risk tolerance
• Drafting “Terms of Use” guidelines for  business areas reference with a focus on “easy to understand non legal terminology” with real examples to reinforce understanding
• Advise and assist business to understand the contractual risks where Terms cannot be  amended in line with the Bank’s preferred position
• Dealing with suppliers seeking to negotiate their contract amendments or raising queries;
• Implementation and ongoing management of the new Market Data Compliance process using the Bank Survey tool, supporting the business areas through this transition and maturing the process as appropriate.
• Working with external suppliers to improve process around BOE external publications which often require permissions from 3rd party suppliers to include their data or charts.
•Liaising as required with internal stakeholders in ISD (including data privacy), Procurement and Legal and affected business areas;
•Ensure that all communication with suppliers is dealt with promptly and organised effectively;
• Chair meetings  internally and with suppliers where required
•Handle queries relating to GDPR and personal data from business and suppliers
•Ensuring all relevant documentation and correspondence is adequately processed and filed and that tracker spreadsheets are kept updated at all times.

In addition the role is responsible for:

•Using technical knowledge and judgment appropriate to their experience to ensure that agreed outcomes/timescales are met and that legal risk is adequately identified (including through referral to colleagues in the Legal Directorate) and mitigated.
•Working openly, honestly and collaboratively within the Technology and Legal Directorate, and with relevant business areas.
•Delivering viable and credible solutions to legal issues which are clearly and succinctly communicated within agreed timescales, in a manner suited to the audience and focussed on outcomes which help the Bank to achieve its objectives.
•Investing due time in developing and refreshing their own technical knowledge.

Job Requirements   

The successful candidate would have the following skills, experience and attributes:

• Experience of acting in a paralegal or contract management role,  or other legal role
• Excellent Communication skills both verbal and written
• Some knowledge or experience of GDPR and data privacy law and of contract law
• Strong administration and organisation skills.
• Strong problem solving skills
• Experience of drafting and negotiating commercial contracts.
• Impeccably organised and able to deal with challenging deadlines, handle a large volume of paperwork and mail traffic.
• The ability to confidently interact with suppliers and with internal stakeholders and other members of the wider project team.
• Approachable and professional and able to work as part of a team or independently as required.
• Enthusiastic, adaptable and able to learn quickly.
•Reliable and flexible in their work, with the ability to work to tight deadlines especially during busy periods.
•Pro-active, energetic and ‘can do’ attitude is a must.
•A willingness to demonstrate the Bank’s values in all aspects of behaviour.

The Bank values diversity and inclusion – we want to reflect the society we serve better, we want the best people to work for us and we want our workplace to be inclusive.  We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation.  One way we support diversity and inclusion is through our staff-run networks, which are summarised here.

We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working.  This role is therefore open to flexible working patterns. (Delete if operationally this may not be feasible)

Where a role can be carried out from home, we are working towards colleagues spending at least half of their time in the office, so that we can all benefit from working together in person, while maintaining the flexibility offered by home working. From 6 June 2022, we expect colleagues to spend a minimum of 40% of their working time in the office per month.  Subject to that minimum requirement, individuals and managers should work together to find what works best for them and their team.

We are also committed to making adjustments for candidates and employees where possible, and have partnered with external expert organisations to support us in this.  We are a member of the Disability Confident scheme, summarised here, and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please fully complete the application form questions as requested, as any incomplete submissions may not be reviewed.

The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.

This specific role offers a base salary of between £45, 900- 56, 970 per annum, along with our comprehensive benefits package as follows:

•    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.
•    25 days annual leave with option to buy up to 13 additional days through flexible benefits.
•    Private medical insurance and income protection.

The closing date for applications is xxxxx

Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.

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