Contract & Finance Manager

Bank of England
10 Aug 2018
20 Aug 2018
Contract Type
Full Time

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Notes Directorate fulfils the Bank's obligations as the sole issuer of banknotes in England and Wales. With staff across Head Office, Debden and Leeds, we rely on expertise in fields as diverse as economic and quantitative modelling, risk analysis, operations and science. In fulfilling this important and highly visible public role, in maintaining confidence in the currency, it is important that we ensure:
  • The right note - the public has access to genuine, high-quality banknotes of a range of denominations
  • The right place - a well-run cash industry exists to supply banknotes cost effectively across the country
  • The right time - the Note Circulation Scheme ensures peaks in public banknote demand e.g. Christmas are met consistently

In addition to our role in relation to Bank of England notes, Notes Directorate fulfils the Bank's statutory responsibility to ensure public confidence in banknotes issued by Scottish and Northern Ireland banks.

In 2003 the Bank outsourced the printing of banknotes to a private printer (De La Rue), but required the notes to still be printed at the Bank's site in Debden. The contract was renewed in 2014 for a further 10 years.

Since that time a new Contract Management Team was established, responsible for the management of the contract, plus several other contracts for key banknote components. Collectively these contracts are worth up to GBP1 billion over their duration.

The jobholder will be primarily based at the Bank's site in Debden, Essex, but will be required to travel to Threadneedle Street in central London on a frequent basis.

Job Description

The Banknote Contract Management Team is looking for an experienced commercial professional to undertake the financial management of the banknote print contract. The role will also involve the jobholder supporting the Senior Contract Manager on commercial and contractual matters relating to the Print contract and other key banknote supplier contracts.

The Contract and Finance Manager role is within a small Contract Management Team who manage the contractual and quality obligations for Banknote Printing, polymer substrate supply, and other note key components.

The jobholder's primary task will be to manage the detailed commercial model which underpins the print contract. The successful candidate will be expected to take the lead on this, managing the end to end process for changes to the model during the contract. Additionally the role will involve day to day financial management of all the supply contracts managed by this team and the overall budget. There will be a requirement to support, and on occasion lead, commercial projects and initiatives with suppliers, conduct procurement projects and get involved in contract and SRM activity. The jobholder will report to the Senior Contract Manager and will be expected to work closely with the Chief Cashier and be able to engage across all levels in the Bank.

Aspects of the role will include:

  • Updating and maintenance of the Reference Financial Model;
  • Reporting and analysis of actual expenditure against Budget;
  • Manipulation of the Reference Financial Model during Change Control Procedures;
  • Preparation of budget material for the Chief Cashier and Treasury;
  • Ad-hoc analysis in the context of contract management.
  • Contractual negotiations with Printer and key banknote components suppliers
  • Training and education of financial and contractual obligations to the wider Notes Directorate - as required

Job Requirements

Minimum Criteria
  • Experience designing and manipulating commercial and or budget models;
  • Advanced Excel skills and the ability to maintain and manipulate large data sets;
  • Experience managing budgets;

  • Experience of managing high profile supplier contracts in excess of GBP10million, ideally within a manufacturing environment;

Essential Criteria

  • Excellent communication skills such that complex numerical issues can be explained clearly, both in writing and orally;
  • An ability to simplify processes and apply IT to improve efficiency, solve problems and enhance areas working together;
  • Commercial acumen
  • Proven negotiation at a senior level, ideally with some experience in Public Procurement (OJEU process)
  • Good communication and presentation skills, and able to work effectively with senior management and within a team;
  • Ability to train / mentor to a broad range of technical and non-technical team members at all levels of the organisation;

Desirable Criteria
  • Experience of Public Sector procurement
  • Financial qualification (eg ACA, ACCA, CIMA);
  • Procurement qualification e.g. CIPs

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

We continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Our focus on inclusion is intended to build greater diversity in order to reflect the society we serve and be an employer of choice.

The closing date for applications is 31 August 2018.

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

As a unique institution, we have a reward package which sets us apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. We also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives including an on-site medical and dental unit.

This specific role offers a base salary of GBP57,000 - GBP65,000 (subject to experience and skillset)

The total package also includes:
  • A non-contributory, career average pension
  • A discretionary performance award based on a current award pool and target award of 10%, with a maximum potential award of 25%
  • 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 insurance

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