Independent Evaluation Office (IEO)
Supporting Court (the Bank’s Board of Directors) in delivering first-class governance for the Bank, enhancing its accountability to Parliament and the wider public. We provide Court with independent high-quality evaluations of the performance of the Bank’s policy areas and strategy and our work is unique in terms of scope and far-reaching access across the Bank’s divisions. We report directly to the Chair of Court helping to safeguard the independence and impartiality of our work and operate at arm’s length from local business areas of the Bank.
What big issues might I be working on?
Each year the IEO aims to conduct two in-depth performance evaluations on key policy areas. For example, recent evaluations have looked at:
- the Bank’s forecasting performance;
- the PRA’s approach to its secondary competition objective;
- Financial Market Infrastructure supervision.
Live policy is out of scope to protect the independence of the policy function but the IEO may conduct retrospective reviews of decisions taken by policy committees. The Chair of Court is responsible for setting the IEO’s remit and work programme and the subject matters covered are varied and interesting. Unless there are public interest reasons not to, the IEO findings and recommendations – as well as the management response to these – are published, contributing to transparency and accountability of the IEO and the Bank of England as a whole.
What sort of things could I do here?
You will work directly to the Director of Independent Evaluation and IEO managers, have exposure to senior staff from across the Bank and gain an unparalleled overview of the work of the Bank. The role of the Industrial Placement (IP) student in the IEO is a crucial one and the individual taken on will perform a vital role in both evaluations undertaken by the team. The work means that you will gain a much greater sense of the Bank’s work and exposure to a whole range of senior stakeholders, both internal and external, than many other IP roles with the chance to develop analytical, numeric, written and interpersonal skills. The set-up is a small, project based unit physically situated in the Governors’ area of the Bank which lends itself to a greater degree of flexibility and autonomy than in many areas of the Bank.
What could I be doing day-to-day?
There is a great breadth and variety of work and no two days are the same. Your role will include:
- Undertaking research and analysis for both evaluations;
- Aiding the production and delivery of high quality reports and follow up surveys, including the checking of data prior to publication;
- Taking notes and minutes of structured interviews and meetings, often with very senior stakeholders, both internally and externally;
- Using and developing computer based skills to become the team expert on Excel and PowerPoint.
Throughout your time with us you will be a vital and valued part of the team and encouraged to contribute to every aspect of the work undertaken by the IEO.