Risk and Controls Assurance Analyst

Risk and Controls Assurance Analyst, London, Permanent

We’re looking for a Risk and Controls Assurance Analyst to join our Chief Risk Office and support how risk and controls work in practice across Pay.UK. This role is well suited to someone with practical experience in second line of defence assurance who wants clarity of scope, structured work, and exposure to a regulated payments environment.

You’ll focus on how controls are designed, documented, tested, and improved. Your work will support consistent assurance across an organisation of around 350 colleagues that operates UK payment systems processing billions of transactions each year. You’ll work closely with first line teams, use established GRC tooling, and contribute to the ongoing embedding of our Enterprise Risk Management Framework. The outcome of your work is clear and practical: well-defined controls, reliable assurance, and reporting that supports informed decisions.

Accountabilities

• Review and quality assure control objectives, control designs, and control documentation to confirm they meet defined standards.
• Work with first line of defence teams to review control testing results and identify gaps, weaknesses, or inconsistencies.
• Maintain and deliver a second line controls assurance plan, using the GRC tool to document testing, outcomes, and follow-up actions.
• Provide structured feedback to first line teams on assurance findings and support the development of clear action plans where controls are not effective.
• Support the design and review of standardised and centralised control activities, including documenting recommendations for improvement or automation.
• Complete quality assurance checks across risks, controls, issues, and key risk indicators to confirm accuracy, completeness, and timeliness.
• Contribute to Directorate-level Risk and Control Self Assessments by reviewing inputs and validating outputs before reporting.
• Support enhancements to the risk and controls modules within the GRC tool, including defining requirements and testing changes.
• Prepare clear assurance outputs and reports that summarise findings and themes for internal stakeholders.

Qualifications, Skills and Experience

• Experience working in a second line of defence risk or controls assurance role within a regulated environment.
• Practical experience designing, testing, or assuring operational controls and reviewing control effectiveness.
• Experience using a GRC tool to record risks, controls, issues, and assurance outcomes.
• Experience working with internal audit findings and supporting the tracking and closure of agreed actions.

 

Pay.UK Behaviours

At Pay.UK, our behaviours are central to who we are and how we operate. They bring our values to life, shape our culture, and guide how we make decisions, collaborate, and respond to challenges across the payments ecosystem. All interview processes will assess the following behaviours:

• Listen to Find Win-Wins - Empathy, Listening and Understanding
• Influence with resolve - Influence, resolve
• Go Horizontal First - Cross Boundary Collaboration
• Take Ownership - Self Development
• Opportunity Mindset – Initiative
• Simplify - Achievement orientation

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Inclusivity

At Pay.UK, we value diversity and inclusivity. Research has shown that candidates from underrepresented groups may hesitate to apply unless they meet all the requirements listed. We encourage all qualified candidates to apply, regardless of how closely their skills and experience match the requirements. We are committed to supporting accessibility needs and creating a welcoming environment for all employees. Become part of our team and contribute to the creation of an inclusive work environment that values everyone's unique input.

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Who we are

Pay.UK maintains and develops the UK retail payment systems and standards that are core to the economy being able to function on a day-to-day basis.

From Bacs to Faster Payments and cheques – we act as the single operator for all UK retail payments. We put the needs of consumers and businesses at the heart of everything we do, working in the public interest to ensure that the systems the country relies on for its banking transactions are safe, open, innovative and resilient.

Our payment systems underpin the services that enable funds to be transferred between people and institutions. In 2024, the UK's retail payment systems processed 11 billion transactions worth over £10 trillion through Bacs Direct Credit, Direct Debit, Faster Payments, and cheques, and our Current Account Switch Service has facilitated over 9 million switches since it’s launch in 2013.

Every day, individuals and businesses use the services we provide to get their salaries, pay their bills and make online and mobile banking payments. Our vision for the future is to enable a vibrant economy, with Pay.UK delivering robust payment infrastructure and standards for the benefit of consumers and businesses nationwide.

Learn more about life at Pay.UK by hearing what employees have to say, click here to view videos.

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Benefits & additional information

• 12% Non-contributory pension
• Discretionary annual bonus
• 30 days annual leave (excluding bank holidays)
• Private medical insurance, life assurance, income protection, health cash plan, dental insurance, Bupa medicals etc
• Employee assistance programme
• Cycle to Work Scheme
• Season ticket loan
• Annual fitness subsidy of up to £500 per annum
• Working from home policy - minimum 40% in the office (eg. 2 days in the office over a 5 day working week)

Please note:

• Some of our benefits are only available to colleagues after meeting the requirements of the probationary period.