Risk and Controls Manager, Monzo
Operations
£60-80k
+ Stock options
More information about location
Digital-only bank platform and marketplace
Be an early applicant
Digital-only bank platform and marketplace
1001+ employees
Be an early applicant
£60-80k
+ Stock options
More information about location
1001+ employees
Company mission
To build a new kind of bank that makes money work for everyone.
Role
Who you are
- You have considerable risk and control experience, across operational and conduct risk, pertaining to customer support operations in a regulated environment
- You have a demonstrable ability to lead risk assessments for product change, with a data-led approach to risk identification, assessment and treatment
- You have an understanding of The Consumer Duty and experience applying these regulations and principles to day-to-day work
- You have experience with control testing, and issue and action management
- You’re excited about helping Monzo scale in a compliant, thoughtful and controlled way
- You’re resilient and comfortable working in a fast paced and ambiguous environment where the day to day job is constantly evolving and changing
- You are able to meet people where they are at, and be the a bridge between internal teams and represent Monzo before auditors and regulators
- You are a self-starter, and able to work independently and make prioritisation decisions
What the job involves
- Like any other regulated bank, we need to ensure we are managing our risks and our controls are fully compliant with applicable regulation, but at Monzo we want to do so while continuing with our agile “test and learn” approach to launching products
- We are looking for a Risk & Controls Manager to help our Risk & Control Discipline partner with key operational product areas and ensure we successfully roll-out and embed our risk management framework and change controls across the first line
- As a Risk & Control Manager, you will use your passion for risk and control to support the Operations space, helping our product teams stay in control as they build and ship at pace
- Monzo is a fast-paced and ever changing environment, flexibility, and openness to pivot and focus on different operations domains as needed is a must
- This position is supporting Specialist Services which includes Collections, Vulnerable Customers and Complaints
- Teams across the first line in Monzo seek guidance from the Risk & Control Discipline on how to ensure they are compliant with regulations and Monzo’s Enterprise Risk Management Framework and they also rely on us to create a risk aware culture that distinguishes Monzo in both banking and technology
- Within the Operations space, you will lead the way in real-time risk management by defining and building a scalable set of change procedures, accurately identifying and documenting issues and controls, and change risk assessments are completed in good time across operations domains
- Lead change risk assessments - both general risk and control self-assessments associated with operations product process and/or tooling changes
- Support the first line in developing and improving controls that protect our customer and business needs now and in the future
- Ensure governance-related requirements are met - including documentation and approvals
- Manage and report on the risk and control environment (risks, controls, issues, incidents, remedial actions, etc.) for our operations product domain
- Manage regulatory and audit deadlines and submissions
- Help innovate and improve on the effectiveness of governance and risk management process to ensure they work for Monzo
- Help embed robust regulatory, conduct, and operational risk practices and culture
- Foster positive and collaborative relationships across the three lines of defence
Application process
- A talk with a member of the hiring team
- An initial call with the hiring manager
- 2x 45-60 minute interviews (Technical and Behavioural) conducted via GoogleMeet
- Our average process takes around 2-3 weeks but we will always work around your availability
- We will close this advert once we have enough applications to advance. Please submit your application as soon as possible to make sure you don’t miss out
Salary benchmarks
Our take
Monzo is a challenger bank that fully operates online and offers a full range of current, savings, business accounts, and more. The speed of the challenger banks to provide a great experience has been impressive, and the number of competitors appearing has proven the consumer desire for innovation.
Monzo remains one of the popular online banks, with more than 6 million customer active users. The company faces competition as more traditional banks, such as Goldman Sachs and JP Morgan, have launched their own digital banks. However, the new technologies that the company is built on enable it to expand quickly (with fewer issues) than the incumbent players' offerings.
With an increasing amount of people switching banks, the company's ever-expanding suite of banking and financial services (such as its buy-now-pay-later offering) has resulted in Monzo receiving the second-highest net switching gains among digital challenger banks (just behind Starling).
After setting U.S. expansion plans aside in 2020, the company launched in the U.S. market in early 2022, partnering with Sutton Bank to provide its U.S. accounts. After several years focused on narrowing its losses, Monzo hit profitability in the first two months of 2023. In the same year, 2 million new customers joined, tallying its customer base at 9 million in 2024.
Kirsty
Company Specialist at Welcome to the Jungle
Insights
Company
Funding (last 2 of 18 rounds)
May 2024
$190m
LATE VC
Mar 2024
$452.6m
LATE VC
Total funding: $1.9bn
Company benefits
- Yearly Salary Review + Proactive pay increases to reflect growing responsibilities + Share options
- Flexible working hours
- Work From Home Opportunities + we'll pay for any equipment you need to do your job
- 24 days holiday a year, plus bank holidays
- Paid sick leave for both physical & mental health + Health insurance via AXA or Vitality + Additional health insurance through Medicash
- Employee Assistance Programme
- Learning budget of £1,000 a year
- Aviva Pension Scheme + 4% Employer Contribution
- Paid maternity, paternity, adoption or shared parental leave (after 13 weeks of employment)
- 52 weeks of primary caregiver leave (6 months at 100% pay, 13 weeks at Statutory Maternity Pay, 13 weeks unpaid)
- 3 months of secondary caregiver leave at 100% pay
- Unum Life Insurance
- Access to fertility and family-forming health benefits via Fertifa
- Abellio Season Travel Tickets + Cycle-to-Work Scheme
Company HQ
City of London, London, UK
Leadership
Jonas Templestein
(CTO)Founder of HipDial. Former Software Engineer at Starling Bank.
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