Internal Audit Manager, Monzo
Conduct and Compliance
£80k
+ Share options
Digital-only bank platform and marketplace
Open for applications
Digital-only bank platform and marketplace
1001+ employees
Open for applications
£80k
+ Share options
1001+ employees
Company mission
To build a new kind of bank that makes money work for everyone.
Role
Who you are
- You are a highly motivated self-starter and can approach situations with a level of flexibility that allows you to adapt to a fast-paced environment
- Can demonstrate sound technical knowledge and application of relevant financial services regulatory requirements in the UK and EU (e.g. FCA’s SYSC, BCOBS, COCON, PRIN, DISP, SMCR and PSR, CBI and EU EBA’s requirements)
- Have experience with internal auditing within fintechs, digital banks and financial services industry, with a focus on conduct and compliance risk
- You feel comfortable conducting end-to-end audits autonomously, with a moderate level of supervision
- Have a good understanding of the IIA Internal Audit Standards and strong conduct and compliance knowledge, ideally, from prior regulatory experience or from within the financial services industry
- Can demonstrate strong understanding of risk and control, control design and control testing approaches
- Have a strong understanding of internal control frameworks and audit methodologies
- Have an ability to influence and challenge senior stakeholders
- You are a strong team player and value inclusivity and diversity
- Have a relevant qualification, e.g. CIA or ICA Diploma
What the job involves
- We’re looking for a Conduct and Compliance Internal Audit Manager who will report to the Head of Audit, Financial Crime, Conduct, Compliance and Product
- Being responsible for providing independent assurance over the design and effectiveness of controls related to conduct risk, regulatory compliance, and ethical business practices across various business areas
- Completing audit scoping, including documentation of audit scope, process understanding, risk & control identification, and testing strategies
- Completing audit fieldwork by testing key controls, documenting audit workpapers in accordance with our internal audit methodology, and writing high quality audit observations
- Forming an independent view of whether the key risks to the organisation have been identified, including emerging and systemic risks, and assess how effectively these risks are being managed
- Delivering clear, insightful and pragmatic audit reports, ensuring factual accuracy and managing stakeholder communications
- Maintaining strong relationships with stakeholders to ensure audit issues are resolved promptly and effectively
- Embedding the use of data analytics as part of the core audit processes (risk assessment and planning, audit execution, continuous monitoring)
- Performing continuous business monitoring and updating the Audit team with current developments and emerging risks
- Maintain awareness of emerging conduct risks, regulatory developments, and industry best practices
- Ensuring that the audit universe is up-to-date and accurate, and supporting the delivery of the annual audit plan, including risk assessments and planning
- Driving continuous improvement in the Audit team and contributing to the delivery of the team's strategic goals
- Ensuring the principles of integrity, objectivity, confidentiality, and competency are applied and upheld
Application process
- Recruiter Call
- Hiring Manager Call - 30 mins
- Role Specific Interview - 60 mins
- Behavioural Interview - 60 mins
- Call with our Chief Internal Auditor - 20 mins
- This process should take around 3-4 weeks - your schedule is really important to us, so we promise to be as flexible as possible!
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 active users. The company faces competition from more traditional banks, such as Goldman Sachs and JP Morgan, which 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
$454.5m
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
TS Anil
(CEO)Also a Board Member at Accion. Previously Board Member at UK Finance, Global Head of Payments, Products & Platforms at Visa and was the Global Head of Retail Products at Standard Chartered Bank.
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