Head of Professional Practices, Monzo
Internal Audit
£110-120k
+ Stock options
We can sponsor visas.
Digital-only bank platform and marketplace
Be an early applicant
Digital-only bank platform and marketplace
1001+ employees
Be an early applicant
£110-120k
+ Stock options
We can sponsor visas.
1001+ employees
Company mission
To build a new kind of bank that makes money work for everyone.
Role
Who you are
- Are an experienced Internal Audit Professional (minimum 10 years) who has worked in fast moving environments with developing risk and control frameworks
- Have extensive knowledge and experience in managing Internal Audit operations across key domains: Professional Practices, Board Reporting, Quality Assurance, Data Analysis, Project Management
- Are a skilled relationship developer with the ability to effectively challenge and influence senior internal and external stakeholders on both internal audit or risk related matters
- Have experience in people management, supporting peers and leading high performance teams to meet deadlines
- Are a “self-starter” with significant experience in managing large programmes of work across multiple territories
- Embrace continuous learning and development and be able to work within complex and dynamic settings, both anticipating as well as responding to change
- Have strong understanding of IIA standards and Internal Audit Code of Practice; and
- Have a relevant qualification (IIA, ACCA, ACA, CPA or CFA)
What the job involves
- Internal Audit is Monzo’s Third Line of Defence, and we’re here to help Monzo grow safely. We’re looking for a passionate Head of Professional Practices to help the Internal Audit Collective manage its operations, during a fast pace and due growth period, effectively and efficiently
- The professional practices team will consist of three colleagues (Head of Professional Practices, Internal Audit Manager, and a Data Analyst) and will report into the Chief Internal Auditor
- Owning the overarching Professional Practices, Board Reporting and Quality Assurance Framework, for the Group Internal Audit Collective
- Ensuring the Internal Audit Methodology and internal operations are aligned with the IIA Standards and the Internal Audit Code of Practice
- Managing and driving process improvements, change, and innovation in transforming internal audit practices
- Owning the Data Analytics framework (incl. Definition and maintenance of DA standards, audit expectations, collaboration with the data teams, etc.) and ensuring sufficient and timely resource is provided to the audit portfolios throughout the annual audit plan
- Ensuring the Data Analytics framework continues to evolve as the organisation and the Collective, continue to grow
- Ensuring the framework supporting the Collective’s operations is effective and efficient
- Overseeing (and where applicable, owning) programmes of strategic initiatives within the Internal Audit Collective
- Owning the Collective’s Board Reporting process and ensuring timely delivery of Board Committee outputs as well as other relevant Management Information
- Executing and reporting on the Internal Audit Quality Assurance programme and ensuring enhancements are fed back in a timely and efficient manner
- Supporting other Internal Audit priorities and initiatives, such as talent and performance management, recruitment, professional development and learning
Application process
- Our interview process involves 4 main stages:
- Call with our Hiring Team
- Loop Interviews
- Role Specific Interview
- Behavioural Interview
- Leadership Interview
- Call with our Chief Internal Auditor
- Our average process takes around 2-3 weeks but we will always work around your availability. You will have the chance to speak to our recruitment team at various points during your process but if you do have any specific questions ahead of this please contact us on business-hiring@monzo.com
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
$456.5m
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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