Credit Risk Oversight Manager, Monzo
£79.9-95k
+ Incentive Awards tied to your performance
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
£79.9-95k
+ Incentive Awards tied to your performance
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
- Have a strong background in credit risk management within consumer or small business lending - experience in unsecured product, such as credit cards, loans or overdrafts would be particularly beneficial
- Have proven analytical skills, and can use these to interrogate data, build monitoring and look for early indicators of trends
- Have hands-on experience and/or understanding of how to use credit risk scorecards and NPV models to develop strategies for making credit decisions
- Have a solid technical toolkit; SQL or similar is a must-have, and experience using a data visualisation tool (such as Looker, PowerBI or Tableau) is a plus
- Are excited to explore how we can use AI tools to improve our credit and risk management processes
- Can convey problems and solutions using clear and simple language, both written and verbal (see Monzo’s tone of voice guide). This is particularly important for communicating complex issues and priorities to non-experts
- Have a track record of building and maintaining trusting relationships with stakeholders, while providing effective and respectful challenge
- Are passionate about technology, and what we’re doing here at Monzo excites you!
- Not ticking every box? That’s totally okay! Studies show that women and people of colour might hesitate to apply unless they meet every single requirement. If you’re passionate about this role and keen to learn and grow with us, we encourage you to apply - even if you don’t have everything that's listed just yet. Drop us your application, we’d love to hear from you!
What the job involves
- Our Borrowing (lending) business is growing rapidly across both existing products and with the planned launch of new initiatives. As our lending portfolio grows, our second line of defence Credit Risk Oversight team is growing with it - and we’re looking for a Credit Risk Oversight Manager to join us!
- Our Credit Risk Oversight team is crucial in providing support and challenge to our Borrowing teams in the first line of defence to help Monzo grow safely. We’re looking for someone (maybe you?!) with proven experience in consumer credit risk who likes getting into the details and analysing data to deliver independent assurance - and challenge - of credit risk management across the lifecycle
- Ideally you’ll have experience and in-depth knowledge of retail unsecured or small business credit risk strategy within financial services. You’ll have seen first-hand how a credit portfolio performs at different stages of the credit cycle, and have hands-on experience in shaping or overseeing lending strategies
- You’ll have a collaborative approach, and be comfortable working across a broad range of stakeholders. You’ll also be someone who likes getting into the details, analysing data and providing constructive challenges
- Providing ongoing oversight of credit risk - this includes analysing and understanding the performance of our existing lending products, developing and enhancing monitoring metrics and providing input to relevant committees and forums
- Partnering with our first line of defence teams to support credit strategy changes - including new product launches and pilots - ensuring that we deliver magical lending products for our customers while meeting our Risk Appetite
- Delivering deep insight, feedback and challenge on our credit strategies - including data-driven analysis and actionable counter-proposals - to support management decision making and shaping better outcomes for our customers
- Leading second line assurance work on thematic reviews
- Collaborating with our model validation and model development teams to ensure understanding of the models that underpin our credit strategies
- Providing credit expertise and input into relevant strategic projects and critical Monzo-wide processes, such as stress-testing and forecasting
- Supporting us in maintaining our Credit Risk Framework and making sure it is well embedded within the business
- Taking a balanced and proportionate approach to risk management, making sure that managing risks becomes part of everyone at Monzo’s day-to-day role
Application process
- An initial call with our recruiter
- A call with one of our Credit Risk Oversight Managers, the hiring manager(s) for the role
- A take-home task
- Two competency, based interviews - one role specific technical interview and one behaviours and values interview
- This process should take around 4-8 weeks - your schedule is really important to us, so we promise to be as flexible as possible!
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).
The company launched in the US market in early 2022, partnering with Sutton Bank to provide accounts there. After several years focused on narrowing its losses, Monzo hit profitability in the first two months of 2023. It is now moving forward with an IPO, targeting a £6-7 billion valuation
Kirsty
Company Specialist at Welcome to the Jungle
Insights
Company
Funding (last 2 of 18 rounds)
May 2024
$190m
LATE VC
Mar 2024
$449.6m
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
TS Anil
(Vice Chair)Previous ly CEO of the company. 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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