Provisions and Forecasting Lead, Monzo
Borrowing
£92.5-125k
+ share options.
More information about location
Digital-only bank platform and marketplace
Open for applications
Digital-only bank platform and marketplace
1001+ employees
Open for applications
£92.5-125k
+ share 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 a strong background in IFRS9 impairments
- You have extensive experience in developing, validating or monitoring Credit Models (impairment, stress testing, forecasting)
- You have strong analytical skills and a track record of using these to deliver technical projects
- You have a solid technical toolkit. SQL and either Python or R is a must-have, a data visualisation tool (such as Tableau, PowerBI, Looker) is a plus
- You 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
- You're impact driven and eager to have a real positive impact on the company, our products, our users and your team-mates
- You have a self-starter mindset; you proactively identify issues and opportunities and tackle them without being told to do so
- You're a team player whom your colleagues can rely on
What the job involves
- We are scaling up our Capital, Impairment and Forecasting modelling team to support the rapid growth and evolution of our portfolio
- This role is pivotal for the team as the successful candidate will build up our forecasting capabilities and tools and will have significant exposure to critical business processes such as budgeting & ICAAP
- Additionally the successful individual will lead the development and integration of the next generation of analytical dashboards, ECL decomposition and will have regular interaction with the senior management
- Leading projects, covering: development, implementation and maintenance of Stress Testing and Forecasting models
- Leading business critical processes such as ICAAP and Budgeting, including presenting results to 2LOD, senior management and Execs
- Developing the next generation of performance tracking and analytics toolbox. These would include short horizon forecasting, root cause analysis, ECL decomposition, SICR efficiency
- Developing and maintaining economic-response models for scenario simulation and impairment
- Actively involved in our monthly provisions process, and delivering outcomes to Monzo’s senior team (including our Head of Borrowing, CFO and CRO). These activities will include preparing analysis; proposing model adjustments / calibrations; discussing emerging regulatory changes and best practices (SS1/23; ‘Dear CFO letter’); presenting materials to the monthly impairment council
- Review and challenge a wider range of modelling solutions across the Borrowing collective (including IFRS 9, NPV, pricing etc.)
- Close collaboration with portfolio strategy, 2LOD, finance and external audit teams
- Manage a team of up to 2 FTEs and own their development
Application process
- Recruiter Call
- Initial Call with the hiring manager
- Take Home Task (SQL)
- Final Stage interviews (x3)
- Our average process takes around 3-4 weeks but we will always work around your availability
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
$447.5m
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
Jonas Templestein
(CTO)Founder of HipDial. Former Software Engineer at Starling Bank.
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