Senior Risk & Compliance Officer, Monzo
€75-95k
+ Incentive Awards tied to your performance
More information about location
2-3 days a week in office
Digital-only bank platform and marketplace
Be an early applicant
Digital-only bank platform and marketplace
1001+ employees
Be an early applicant
€75-95k
+ Incentive Awards tied to your performance
More information about location
2-3 days a week in office
1001+ employees
Company mission
To build a new kind of bank that makes money work for everyone.
Role
Who you are
- You have a minimum of 7 years of experience in Risk Management, Compliance or Internal Audit within a regulated retail bank, digital bank, or top-tier fintech operating in Spain
- You have a deep understanding of Banco de España regulations and broader EBA/ECB regulatory requirements (CRD V, PSD2/3, GDPR, DORA, AML/CFT)
- You have a proven experience in working with regulatory authorities and managing compliance-related audits
- You have demonstrated experience managing or overseeing multiple risk types, with specific expertise in Operational Risk, ICT/Security Risk, Conduct risk, Compliance Risk and basic Credit Portfolio Quality reviews
- You are a native or completely bilingual Spanish speaker with excellent professional proficiency in English (written and spoken), capable of translating complex local regulations into corporate/Group updates
- You are a self-starter mentality comfortable with a matrix reporting structure. Ability to challenge senior executives constructively while maintaining a collaborative, solution-oriented approach to scaling a business
- You are passionate about financial technology and motivated by the opportunity to be at the forefront of banking transformation in the EU
- 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. 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
- We are looking for a Senior Risk & Compliance Officer to oversee risk management and compliance activities for the Spanish Branch of Monzo Bank Europe
- In this role, you will implement Monzo’s Risk Management Framework in Spain, monitor the Branch’s key material risks covering operational, conduct and compliance risks, and support regulatory engagements particularly with Banco de España
- Acting as a trusted advisor to the Spain Branch Manager, you will provide independent oversight, challenge and advice across a broad spectrum of risks including Credit, Operational, ICT/Security, Conduct, Compliance and Business risks
- You will maintain strict functional independence via your reporting lines into the EU Risk Directors
- This role sits within the Second Line of Defense (2LOD) and reports functionally to the EU Director of Operational Risk and the EU Director of Conduct & Compliance Risk, and operationally to the Spain Branch Manager
- This role includes acting as the Customer Service Representative of the Branch in accordance with article 5 of Order ECO/734/2004 and as the Deputy MLRO for Spain, supporting the MLRO in overseeing compliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations, and providing 2LOD coverage and backup when required
- Local Branch Risk & Compliance Oversight and Governance:
- Acting as the primary 2LOD point of contact for the Spanish branch, establishing and embedding a robust risk and compliance culture
- Monitoring and interpreting local regulatory updates from the Banco de España and other relevant authorities, ensuring changes are effectively integrated into local operating procedures
- Coordinating and drafting regulatory risk and compliance reports for local authorities, the Spain Branch Management Committee and EU-level Risk Committees as appropriate
- Supporting the Spain Branch Manager in maintaining clear local governance, accountability structures, and regulatory horizon scanning and mapping
- Developing, maintaining, and reporting against the Branch Risk Appetite Statement (RAS)
- Establishing and maintaining branch-level risk and compliance dashboards, metrics, and data analytics capabilities to support informed decision-making for Spanish operations
- Attending and actively participating in relevant internal governance forums, presenting management information (MI) and risk dashboards to key stakeholders
- Serving as a key leader within the wider Risk and Compliance team concerning all matters related to the Spanish business
- Championing a strong risk and compliance culture across Monzo's Spanish operations by developing and delivering comprehensive training and awareness programs for employees
- Operational, ICT, Security, Data & Third-Party Risk Oversight:
- Overseeing the branch’s operational risk profile, ensuring that internal incidents, errors, and near-misses are accurately captured, investigated and mitigated
- Contributing to the Risk and Control Self-Assessment (RCSA) process, ensuring branch-specific risks are accurately identified and assessed with appropriate controls in place
- Providing targeted 2LOD oversight on ICT, Cybersecurity, and Data Privacy (GDPR/local data protection) risks, ensuring strict alignment with the Digital Operational Resilience Act (DORA) and local technology frameworks
- Overseeing Payment Services compliance (including PSD2/PSD3/PSR transitions), monitoring transaction resilience, instant payment performance, and operational uptime
- Overseeing risk and control assessments for local Third-Party Providers (TPPs) and outsourced critical services, ensuring inter-company and external vendor SLAs are monitored in compliance with local outsourcing regulations
- Conduct Risk, Compliance & Consumer Protection:
- Acting as the Customer Service Representative of the Branch in accordance with article 5 of Order ECO/734/2004
- Reviewing and overseeing the conduct risk profile within the branch, ensuring that product design, marketing materials and customer interactions result in positive outcomes and comply with the Spanish Consumer and Conduct rules
- Monitoring and challenging local compliance processes, including complaints handling data, trend analysis, product governance and Go-To-Market (GTM) strategies
- Preparing and presenting the annual Customer Service report to Branch Management, leveraging operational insights to provide actionable recommendations for improving processes and customer outcomes
- Leading local Compliance Assurance reviews to validate the operational effectiveness of key internal controls
- Partnering and coordinating with the centralised EU compliance team to ensure local Spanish nuances are addressed and that Monzo adheres to all applicable regional supervisory expectations and guidelines
- Providing 2LOD compliance review and formal sign-off for all advertising and marketing materials destined for the Spanish market
- Contributing actively to the branch’s ongoing regulatory horizon scanning and change management processes
- Credit & Business Risk Oversight:
- Monitoring and providing independent 2LOD challenge on local credit portfolio performance, highlighting trends in non-performing loans (NPLs), credit concentrations or underwriting deviations
- Assessing the suitability of the credit risk framework and policies for the Spanish market, challenging credit risk strategies as appropriate
- Monitoring business and strategic risks affecting the branch, ensuring that market-entry or product diversification activities align with the approved local Risk Appetite Statement (RAS)
- Deputy MLRO & FinCrime Oversight:
- Acting as the designated Deputy MLRO for the Spain Branch, providing operational and governance coverage for the MLRO as required
- Assisting in overseeing AML/CFT compliance frameworks and supporting internal reporting and regulatory interactions with relevant authorities (e.g., SEPBLAC)
Application process
- Short call with a Monzo recruiter
- Video-call with the Hiring Manager
- Interview Loop: 2 x video-call interviews
- Final Exec Call
- This process should take around 3-4 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
$454.8m
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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