Model Validation Senior Manager, Monzo
£85-105k
+ 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
£85-105k
+ 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
- You are highly motivated and energised by the idea of bringing positive impact to our customers and Monzo
- You are self-motivated and thrive in a fast-paced environment
- You have great attention to detail while keeping an eye on the big picture
- You are a great communicator, able to articulate complex problems
- You can provide effective challenge whilst building strong, respectful relationships
- You are keen to grow your knowledge in both business and technology
- Robust Data Science or Machine Learning background with strong Python capability
- Experience with design of Generative AI evaluation frameworks, architectures, methods, practical tooling and platform alignment
- Knowledge of Gemini implementations and change assessment
- Experience of managing a modelling project through its full lifecycle
- If possible, some understanding of some of the following:
- Coaching and standard setting
- Banking MRM and regulatory context
What the job involves
- The second line of defence Model Oversight team (that’s us!) provides support to our colleagues in Borrowing, Fincrime & Fraud, Finance and Operations to help Monzo grow safely. We’re looking for a Model Validation Senior Manager - Gen AI to lead the teams’ oversight of Generative AI models/use cases (primarily built across Monzo’s Operations squads) to provide assurance that the models/use cases we use are not only good for Monzo but what's best for our customers
- Lead the collaboration with the first line of defence teams to strengthen policies, standards and procedures for Generative AI model, use case, system design and build, implementation, governance, monitoring and use. Helping to embed best practice of Generative AI across the business
- Own the setting and maintenance of Generative AI validation methods, evidence expectations and reusable technical assets with relevant 1LoD modelling teams, applicable across all model risk areas
- Convert modelling/validation experience into controlled playbooks, tests and working examples that can be applied to 2LoD Validation standards and processes for all Generative AI models, use cases, systems overseen by the 2LoD Model Oversight team
- Coach Generative AI validation methodologies, to 2LoD Model Oversight colleagues, whom already have transferable Machine Learning skills, to reduce reliance on any single specialist for the validation of Generative AI models, use cases, systems so it can be consistently applied across Financial, Credit and Fincrime/Fraud models
- Perform, and oversee, independent model validations of new Operational models (primarily Generative AI models, use cases, systems), and changes to existing, using proportionate modelling techniques depending on the level of complexity applied. This includes writing clear and impactful model validation reports and presenting the findings in relevant committees
- Build relationships with first line of defence modelling teams that develop Operational Models, and wider risk teams, to support the embedding of the model risk framework to help Monzo grow safely
- Review ongoing model performance monitoring to ensure Operational models are performing within risk thresholds and providing support to the relevant model development team when further action is required
- Monitoring and measuring the overall level of Operational model risk that Monzo operates, and driving action plans with first line teams and appropriate governance forums to mitigate residual model risk within desired risk appetite
- Support the effective operation of the Model Risk Oversight Committee as a regular attendee, contributing to the group discussion to improve model risk management
- Promote and help embed a strong risk culture, making risk meaningful and relevant to everyone at Monzo. You will share best practice that is easy for everyone to understand
Application process
- Phone call with recruiter - 30 mins
- Initial call with hiring manager - 30 mins
- Assessment & technical interview - 60 mins
- Leadership & Behavioural Interview - 60 mins
- 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
$452.2m
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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