Financial Crime Model Validation Manager

We’re on a mission to make money work for everyone. We’re waving goodbye to the complicated and confusing ways of traditional banking. After starting as a prepaid card, our product offering has grown a lot in the last 10 years in the UK. As well as personal and business bank accounts, we offer joint accounts , accounts for 16-17 year olds , a free kids account and credit cards in the UK, with more exciting things to come beyond.

Our UK customers can also save , invest and combine our pensions with us. With our hot coral cards and get-paid-early feature, combined with financial education on social media and our award winning customer service, we have a long history of creating magical moments for our customers! We’re not about selling products - we want to solve problems and change lives through Monzo

London/UK Remote | £71,400 - £90,000 (depending on experience) + Incentive Awards tied to your performance + Benefits

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.

• Build relationships with first line of defence Fincrime/Fraud modelling teams and wider risk teams to support the embedding of the model risk framework and an understanding of model validation practices to help Monzo grow safely.
• Perform independent model validations of Fin Crime/Fraud models using proportionate modelling techniques depending on the level of complexity applied.
• Write clear and impactful model validation reports and present the findings in relevant committees.
• Review ongoing model performance monitoring to ensure the Fin Crime/Fraud models are performing within risk thresholds and providing support to the Fin Crime/Fraud model development team when further action is required.
• Oversee the review and validation of any Fin Crime/Fraud model changes and provide recommendations to first line teams to ensure the models remain fit for purpose.
• Collaborate with the first line of defence teams to support the strengthening of policies, standards and procedures, providing advisory support during Fin Crime/Fraud model design and build, and helping to embed best practice in the business.
• Monitoring and measuring the overall level of Fin Crime/Fraud 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.
• Ensuring Fin Crime/Fraud Model Owners keep the Model Inventory up to date so it contains sufficient information and evidence to support regulation and compliance reviews
• Supporting the broader Model Oversight team with model validation activity in other disciplines (Finance and Credit) to manage peak demand and utilising areas of specific knowledge.
• Research and learn latest modelling and validation techniques , such as machine learning, to enable expansion of validation capability.
• 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.

• 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

• Experience in developing and/or validating any of Financial Crime, Fraud, Credit, Interest Rate, Liquidity, Regulatory capital, Stress testing and/or forecasting models
• In-depth knowledge of statistical techniques for management of risks
• Experience of managing a modelling project through its full lifecycle
• Strong…