Overview

We’re on a mission to make money work for everyone. We’re not about selling products - we want to solve problems and change lives through Monzo. London, Cardiff or Remote (UK) | £70,000 - £90,000 + Stock options + Benefits | Data

About us

At Monzo we believe there’s a better way to do banking - we care deeply about our customers, are innovative and execute quickly. We encourage an open, collaborative, inclusive working environment. We’re looking to revolutionise the way people manage their finances by putting them in control and promoting their financial wellbeing. Our Borrowing business is growing rapidly and we aim to create a genuine feel-good factor when it comes to personal credit. We are looking for driven, analytical and creative individuals to help us achieve this goal.

We are scaling up our second line of defence Credit Risk team to support the rapid growth and evolution of our portfolio. This role provides independent validation and oversight of models across critical business disciplines such as IFRS 9 (PD, LGD, EAD, macroeconomic models), ICAAP, Borrowing decisions and strategy.

What you will do

Strong data and analytical skills are essential, with deep expertise in credit risk modelling. Areas include scorecard modelling, IFRS9 provision methodology, Net Present Value modelling, capital modelling and stress testing. The second line of defence Model Oversight team supports colleagues in Borrowing, Fincrime & Fraud and Finance to help Monzo grow safely. The Data team enables Monzo to make better decisions, faster.

• Perform independent model validation as part of the second line of defence for Credit Risk teams and ensure credit risk models are fit for purpose (including IFRS 9, NPV, Stress Testing, ICAAP, Decision Science scorecards, economic response models).
• Review ongoing model performance monitoring to ensure Borrowing models perform within risk thresholds and provide support to the Borrowing model development team when further action is required.
• Review and challenge provisions and adequacy, including reviewing first line analysis; perform independent analysis and testing; contribute to discussions of regulatory changes and best practices; present materials to the monthly impairment council and build governance around the framework.
• Improve the Model Risk Framework including policies, standards and procedures to embed best practice and ensure alignment with regulatory guidelines and modern modelling techniques.
• Write clear and impactful model validation reports and present findings to relevant committees.
• Build relationships with first line of defence Borrowing credit strategy and modelling teams and wider risk teams to support embedding the model risk framework and understanding model validation practices.
• Support the effective operation of the Model Risk Oversight Committee as a regular attendee.

Required and desirable qualifications

• Background and experience in credit models development and/or validation in areas such as IFRS 9 (PD, EAD, LGD, economic response models), IRB, stress testing, decision science scorecards (including machine learning models), NPV, forecasting.
• Strong analytical skills and a track record of delivering technical projects with knowledge of statistical techniques for credit and model risk management.
• Solid technical toolkit: SQL and either Python or R is a must-have; data visualization tools (e.g., Tableau, PowerBI, Looker) are a plus.
• Ability to convey problems and solutions clearly in writing and verbally, with attention to Monzo’s tone of voice.
• Impact-driven with a genuine interest in positive impact on the company, products, users and team.
• Self-starter mindset; proactively identify issues and opportunities and tackle them without prompting.
• Team player with the ability to provide constructive challenge while building respectful relationships.
• Keen to grow knowledge in both business and technology.

Interview process

Our interview process involves four stages: Initial Call with the hiring manager; Take Home Task; Role-specific interview. The process typically takes 3–4 weeks. For questions, contact tech-hiring@monzo.com.

What’s in it for you

Location: London or remote in the UK. Flexible working hours and a learning budget of £1,000 per year for books, training courses and conferences. And more benefits available; see our full list of benefits here.

Equal opportunities

Diversity and inclusion are priorities at Monzo. We provide support for all employees to grow with us and are committed to making money work for everyone. All applicants will be considered without regard to age, ethnicity, religion, sex, sexual orientation, gender identity, family or parental status, national origin, veteran status, neurodiversity or disability status. If you have a preferred name or pronouns, please share them where applicable.