Overview

We’re on a mission to make money work for everyone. We’re moving away from traditional banking complexity and have grown from a prepaid card to a broad product offering in the UK, including personal and business bank accounts, joint accounts, accounts for 16-17 year olds, a free kids account, and credit cards. Our UK customers can also save, invest and combine their pensions with us. With our hot coral cards, get-paid-early feature, financial education on social media, and award-winning customer service, we’ve built a 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, Cardiff or Remote (UK) | £70,000 - £90,000 + Stock options + Benefits

About us

At Monzo we believe there’s a better way to do banking. We care about our customers, we are innovative and we execute quickly. We encourage an open, collaborative, inclusive working environment. We’re looking to revolutionise how people manage their finances by putting them in control and promoting financial wellbeing. Our Borrowing business is growing rapidly with planned launches of new products. We aim to create a genuine feel-good factor around personal credit and 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 areas such as IFRS 9 (PD, LGD, EAD, macroeconomic models), ICAAP, Borrowing decisions and strategy.

Strong data and analytical skills are essential, with deep expertise in credit risk modelling and at least some of: scorecard modelling, IFRS9 provision methodology, Net Present Value modelling, capital modelling and stress testing.

Monzo’s Credit Risk (Risk and Compliance) and Data Team

Our mission in Risk and Compliance is to help Monzo grow safely. The second line of defence Model Oversight team provides support to Borrowing, Fincrime & Fraud and Finance to help Monzo grow safely. Our Data team’s mission is to enable Monzo to make better decisions, faster. Our data platform supports real-time analytics and empowers the wider business; we store data in one place and make it available via the data warehouse in Google BigQuery.

Our technology stack

We rely on the following tools and technologies (no prior experience required in all cases):

• Google Cloud Platform for analytics infrastructure
• dbt and BigQuery SQL for data modelling and warehousing
• Python for data science
• Go for application code
• AWS for backend infrastructure

Your day-to-day responsibilities

• Perform independent model validation as part of the second line of defence for Credit Risk, ensuring 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 operate within risk thresholds and support the Borrowing model development team when actions are required
• Review and challenge provisions and adequacy, including first line analysis, independent testing, addressing regulatory changes and best practices (SS1/23; Dear CFO letter); present materials to the monthly impairment council and establish governance around the framework
• Improve the Model Risk Framework with policies, standards and procedures aligned to up-to-date regulatory guidelines and modern modelling techniques
• Write clear model validation reports and present findings to relevant committees
• Build relationships with first line of defence Borrowing credit strategy and modelling teams to embed the model risk framework and foster understanding of model validation across Monzo
• Support the operation of the Model Risk Oversight Committee as a regular attendee to improve model risk management

You should apply if

• You have strong 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 ML models), NPV and forecasting
• You have strong analytical skills and a track record of delivering technical projects and applying statistical techniques to credit and model risk
• You have a solid technical toolkit: SQL and either Python or R; data visualization tools (Tableau, PowerBI, Looker) are a plus
• You can communicate complex issues clearly in writing and speech
• You are impact-driven and want to make a positive impact on the company, products, users and your team
• You are a self-starter who identifies issues and opportunities and tackles them proactively
• You are a team player who colleagues can rely on
• You can provide effective challenge while maintaining strong, respectful relationships
• You are keen to grow knowledge in both business and technology

The Interview Process

Our interview process has four main stages:

• Recruiter Call
• Initial Call with the hiring manager
• Take Home Task (preparation for the role-specific interview)
• Role-specific and Values & collaboration

Our average process takes around 3-4 weeks, and we will work around your availability. For questions, contact tech-hiring@monzo.com

What’s in it for you

£70,000 - £90,000 base salary plus stock options

London or remote in the UK

Flexible working hours and a trust-based environment, with hours that suit you and your team

Learning budget of £1,000 a year for books, training courses and conferences

And much more. See our full list of benefits

Equal opportunities

Diversity and inclusion are a priority for us. We’re fostering an inclusive environment to support all people to grow at Monzo, integral to our mission of making money work for everyone. You can read more in our blog, 2024 Diversity and Inclusion Report and 2024 Gender Pay Gap Report.

We’re an equal opportunity employer. All applicants are 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, please use it to apply. We do not require full or birth names at the application stage.