Credit Model Validation Manager

Monzo; London; Hybrid; GBP 70,000 - 90,000; Full time

Job description

We’re on a mission to make money work for everyone.

We’re waving goodbye to the complicated and confusing ways of traditional banking.

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 ️

Location: London or remote (UK) | £70-90k + 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 (both on our existing products, and with the planned launch of new products). We aim to create a genuine feel-good factor when it comes to 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 is pivotal for the team as the successful candidate will help ensure the models we use are not only good for Monzo but what's best for our customers. The role will provide independent validation and oversight of models across critical business disciplines such as IFRS 9 (PD, LGD, EAD, macroeconomic models), ICAAP, Borrowing decisions and strategy.

Responsibilities:

• Perform independent model validation as part of our second line of defence Credit Risk teams and ensure the 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 the Borrowing models are performing within risk thresholds and provide support to the Borrowing model development team when further action is required.
• Review and challenge our provisions and adequacy, including reviewing the 1st line of defence analysis; performing independent analysis and testing; actively contributing into discussions of emerging regulatory changes and best practices (SS1/23; ‘Dear CFO letter’); presenting materials to the monthly impairment council and building governance and controls around the framework.
• Improve our Model Risk Framework including policies, standards and procedures helping to embed best practice in the business. Ensure it follows up-to-date regulatory guidelines and is relevant for modern modelling techniques.
• Write clear and impactful model validation reports and present findings in relevant committees.
• Build relationships with first line of defence Borrowing credit strategy and modelling teams and wider risk teams to support the embedding of the model risk framework and an understanding of model validation practices.
• Support the effective operation of the Model Risk Oversight Committee as a regular attendee, contributing to group discussions to improve model risk management.

You should apply if:

• You have a strong background and experience in credit models development and/or validation in some of the following areas: IFRS 9 (PD, EAD, LGD, economic response models), IRB, stress testing, decision science scorecards (including machine learning models), net present value, forecasting.
• You have strong analytical skills and a track record of using these to deliver technical projects and in-depth knowledge of statistical techniques for management of credit and model risk.
• You have a solid technical toolkit. SQL and either Python or R is a must-have; a data visualisation tool (such as Tableau, PowerBI, Looker) is a plus.
• You can convey problems and solutions using clear and simple language, both written and verbal (see Monzo’s tone of voice guide). This is particularly important for communicating complex issues and priorities to non-experts.
• You're impact driven and eager to have a real positive impact on the company, our products, our users and your team-mates.
• You have a self-starter mindset; you proactively identify issues and opportunities and tackle them without being told to do so.
• You're a team player whom your colleagues can rely on.
• You can provide effective challenge whilst building strong, respectful relationships.
• You are keen to grow your knowledge in both business and technology.

The Interview Process:

Our interview process involves 4 main stages:

• Initial Call with the hiring manager
• Take Home Task (preparation for the role specific interview)
• Role specific interview

Our average process takes around 3-4 weeks but we will always work around your availability. You will have the chance to speak to our recruitment team at various points during your process but if you do have any specific questions ahead of this please contact us on [e-mail]

What’s in it for you:

• Flexible working hours and trust you to work enough hours to do your job well, at times 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 here.

Equal opportunities for everyone:

Diversity and inclusion are a priority for us and we’re making sure we have lots of support for all of our people to grow at Monzo. At Monzo, we’re embracing diversity by fostering an inclusive environment for all people to do the best work of their lives with us. This is integral to our mission of making money work for everyone.

We’re an equal opportunity employer. All applicants will be considered for employment without attention to age, ethnicity, religion, sex, sexual orientation, gender identity, family or parental status, national origin, or veteran, neurodiversity or disability status.

If you have a preferred name, please use it to apply. We don't need full or birth names at application stage.

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