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About the Role

Our Credit Model Validation team provides independent oversight and challenge to our model development teams. We help Monzo grow safely and make sure the models we use are fit for purpose, appropriately governed and deliver good outcomes for our customers. You’ll join our validation squad and provide expert independent validation and oversight across a broad suite of credit models.

Responsibilities

Leading hands-on independent validation across Monzo’s credit model portfolio - covering models used for IFRS 9 impairment, capital and stress testing, forecasting, credit decisioning and unit economics - and making sure they are fit for purpose, appropriately governed and performing as expected
Reviewing and challenging key model-led credit risk assessments, including impairment adequacy, ICAAP and stress testing, using independent analysis to assess assumptions, limitations and impacts
Developing a deep understanding of Monzo’s credit models and how they are used, and using this to provide impactful input and challenge to model developers and users
Contributing to making model validation more consistent, scalable and technology-enabled - building reusable analytical tools and tests, experimenting with AI-assisted approaches and helping the team embed them safely
Reviewing ongoing model performance monitoring to ensure our lending models perform within our risk thresholds, and providing support to our first line of defence teams when action is required
Performing statistical analyses, model replication and challenger work where appropriate to test assumptions, assess performance and strengthen validation conclusions
Improving and helping to embed our Model Risk Framework, including our policies, standards, model inventory, governance and validation approach. This means making sure we follow up-to-date regulatory expectations and that our processes remain proportionate and relevant as modelling techniques evolve
Writing clear and impactful model validation reports, and presenting the findings and actions in relevant committees
Partnering with colleagues in first line of defence credit strategy, modelling and finance teams - and with wider risk teams across Monzo - to support effective model governance and consistent validation standards across the organisation

Requirements

Strong background and practical experience in credit model development and/or validation across a range of model types.
Meaningful experience with IFRS 9 impairment, Internal Ratings Based (IRB) or other capital models, alongside broader exposure to several areas such as stress testing, economic response, forecasting, decision science scorecards or NPV / unit economics modelling
Understand model risk management in practice, including independent validation, model governance, ongoing monitoring, model change and issue management, and how regulatory expectations apply across the model lifecycle
Impact-driven and want to improve how validation is done, not only complete individual reviews. Can turn repeatable work into practical methods, tools or guidance that improve quality and consistency across the team.
Curious about AI and automation, and can assess where they add value, the risks they introduce, and the controls and human oversight needed. Experience with AI-assisted analytical or coding tools is useful, but not essential
Data driven, with strong analytical skills and deep knowledge of statistical techniques for credit and model risk.
Can assess models in the context of how they are used - including accounting, capital, credit strategy, risk appetite and customer outcomes - and can distinguish technical model performance from the wider risks of relying on the model
Strong written and verbal communication skills, and are able to articulate problems and solutions using clear and simple language. This is particularly important for breaking down complex issues and priorities to non-experts
Track record of building and maintaining trusting relationships with stakeholders at all levels, and can provide effective and respectful challenge

Skills

Strong data and analytical skills
Broad expertise in credit risk modelling and model risk management
Hands-on experience in model validation and/or development within financial services
Comfortable getting into the data and code to form an independent view across different model types
SQL
Python
Tableau
Looker

Location

London
Remote (UK)

Work Type

Flexible working hours

Experience Level

Manager

Salary/Compensations

£79,000 - £93,000

Benefits

Incentive Awards tied to your performance
£1,000 learning budget each year
MacBooks
Extra support for your work-from-home setup

About the Company

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 their 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 ❤️

Equal Opportunity

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 😊