Credit Model Validation Manager
Credit Model Validation Manager
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Job Description
Were on a mission to work for everyone.
Were 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 aspersonal and business bank accounts we offer joint accounts accounts for 1617 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 getpaidearly 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!
Were not about selling products we want to solve problems and change lives through Monzo
London or remote (UK) 7090k stock options Benefits Data
About us:
At Monzo we believe theres 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. Were 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 feelgood 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 whats 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.
Strong data and analytical skills are a must as is a deep expertise in credit risk modelling and at least some of the following areas: scorecard modelling IFRS9 provision methodology Net Present Value modelling capital modelling and stress testing.
Monzos Credit Risk (Risk and Compliance) and Data Team
Our mission in the Risk and Compliance is to To help Monzo grow safely
The second line of defence Model Oversight team (thats us! provides support to our colleagues in Borrowing Fincrime & Fraud and Finance to help Monzo grow safely.
Our Data teams mission is to Enable Monzo to Make Better Decisions Faster
At the core of this mission sits our data platform. Were great believers in powerful realtime analytics and empowerment of the wider business. Our engineers collect analytics events from their microservices and upload these into our Data stack for analysis. We optimise for simplicity and reusability all our data lives in one place and is made available via our data warehouse in Google BigQuery.
Our technology stack
We rely heavily on the following tools and technologies (note we do not expect applicants to have prior experience of all them):
- Google Cloud Platform for all of our analytics infrastructure
- dbt and BigQuery SQL for our data modelling and warehousing
- Python for data science
- Go to write our application code
- AWS for most of our backend infrastructure
Your daytoday responsibilities:
- Perform independent model validation as part of our second line of defence Credit Risk teams and making sure 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 providing 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. Making sure it follows upto date regulatory guidelines and it is relevant for modern modelling techniques
- Write clear and impactful model validation reports and present the 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 to help Monzo grow safely.
- Support the effective operation of the Model Risk Oversight Committee as a regular attendee contributing to the group discussion 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 indepth 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 musthave 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 Monzos tone of voice guide). This is particularly important for communicating complex issues and priorities to nonexperts
- Youre impact driven and eager to have a real positive impact on the company our products our users and your teammates
- You have a selfstarter mindset; you proactively identify issues and opportunities and tackle them without being told to do so
- Youre 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:
- Recruiter Call
- Initial Call with the hiring manager
- Take Home Task (preparation for the role specific interview)
- Role specific
- Values & collaboration
Our average process takes around 34 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
Whats in it for you:
circa 7090k base salary plus stock options
London or remote in the UK
We offer 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 1000 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 were making sure we have lots of support for all of our people to grow at Monzo. At Monzo were 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. You can read more in our blog 2023 Diversity and Inclusion Report and 2024 Gender Pay Gap Report.
Were 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 dont need full or birth names at application stage
Required Experience:
Manager
Employment Type
Full Time
