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FinCrime Model Validation Manager

Monzo Bank

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Posted 2 weeks ago

Join Monzo's Journey to Transform Banking and Make Money Work for Everyone

Overview

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£70000 - £80000

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Cardiff, London or Remote (UK)

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Expires at anytime

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Organisation summary: Monzo is revolutionizing the banking industry with its user-friendly features, such as the get-paid-early option, financial education via social media, and award-winning customer service. As a company not focused on selling but on solving problems, Monzo is dedicated to creating impactful experiences and changing lives.

  • Role Summary:
    • Build and maintain relationships within the Fincrime/Fraud modelling teams.
    • Perform independent validations of Fincrime/Fraud models using advanced techniques.
    • Write validation reports and present findings to committees.
    • Review and support model performance monitoring.
    • Oversee model changes and provide recommendations to ensure efficacy.
    • Collaborate with teams to strengthen policies and procedures.
    • Monitor and manage FinCrime/Fraud model risk.
    • Keep Model Inventory updated for regulatory compliance.
    • Support Model Oversight team and contribute to other areas of expertise.
    • Stay updated with latest modelling and validation techniques.
    • Contribute to the Model Risk Oversight Committee discussions.
    • Promote a strong risk culture and share best practices.
  • Role Requirements:
    • Experience in model development/validation in various financial domains.
    • In-depth knowledge of statistical risk management techniques.
    • Proficiency in managing full lifecycle modelling projects.
    • Strong technical skills, including SQL or Python.
    • Knowledge of machine learning models.
    • Understanding of customer risk assessment and transaction monitoring controls.
    • Experience in a transaction-driven business or similar industry is a plus.
  • Application Process Details:
    • Initial phone call with a recruiter.
    • Call with the hiring manager.
    • Assessment and technical interview with the hiring manager and stakeholder.
    • Behavioural interview.

The recruitment process is designed to be flexible and accommodating, taking about 2-3 weeks. Monzo is an equal opportunity employer committed to diversity and inclusion, ensuring all applicants are considered fairly.

🚀 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 ❤️

Hear from our team about what it's like working at Monzo


📍London, Cardiff or Remote | 💰 £70,000 - £80,000 (depending on experience) + Benefits | Hear from the team ✨ 

🚀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 ❤️

⭐Our Model Oversight team

The second line of defence Model Oversight team (that’s us!) provides support to our colleagues in Borrowing, Fincrime & Fraud and Finance to help Monzo grow safely. We’re looking for a FinCrime Model Validation Manager to help ensure the Fincrime/Fraud models we use are not only good for Monzo but what's best for our customers.

🔑You’ll play a key role by...

  • Build relationships with first line of defence Fincrime/Fraud 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. 
  • Perform independent model validations of FinCrime/Fraud models using proportionate modelling techniques depending on the level of complexity applied.
  • Write clear and impactful model validation reports and present the findings in relevant committees.
  • Review ongoing model performance monitoring to ensure the  FinCrime/Fraud models are performing within risk thresholds and providing support to the  FinCrime/Fraud model development team when further action is required.
  • Oversee the review and validation of any  FinCrime/Fraud model changes and provide recommendations to first line teams to ensure the models remain fit for purpose.
  • Collaborate with the first line of defence teams to support the strengthening of policies, standards and procedures, providing advisory support during  FinCrime/Fraud model design and build, and helping to embed best practice in the business. 
  • Monitoring and measuring the overall level of FinCrime/Fraud model risk that Monzo operates, and driving action plans with first line teams and appropriate governance forums to mitigate residual model risk within desired risk appetite.
  • Ensuring FinCrime/Fraud Model Owners keep the Model Inventory up to date so it contains sufficient information and evidence to support regulation and compliance reviews
  • Supporting the broader Model Oversight team with model validation activity in other disciplines (Finance and Credit) to manage peak demand and utilising areas of specific knowledge.
  • Research and learn latest modelling and validation techniques , such as machine learning, to enable expansion of validation capability.
  • Support the effective operation of the Model Risk Oversight Committee as a regular attendee, contributing to the group discussion to improve model risk management.
  • Promote and help embed a strong risk culture, making risk meaningful and relevant to everyone at Monzo. You will share best practice that is easy for everyone to understand.

🤩We’d love to hear from you if…

  • You are highly motivated and energised by the idea of bringing positive impact to our customers and Monzo
  • You are self-motivated and thrive in a fast-paced environment
  • You have great attention to detail while keeping an eye on the big picture
  • You are a great communicator, able to articulate complex problems
  • You can provide effective challenge whilst building strong, respectful relationships
  • You are keen to grow your knowledge in both business and technology

And, from a technical and knowledge perspective, you should have:

  • Experience in developing and/or validating any of Financial Crime, Fraud, Credit, Interest Rate, Liquidity, Regulatory capital, Stress testing and/or forecasting models
  • In-depth knowledge of statistical techniques for management of risks
  • Experience of managing a modelling project through its full lifecycle
  • Strong technical skills such as SQL or Python
  • Working knowledge of machine learning models: gradient boosted trees, etc
  • If possible, some understanding of some of the following:
  • Customer Risk assessment controls at point of Current Account application
  • Transaction Monitoring controls
  • Financial Crime and Fraud Typologies
  • Experience in transaction driven business or similar industry

🙌What’s in it for you

💰£70,000 - £80,000 ➕share options.

📍This role can be based in our London or Cardiff offices, or be distributed working within the UK (with ad hoc meetings in London)

⏰We offer flexible working hours and trust you to work enough hours to do your job well, and at times that suit you and your team. 

📚£1,000 learning budget each year to use on books, training courses and conferences.

➕ Plus lots more! Read our full list of benefits.

🌈 The application journey has 4 key steps:

- Phone call with recruiter - 30 mins
- Initial call with hiring manager - 30 mins
- Assessment & technical interview with hiring manager & stakeholder - 60 mins
- Behavioural Interview - 45 mins

This process should take around 2-3 weeks - your schedule is really important to us, so we promise to be as flexible as possible! 

You’ll hear from us throughout the application process, but if you’ve got any questions, please reach out to  [email removed - click apply for more details]. You can also use this email address to let us know if there’s anything we can do to make the process easier for you because of disability, neurodiversity or anything else.

We’ll only close this role once we have enough applications for the next stage. Please submit your application as soon as possible to make sure you don’t miss out.

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. You can read more in our blog, 2022 Diversity and Inclusion Report and 2023 Gender Pay Gap Report.

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.

#LI-NZ1 #LI-REMOTE


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. You can read more in our blog, 2023 Diversity and Inclusion Report and 2023 Gender Pay Gap Report.

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.

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