Credit Risk Oversight Manager

Monzo Bank Limited

Job Overview

Location

Cardiff, London or Remote (UK)

Job Type

Full-time

Full Job Description

📋 Description

• Embark on a pivotal role within Monzo Bank's growing Borrowing business as a Credit Risk Oversight Manager, contributing to our mission of making money work for everyone by ensuring responsible and customer-centric lending practices.
• As a key member of the second line of defence Credit Risk Team, you will provide independent assurance and oversight across the entire credit risk lifecycle for both consumer and small business credit products.
• Your primary focus will be on analysing and understanding the performance of existing lending products, developing and refining monitoring metrics, and providing critical input to relevant committees, ensuring Monzo's lending book grows safely and sustainably.
• You will act as a crucial partner to our first line of defence teams, offering expert support for credit strategy changes, including the launch of new products and pilots, ensuring that innovative lending solutions are delivered to customers while strictly adhering to Monzo's risk appetite.
• A core responsibility involves delivering deep insights, constructive feedback, and independent challenge on credit strategies, with a particular emphasis on optimising decisioning for customers throughout their financial journey with Monzo.
• You will be instrumental in writing clear, concise, and insightful opinions that effectively support management decision-making, translating complex risk concepts into actionable intelligence.
• This role entails leading second line assurance work and conducting thorough thematic reviews to identify potential risks and areas for improvement within our credit operations.
• Collaboration is key; you will work closely with our model validation and model development teams to foster a comprehensive understanding of the models that underpin our credit strategies, ensuring their robustness and suitability.
• You will provide essential credit expertise and input into significant strategic projects and critical Monzo-wide processes, including vital activities such as stress-testing and forecasting, contributing to the bank's overall financial resilience.
• A significant aspect of your role will be supporting the maintenance and embedding of Monzo's Credit Risk Framework across the business, ensuring that robust risk management practices are integrated into daily operations.
• You will play a vital role in making risk understandable and engaging for all Monzo employees, sharing best practices and adapting your communication style to ensure complex risk concepts are accessible to non-experts, aligning with Monzo's tone of voice.
• A sensitive and balanced approach to risk management is paramount, ensuring that risk management becomes an intrinsic part of every first-line person's day-to-day work, fostering a culture of shared responsibility.
• This position offers the opportunity to work in a dynamic, fast-paced environment where innovation and customer well-being are at the forefront of our operations.
• You will contribute to shaping the future of lending at Monzo, ensuring that our products are not only profitable but also fair and beneficial for our customers.
• The role demands a proactive and analytical mindset, with the ability to identify emerging trends and potential risks before they impact the business.
• You will be empowered to make a tangible impact, driving improvements in credit risk management and contributing to the overall success of the Borrowing business.
• Embrace the challenge of working within a regulated financial services environment while maintaining Monzo's agile and customer-centric ethos.
• Contribute to a culture of continuous improvement, identifying opportunities to enhance processes, policies, and strategies related to credit risk.
• Develop and maintain strong working relationships with stakeholders across various departments, including first line teams, data science, and product development.
• Ensure compliance with all relevant regulatory requirements and internal policies pertaining to credit risk management.
• This role is ideal for an individual who is passionate about credit risk, possesses strong analytical capabilities, and thrives in a collaborative and innovative setting.
• You will be instrumental in ensuring that Monzo's lending products are not only competitive but also managed with the highest standards of risk control and customer protection.
• The opportunity to influence and shape credit risk policies and procedures within a leading digital bank.
• A chance to be part of a team that is dedicated to making a real difference in the financial lives of our customers.
• You will be working with cutting-edge technology and data to drive informed decision-making in credit risk management.
• The role offers significant autonomy and the opportunity to take ownership of key credit risk oversight functions.
• Contribute to the development and implementation of new credit risk models and strategies.
• Ensure that affordability assessments are robust and fair, protecting both the customer and the bank.
• Oversee collections and recoveries strategies to ensure they are effective and compliant, while maintaining customer fairness.
• Provide expert guidance on credit risk appetite and ensure adherence across all lending activities.
• Conduct regular reviews of underwriting policies and procedures to ensure they remain relevant and effective.
• Monitor key risk indicators (KRIs) and performance metrics, reporting on trends and potential issues.
• Develop and deliver training on credit risk management best practices to relevant teams.
• Stay abreast of industry best practices and regulatory changes in credit risk management.
• Contribute to the development of robust stress testing and scenario analysis frameworks.
• Ensure that data used for credit risk management is accurate, complete, and fit for purpose.
• Foster a culture of data-driven decision-making within the credit risk function.
• Proactively identify and mitigate potential credit risks associated with new product development.
• Ensure that customer outcomes are at the heart of all credit risk decisions and strategies.
• This role is crucial in maintaining the integrity and soundness of Monzo's lending portfolio, supporting our continued growth and success.

🎯 Requirements

• Strong background in credit risk management within consumer or small business lending, with a preference for experience in unsecured, revolving products (e.g., credit cards).
• Proven analytical skills with the ability to interrogate data, build monitoring systems, and identify early indicators of trends.
• Hands-on experience and/or a solid understanding of scorecards and NPV models for developing credit decisioning strategies.
• Solid technical toolkit including SQL (must-have) and experience with data visualisation tools (e.g., Looker, PowerBI, Tableau) is a plus.
• Excellent written and verbal communication skills, capable of conveying complex problems and solutions clearly and simply, aligning with Monzo's tone of voice.
• Impact-driven with a self-starter mindset, proactively identifying and addressing issues and opportunities.
• Ability to provide effective challenge while building strong, respectful relationships.
• Passion for technology and excitement about Monzo's mission and approach.

🏖️ Benefits

• Competitive salary (£55,000 to £77,000 per annum).
• Stock options.
• Flexible working hours and hybrid/remote working options (Cardiff, London, or Remote UK).
• £1,000 annual learning budget for books, training courses, and conferences.
• Comprehensive benefits package, including health and wellbeing support.

Skills & Technologies

Remote

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Monzo Bank Limited

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About Monzo Bank Limited

Monzo Bank Limited is a UK-regulated digital bank offering personal, joint, and business accounts, savings, loans, overdrafts, and mortgages via a mobile-first platform. Licensed by the PRA and FCA, it provides real-time spending notifications, budgeting tools, and fee-free foreign transactions. Founded in 2015 as Mondo, it rebranded in 2016 and serves over nine million customers.

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