[Hiring] Prudential Risk Manager @Monzo

Role 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. Our product offering has grown significantly over the last 10 years in the UK, including:

• Personal and business bank accounts
• Joint accounts
• Accounts for 16-17 year olds
• A free kids account
• Credit cards

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 ❤️

Our Prudential Risk team is expanding, and we are searching for a Manager to join our 2nd Line Prudential Risk Oversight team. You will be part of the broader 2LoD Risk and Compliance department here at Monzo.

This represents a fantastic chance to contribute to a scaling bank with high aspirations. By joining the Prudential Risk Oversight team, you will champion our value to "grow Monzo safely." Your focus will involve:

• Collaborating with 1st Line Financial Risk to provide expert second-line oversight of key prudential regulatory deliverables including the ICAAP, Recovery Plan, and Resolution Planning.
• Interpreting and assessing the impact of regulatory change.
• Supporting the review and development of financial models used for financial forecasting, capital planning, and stress testing.

Ideally, you will have had experiences producing or reviewing regulatory submissions. The role will support the Senior Manager overseeing the ICAAP, Recovery Plan, and across all RAF barriers, with a key focus on the financial risk barriers.

You will work alongside the first line to provide in-flight review and challenge and complete independent assurance reviews on discrete areas of focus. Part of the role will involve reviewing stress testing outputs from Anaplan for the ICAAP, Recovery Planning, and Valuation In Resolution. It would be beneficial to have experience analyzing large data sets in Excel/G-Sheets.

A successful applicant will bring hands-on experience of interpreting and challenging capital prudential regulations and have the ability to develop and build strong working relationships with colleagues across the three lines of defence.

🔑 You’ll play a key role by…

• Supporting the oversight of key regulatory deliverables and enhancement plans in line with Monzo’s approach, regulatory expectations, and industry best practices.
• Identifying and interpreting regulatory rules, providing oversight and challenge, and ensuring these are applied correctly.
• Supporting the production of reports and options on Monzo’s financial position and controls framework for key risk committees and the Board, making recommendations for ensuring controls are effective and prudential regulatory compliance.
• Working alongside the Group Risk team to ensure Monzo’s Group Financial Risk Framework and Financial Projections Framework are adhered to, and that suitable controls and policies are in place.
• Reviewing financial models used for financial forecasting, capital planning, and stress testing (including the ICAAP and Recovery Plan), owned by the 1st Line of Defence, within G-Sheets and Anaplan, including running sensitivity analysis and forming insights, observations, and recommendations.
• Conducting discrete pieces of assurance to support the strengthening of risk and controls in Monzo.
• Developing strong relationships with colleagues to support the embedding of prudential risk management activity.

Qualifications

• Relevant prudential experience gained within a bank, a consultancy, or a regulatory body.
• A genuine desire to learn and grow, excited about building enhanced 2LoD oversight within a dynamic, fast-paced environment.
• In-depth knowledge/experience of the relevant regulatory requirements, specifically in relation to capital, recovery planning, and resolution.
• Advanced Excel/G-Sheet skills and experience of building or reviewing financial models to support financial forecasting or capital planning, preferably relevant to a retail bank.
• Interest in analyzing data, performing analysis, and understanding the impact on our bank to form risk insights.
• Good relationship-building skills to develop productive working connections with 1LoD stakeholders across all levels of the business.
• Strong written and verbal communication style.

Benefits

• £64,000 - £80,000 + Incentive Awards tied to your performance.
• Flexible working hours and trust 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.
• Setup to work from home; all employees are given MacBooks and for fully remote workers, we provide extra support for your work-from-home setup.
• Plus lots more! Read our full list of benefits.

Company Description

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.