• Our Borrowing (lending) business is growing rapidly across both existing products and with the planned launch of new initiatives. As our lending portfolio grows, our second line of defence Credit Model Validation team is growing with it - and we’re looking for a Credit Model Validation Manager to join us!
• Our Credit Model Validation team is crucial in providing independent oversight and challenge to our model development teams in the first line of defence to help Monzo grow safely and ensure that the models we use deliver good outcomes for our customers
• We’re looking for someone (maybe you?!) to join our validation squad and provide expert independent validation and oversight across our suite of credit models, covering critical business disciplines such as credit strategy and impairment
• You’ll have a particular focus on models used for customer-level decisioning and defining our credit strategies - such as underwriting scorecards, origination PD models and Net Present Value (NPV) / unit economics models - across all our lending products
• Leading hands-on independent validation of models used for credit decisioning within our Borrowing strategies - covering a range of machine learning, decision science and NPV models. You will be ensuring that models are fit for purpose, appropriately governed, explainable and performing as expected
• Supporting oversight and validation of broader credit risk models, including IFRS9, stress testing and economic response models
• Developing deep understanding of Monzo’s credit models, and using this to provide impactful input and challenge to model developers to improve our modelling capabilities
• 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 to independently assess model performance, including developing challenger models where appropriate to test model assumptions and strengthen validation conclusions
• Improving our Model Risk Framework, including overseeing our policies, standards and procedures to help embed best practice across the business. This means making sure we follow up-to-date regulatory guidelines, and adapt our processes to make sure they remain 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 the first line of defence credit strategy and modelling teams - and wider risk teams across Monzo - to support the embedding of our model risk framework and establishing consistent validation standards across the organisation
• Embracing new and innovative technology, including leading the adoption of AI tools to enhance our model validation approach
• 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 and machine learning
• Go to write our application code
• AWS for most of our backend infrastructure

Benefits

• Yearly Salary Review + Proactive pay increases to reflect growing responsibilities + Share options
• Flexible working hours
• Work From Home Opportunities + we’ll pay for any equipment you need to do your job
• 24 days holiday a year, plus bank holidays
• Employee Assistance Programme
• Paid sick leave for both physical & mental health + Health insurance via AXA or Vitality + Additional health insurance through Medicash
• Learning budget of £1,000 a year
• Aviva Pension Scheme + 4% Employer Contribution
• Paid maternity, paternity, adoption or shared parental leave (after 13 weeks of employment)
• 52 weeks of primary caregiver leave (6 months at 100% pay, 13 weeks at Statutory Maternity Pay, 13 weeks unpaid)
• 3 months of secondary caregiver leave at 100% pay
• Unum Life Insurance
• Access to fertility and family-forming health benefits via Fertifa
• Abellio Season Travel Tickets + Cycle-to-Work Scheme

• Strong data and analytical skills are a must, as is deep expertise in credit risk modelling. You’ll have hands-on experience in either model validation or model development within a financial services environment, and ideally have in-depth knowledge of credit decisioning models
• Exposure to different modelling techniques, including machine-learning, would be a definite plus!
• Have 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
• Are impact-driven, and proactive in identifying issues and opportunities to improve outcomes for both our customers and our business
• Have a track record of building and maintaining trusting relationships with stakeholders at all levels, and can provide effective and respectful challenge
• Understand how models are used in real-time decisioning and lending strategies, and how to balance commercial and risk outcomes
• Have a strong background and practical experience in credit model development and/or validation - in particular with exposure to areas such as decision science scorecards (including machine learning models), origination / underwriting PD models, and NPV / unit economics modelling
• Are data driven, with strong analytical skills and deep understanding of statistical techniques for credit and model risk. Being able to get hands on with data is critical - so being confident using SQL and Python is essential, and experience with data visualisation tools such as Tableau, Looker or similar is a plus!
• Are passionate about technology, and what we’re doing here at Monzo excites you!

• Our interview process usually involves up to four main stages via Google Hangouts:
• An initial call with our recruiter
• A call with our Senior Model Validation Manager, the hiring manager for the role
• A role-specific call with colleagues from our credit modelling teams. We’ll share a short case study in advance, but you won’t need to submit a written response; we’ll use it to guide the discussion during the interview
• A values and collaboration call
• We’ll close this role once we have enough applications for the next stage, so please apply as soon as you can - we don’t want you to miss out!