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.
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 provides independent oversight and challenge to our model development teams in the first line of defence. We help Monzo grow safely and make sure the models we use are fit for purpose, appropriately governed and deliver good outcomes for our customers.
You'll join our validation squad and provide expert independent validation and oversight across a broad suite of credit models. This is a generalist role rather than one focused on a particular model type. You'll work across models used for impairment, capital, stress testing, forecasting and credit decisioning, including IFRS 9 PD, LGD, EAD and economic response models; decision science scorecards and origination PD models; and Net Present Value (NPV) / unit economics models.
Responsibilities:
- Leading hands-on independent validation across Monzo's credit model portfolio - covering models used for IFRS 9 impairment, capital and stress testing, forecasting, credit decisioning and unit economics - and making sure they are fit for purpose, appropriately governed and performing as expected
- Reviewing and challenging key model-led credit risk assessments, including impairment adequacy, ICAAP and stress testing, using independent analysis to assess assumptions, limitations and impacts
- Developing a deep understanding of Monzo's credit models and how they are used, and using this to provide impactful input and challenge to model developers and users
- Contributing to making model validation more consistent, scalable and technology-enabled - building reusable analytical tools and tests, experimenting with AI-assisted approaches and helping the team embed them safely
- 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, model replication and challenger work where appropriate to test assumptions, assess performance and strengthen validation conclusions
- Improving and helping to embed our Model Risk Framework, including our policies, standards, model inventory, governance and validation approach
- Writing clear and impactful model validation reports, and presenting the findings and actions in relevant committees
- Partnering with colleagues in first line of defence credit strategy, modelling and finance teams - and with wider risk teams across Monzo - to support effective model governance and consistent validation standards across the organisation
Requirements:
- Have a strong background and practical experience in credit model development and/or validation across a range of model types
- Understand model risk management in practice, including independent validation, model governance, ongoing monitoring, model change and issue management, and how regulatory expectations apply across the model lifecycle
- Are impact-driven and want to improve how validation is done, not only complete individual reviews
- Are curious about AI and automation, and can assess where they add value, the risks they introduce, and the controls and human oversight needed
- Are data driven, with strong analytical skills and deep knowledge of statistical techniques for credit and model risk
- Can assess models in the context of how they are used - including accounting, capital, credit strategy, risk appetite and customer outcomes - and can distinguish technical model performance from the wider risks of relying on the model
- Have strong written and verbal communication skills, and are able to articulate problems and solutions using clear and simple language
- Have a track record of building and maintaining trusting relationships with stakeholders at all levels, and can provide effective and respectful challenge