Data & Modelling Specialist, Technology Risk Oversight Full Time

“Previously Startups of London has featured Monzo in our article The Complete List of Unicorn Startups in the UK 2022.

You can also click on the company name above or go to their company page from here and learn more about their culture, business and management.

As for the role; Monzo is looking for a Data & Modelling Specialist, Technology Risk Oversight to join their company. Learn more about the role, requirements as well as benefits in the below description. Click on the Apply Now button to complete job application.”

– Startup of London Team

About our Risk and Compliance Team

At Monzo, we bring a modern approach to technology that can unlock incredible value for our customers. That means deploying 100 times a day to production, rather than once per quarter. That means automated testing rather than manual testing. That means building our core banking system in-house. That means building on cloud technology rather than on-premises. That means being tolerant of hardware failure (and indeed inducing failure!), rather than trying to prevent it. 

However, we are still a bank and the custodians of our customers’ money, who often trust us with their livelihood. We have so many customers now that we are a systematically important bank. Especially when using new techniques as we are, all these systems and processes must be working as intended and not creating any undue risks for us or our customers. 

So we’re looking for somebody with first-hand experience in building things in this way to provide oversight and assurance as part of our Technology Risk oversight team. 

What you’ll be working on: 

As the Data & Modelling Specialist in the Technology Oversight Risk team, you’ll be assured that the most ‘critical’ data and models are being managed within Risk Appetite.  You will work alongside risk and compliance subject-matter experts to understand the implementation of data processes and controls, with a particular focus on any ‘models’ that are embedded in Monzo systems.  You’ll help us ensure they perform effectively and find opportunities to manage risk more efficiently.

The impact of this role is company-wide so you’ll be building strong partnerships with Platform,  Engineering, FinCrime, and Data teams across the business to support the embedding of risk management policies and procedures, real-time risk management, and progressive technological control.

Your day-to-day:

• Sitting in the Technology Risk Oversight team in our Risk & Compliance Collective, and supporting our Director of Technology Risk to manage model and data risk, particularly in the area of Financial Crime.
• Implementation of Monzo’s Model Risk Framework within the Financial Crime Collective and other Technology areas which use models. This includes:
  • Building relationships with the first line of defence 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. 
  • Performing independent model validations of models using proportionate modelling techniques depending on the level of complexity applied.
  • Writing clear and impactful model validation reports and presenting the findings to relevant committees.
  • Reviewing ongoing model performance monitoring to ensure the models are performing within risk thresholds and providing support to the model development team when further action is required.
  • Overseeing the review and validation of any model changes and providing recommendations to first-line teams to ensure the models remain fit for purpose.
  • Collaboration with the first line of defence teams to support the strengthening of policies, standards, and procedures, providing advisory support during model design and build, and helping to embed best practices in the business. 
  • Monitoring and measuring the overall level of FinCrime 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 Model Owners keep the Model Inventory up to date so it contains sufficient information and evidence to support regulation and compliance reviews

• Working with data teams across the business to help identify and control risks supporting the Technology Risk Oversight Director to develop the 2nd line approach to provide appropriate data management oversight.
• Research and learn the latest modelling and validation techniques, such as machine learning, to enable the 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. 
• Promoting and helping embed a strong risk culture, making risk meaningful and relevant to everyone at Monzo. You will share best practice that it is easy for everyone to understand

You should apply if:

• Someone with the practical engineering knowledge to hold their own in a debate with technology stakeholders across the business and Risk and within a 3LoD operating model. In particular, someone who has experience in data management and model development (and/or validation), particularly in Financial Crime.
• Someone who has a robust knowledge of statistical methods, and experience working with modelling software packages such as SQL, SAS, or Python, including machine learning techniques.
• Strong verbal and written communication skills, in particular, the ability to explain complex topics clearly
• The ability to work independently, building collaborative relationships with multiple stakeholders across a range of topics
• Resilient and comfortable working in a fast-paced environment where the day-to-day job differs
• Hands-on and great at execution
• Curious and collaborative – great at asking incisive questions to pick things up and act on them quickly

• Works well within ambiguity, can use initiative to find solutions and options

The Interview Process:

Our interview process involves three main stages: 

1. Initial Call 
2. A final interview including a case study task and collaboration interview  

Our average process takes around 2-3 weeks but we will always work around your availability. 

You will have the chance to speak to our recruitment team at various points during your process but if you do have any specific questions or want to talk through reasonable adjustments ahead of or during application please us at any point at tech-hiring@monzo.com 

What’s in it for you:

We can help you relocate to the UK 

We can sponsor visas 

This role can be based in our London office, but we’re open to 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, at times that suit you and your team.

Learning budget of £1,000 a year for books, training courses, and conferences.