Head of Model Risk Oversight

🚀 We’re on a mission to make money work for everyone.

We’re waving goodbye to the complicated and confusing ways of traditional banking.

After starting as a prepaid card, our product offering has grown a lot in the last 10 years in the UK. As well as personal and business bank accounts, we offer joint accounts, accounts for 16-17 year olds, a free kids account and credit cards in the UK, with more exciting things to come beyond. 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 ❤️

📍Dublin | 💶 €124,000 - €167,000 + Incentive Awards tied to your performance + benefits | Hear from the team ✨

⭐ Our Risk team

The Head of Model Risk Oversight is a key Second Line of Defence (2LOD) leadership role responsible for establishing, scaling and managing the Model Risk Management (MRM) process across Monzo Bank Europe (MBEU).

As automated systems, advanced statistical models and Artificial Intelligence (AI) increasingly drive business activities and decision-making, this role ensures that all models supporting MBEU day to day operations including credit scoring, fraud and financial crime transaction monitoring, capital and liquidity stress testing, and AI Act-regulated use cases are mathematically sound, secure, compliant, and aligned with MBEU’s risk appetite and regulatory expectations.

This role reports to the Director of Credit Risk, MBEU.

🔑 You’ll play a key role by...

Model Risk Management (MRM) & Governance

Defining, implementing and maintaining the EU-wide Model Risk Management (MRM) Framework and associated validation standards. This includes developing and implementing the model risk appetite, model risk assessment process, model risk reporting and ongoing model reviews and validation schedules.

Serving as the primary driver and coordinator for the Model Risk Oversight Committee (MROC), ensuring material risk metrics, model validations and escalations are effectively reported to the Executive Risk Committee (ERC) and the Board Risk Committee (BRC).

Establishing and maintaining a centralised suite of model validation standards including those used for performance monitoring.

Maintaining MBEU Model Inventory including AI Use Case registries, ensuring appropriate tiering classification of material and high-risk models in alignment with the EU AI Act.

Managing the local embedding of the group-wide model risk governance frameworks, ensuring appropriate alignment and clear escalation protocols between global frameworks and subsidiary-specific policy standards.

Independent Model Validation & Oversight

Leading the technical 2LOD validation of all material and high-risk models prior to deployment, evaluating mathematical logic, data lineage, conceptual soundness, stability, performance and potential algorithmic bias.

Providing 2LOD independent oversight and technical validation across key risk domains including:

Credit Risk covering credit scoring, automated underwriting decision engines, customer affordability and IFRS 9 loan loss provisioning models.

Fraud & Financial Crime Risk covering digital onboarding risk assessment scorecards and real-time fraud/transaction monitoring models.

Financial Risk covering financial planning models, ICAAP/ILAAP stress testing, Pillar 2 economic capital models, macroeconomic forecasting, Interest Rate Risk in the Banking Book (IRRBB) models.

Establishing ongoing monitoring standards, including back-testing, benchmarking, and sensitivity analysis, to detect model drift or performance degradation.

Issuing formal 2LOD Opinions on model changes, and track validation findings and action closures for regular reporting to the Model Risk Oversight Committee (M