VP, Risk & Control, 1st Line
Monzo Bank
London
4d ago

Monzo is the lead challenger bank in the UK. In the last few years we’ve built a banking app with extremely high daily engagement and an NPS that’s consistently above 70.

We’re focused on solving our customer’s problems, making their financial lives simpler, and giving them complete control from their smartphones.

As the VP, Risk & Control, 1st Line; you’ll work closely with our GM’s, C-Suite and Chief Risk Officer and their respective teams to lead the continued build and maturity of our approach to risk management in the first line.

This will include supporting the growth of Monzo across our suite of products including areas like Business Banking, Subscriptions, Borrowing and our Core Personal Banking application.

You’ll be leading our Risk & Control Discipline and will lead a squad of Senior Risk professionals to deliver our Risk frameworks, supporting significant change activities and ensuring we remain in the risk profile of the bank.

Like any other regulated bank, we need to make sure we are managing our risks and controls and are fully compliant with our regulations, but at Monzo we want to do so while continuing with our agile test and learn approach to launching products.

You will do this alongside embedding our operational & conduct risk frameworks across the business and ensure we are adhering to key regulatory compliance obligations.

The role

You'll help us with the following challenges :

  • Leading and building the team; currently at 25 and growing, and developing the operating model to support our teams business-wide
  • Improvement and continued execution of the Enterprise risk management framework and specifically operational risk management framework and conduct risk framework for the bank.
  • This includes the team facilitating risk assessments, monitoring issues / actions, control design testing, supporting implementation of new / updated frameworks and monitoring and testing control effectiveness and execution

  • Lean into / lead on some of our areas of development. This could include regular regulatory interactions, management of s166 process, dealing with external auditing functions
  • Be the leader of our 1LOD Risk Leadership Team, setting out the right org strategy for now and future maturity for the bank
  • Partner with executive level leaders and their leadership teams on a number of risk types and how to design and effectively support them on risk matters across Finance, Technology, Product, Borrowing, People Functions and Operations.
  • Ensure all product changes across the 1LOD (new, withdrawals and amends) are managed through appropriate governance and we enable the business to thrive whilst managing against our risk appetite.
  • Embed new regulations and assure us on how we execute against existing regulations. Assess the regulations applicability against new products and product changes.
  • Ensure we are fully compliant with ICAAP, ILAAP, Operational Resilience and Supplier management regulations.
  • Support Senior Risk Managers and Directors for embedding monthly Risk & Control Governance meetings, as well as other key risk management tasks : key risk indicators are well-defined and understood in a timely manner, incidents are managed, MI and reporting packs are created and risk & control assessments are completed.
  • Enable the identification of applicable regulations for the business, and work with the squads to be compliant by design
  • Chair of key risk committees and attendee and presentation to enterprise risk committees and Board
  • Help Risk & Control senior leaders define their career paths, identify opportunities and level up to do the best work of their lives.
  • To lead the career progression paths of the discipline

  • Liaising with 2LOD, 3LOD, Legal & Compliance
  • This role requires exceptional leadership, communication & collaboration skills with a hands-on’ approach, to ensure that regulations are fully understood, our products are compliant by design’ and our customers' needs are being met.

    You’ll spend your time :

  • Overseeing a team of Senior Risk leaders, who manage all first line risk & control related initiatives for these areas (Risk and Control Self Assessments, control testing, regular governance, issues, incidents & actions)
  • Help to design and implement the risk frameworks and risk controls - taking a hands on’ approach that Monzo values (we apply a first principles approach to everything we do)
  • Monitoring regulatory or audit deadlines to make sure we don’t miss anything
  • Maturing the governance framework and appropriate reporting for the business operational, conduct and compliance risks
  • Providing challenge and guidance to ensure appropriate remedial actions are in place where deficiencies (issues) are identified
  • Escalating, managing and reporting control issues with transparency and creating a positive risk culture
  • Leading the application of operational risk policies & frameworks to create lasting solutions for minimising losses from failed internal processes, inadequate controls, and emerging risks
  • Engaging confidently with senior leadership including C-Suite, Directors, VPs and Board
  • Engaging externally with regulators and their appointed representatives and in external industry forums
  • You should apply if :

  • You are an extremely experienced risk professional with or have worked in 1st line risk at a UK bank or financial services company
  • Have strong experience in Risk & Control Assessments, Audit Management, Incident Management and Issue & Action Management
  • Have worked closely with Product teams - or have a desire to
  • Have strong leadership experience - are confident leading & communicating with your team
  • Have experience of setting strategy, designing the ways of working, org design and operating model
  • Have experience with regulatory compliance in retail banking
  • Are resilient and comfortable working in a fast-paced environment where the day-to-day job is constantly evolving and changing
  • Are hands-on and great at delivery & execution
  • Are curious and collaborative - you’re great at asking incisive questions to pick things up and act on them quickly
  • Are a data-driven leader
  • It would be a plus if you have :

  • Experience at a fintech / challenger bank, especially working with product development.
  • Experience working in a scaling environment and / or technology company on your career journey
  • Logistics

    This role can be based in our London office, or remotely within the UK (as long as you can travel to London when required)

    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.

    Diversity and inclusion is a priority for us if we want to solve problems for people around the world, our team has to represent our customers.

    So we need to attract the best talent and create an environment that supports and includes them. You can read more about diversity and inclusion on ourblog.

    If you prefer to work part-time, we'll make this happen whenever we can - whether this is to help you meet other commitments or strike a great work-life balance.

    Equal Opportunity Statement

    At Monzo, embracing diversity in all of its forms and 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 ethnicity, religion, sexual orientation, gender identity, family or parental status, national origin, veteran, neurodiversity status or disability status.

    LI-CH1 #LI-REMOTE

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