Head of Credit Risk, EU

🚀 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 ❤️

Hear from our UK team about what it's like working at Monzo ✨

📍Dublin, Ireland | 💰 competitive salary, share options + benefits | Hear from the team ✨ 

⭐Our Risk team

Monzo Europe is an Irish-based subsidiary of the Monzo Group which will, upon authorisation, be the base for Monzo’s expansion as a bank in the European Union. We are looking for an experienced Head of Credit Risk to lead the development, implementation and oversight of the bank's credit risk framework in Europe. The Head of Credit Risk will provide 2nd line oversight of credit risk policies, processes and models, including Credit Strategy & Appetite Setting, Credit Planning & Forecasting, Credit Origination, Credit Assessment & Approval, Credit Operations & Servicing, Credit Risk Measurement & Modelling and Portfolio Analysis.

The senior leadership role demands a deep understanding of retail credit and applicable prudential regulation in the EU. The Head of Credit Risk will report directly to the Chief Risk Officer, Monzo Europe and work closely with senior stakeholders across the organisation. 

🔑You’ll play a key role by...

• Developing, implementing and continuously enhancing Monzo's Retail Credit Risk Framework for Europe, ensuring it is fully aligned with the entity’s strategic objectives.
• Defining, maintaining and overseeing the implementation of the Retail Credit Risk Appetite Statement, ensuring that lending activities align with business growth objectives and risk limits.
• Providing effective second-line oversight of Retail Credit Risk activities, including policies, underwriting and credit decisioning strategies, pricing and collections and recovery strategies.
• Leading regular reviews of the credit portfolio's asset quality, including monitoring performance trends and assessing the adequacy of IFRS9 impairment provisions
• Establishing robust credit risk monitoring and early warning processes, delivering high quality and timely credit management information (MI) and risk insights to senior internal and external stakeholders.
• Reviewing, challenging and independently validating retail credit risk models including credit scorecards, IFRS9 Expected Credit Loss (ECL) models, stress testing, and internal credit risk capital assessment models.
• Chairing and actively contributing to relevant risk governance forums, including Credit Risk Committees, ensuring effective challenge, decision-making, and escalation of material risks.
• Ensuring ongoing compliance with the Central Bank of Ireland requirements, including those related to PCF-22 obligations, and support regulatory reporting and engagement as required.

Leadership

• Establishing and lead the second line credit risk oversight function ensuring effective delivery through adequate resourcing, processes and systems in Europe
• Working closely with other senior leaders and first line teams to ensure that credit risk is managed in a robust and integrated manner and controls are effective across the organisation
• Providing expert guidance and strategic recommendations to senior management and the Board on credit risk matters, enabling informed decision-making.
• Engaging with key internal and external stakeholders, including Group functions and regulators, to ensure that the entity’s credit risk management practices in the EU are aligned, transparent, effective, and compliant.
• Establishing a robust credit risk management culture through comprehensive training and awareness programmes.
• Contributing to the second line Risk Leadership Team (RLT), fostering a collaborative environment across the organisation.

🤩 We’d love to hear from you if…

• You have a minimum of 10 years of experience in retail credit risk management preferably in digital banking, fintech or consumer lending environments, with at least 5 years in a leadership credit risk role.
• You have detailed experience in consumer finance with a strong knowledge of retail credit products including loans, cards and overdraft lending.
• You have  detailed knowledge of IFRS9, CRR/CRD prudential regulation and regulatory expectations in Ireland and Europe (eg. CBI, EBA, ECB/SSM, Basel, etc).
• You have a proficiency in credit risk modelling measurement tools (decisioning scorecards, IFRS9 Expected Credit Loss Models, Probability of Default (PD) and Loss Given Default (LGD) models etc.)
• You have proven experience in reviewing and validating credit risk models (scorecards, ECL, stress testing).
• You have excellent analytical, verbal and written communication skills, with the ability to influence and engage senior stakeholders.
• You have a track record of building and leading high-performing risk teams and influencing executive stakeholders.
• You thrive in a fast-paced environment, handling complexity with ease and communicating effectively.
• You are passionate about financial technology and motivated by the opportunity to be at the forefront of banking transformation in Ireland and the EU.

Even better if: 

• You have experience setting up and running credit risk functions in Ireland / the EU.
• You have previously held a PCF-22 role or equivalent with a financial services institution in Ireland or an equivalent jurisdiction.

🙌What’s in it for you

💰 A competitive compensation package, composed of a base salary ➕share options.

📍This role will be based in a Dublin office, however you will be expected to travel to Monzo’s head offices in London from time to time.

⏰We offer flexible working hours and trust you to work enough hours to do your job well, and at times that suit you and your team. 

🏝 Annual Leave - 34 days including public holidays (24 holiday days + 10 public holidays)

📚€1,200 learning budget each year to use on books, training courses and conferences.

🏥Private healthcare scheme

💰Pension scheme: the minimum contribution is 4% and Monzo matches any additional contributions that you make up to a maximum of 6%

💛Wellbeing benefits: financial education, women’s and men’s health support, mental health benefits, including coaching and counselling

🌈 The application journey has 3 key steps

• Introductory call with with a member of the Talent Acquisition team
• Hiring Manager call
• x4 interviews testing technical and behavioural skills

This process should take around 2-3 weeks - your schedule is really important to us, so we promise to be as flexible as possible! 

We have some guidelines on using Artificial Intelligence (AI) to ace an application and interview at Monzo. You can read them here.

You’ll hear from us throughout the application process, but if you’ve got any questions, please reach out to business-hiring@monzo.com. You can also use this email address to let us know if there’s anything we can do to make the process easier for you because of disability, neurodiversity or anything else.

We’ll only close this role once we have enough applications for the next stage. Please submit your application as soon as possible to make sure you don’t miss out.

#LI-ÉS1

Equal opportunities for everyone

Diversity and inclusion are a priority for us and we’re making sure we have lots of support for all of our people to grow at Monzo. At Monzo, we’re embracing diversity by 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. You can read more in our blog, 2024 Diversity and Inclusion Report and 2024 Gender Pay Gap Report.

We’re an equal opportunity employer. All applicants will be considered for employment without attention to age, ethnicity, religion, sex, sexual orientation, gender identity, family or parental status, national origin, or veteran, neurodiversity or disability status.

If you have a preferred name, please use it to apply. We don't need full or birth names at application stage 😊