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Salary: EUR 121,000 - 163,000 / annual
Monzo is building a bank for Europe, with lending at the heart of its expansion strategy. The Head of Credit Risk Oversight is a senior risk leadership role in the Second Line of Defence (2LoD), responsible for shaping how Monzo Bank Europe lends as it scales across the continent. This is an early-stage opportunity to set standards that will grow with the portfolio.
You will lead oversight of Monzo Bank Europe's entire lending business, driving the Credit Risk Framework, defining risk appetite, challenging and shaping credit strategy, and overseeing execution across the credit lifecycle. You'll identify portfolio risks before they appear in financial results, enabling fast, sustainable growth.
Key responsibilities include:
**Credit Risk Framework & Appetite**: Develop and continuously improve the Credit Risk Framework for Europe, aligned to entity strategy. Formulate and oversee the Credit Risk Appetite Statement and limit structure. Convert appetite into practical limits, triggers and escalation paths, and oversee First Line of Defence implementation. Embed group-wide frameworks locally with clear escalation between global standards and local policy.
**2LoD Oversight**: Provide independent oversight and challenge across credit policy, underwriting, decisioning strategies, affordability, pricing, and collections. Issue formal 2LoD opinions on new products, policy changes, and material lending decisions. Review portfolio asset quality regularly, including performance trends and emerging risks. Oversee IFRS 9 impairment provision adequacy.
**Credit Risk Measurement**: Lead end-to-end credit risk measurement from data and methodology to loss estimates. Own development and maintenance of IFRS 9 expected credit loss models, including PD, LGD, EAD and forward-looking information inputs. Set methodology for staging, significant increase in credit risk, macroeconomic scenarios and post-model adjustments. Maintain model documentation and close validation findings. Integrate advanced techniques and artificial intelligence into model building and operation with appropriate controls. Supply credit risk parameters to capital, stress testing and financial planning.
**Monitoring & Management Information**: Build credit risk monitoring and early warning processes. Deliver high-quality, timely credit risk management information to senior internal and external stakeholders. Translate complex analysis into clear narratives for decision-making.
**Committee Governance**: Act as Secretariat and Deputy Chair of the Credit Risk Oversight Committee. Escalate appetite breaches and material risks to Executive Risk and Board Risk Committees. Provide evidence-based challenge to First Line teams and accountable executives.
**Regulatory Compliance**: Ensure credit risk management meets Central Bank of Ireland, Irish, EU and EBA/ECB requirements. Lead 2LoD assessment of changing regulation. Support regulatory reporting and the Director's PCF-22 obligations. Serve as key contact for CBI, internal audit and external auditors.
**Leadership**: Build the credit risk oversight function from the ground up, starting hands-on and hiring/leading a team as the business grows. Embed cutting-edge technology, including generative and agentic AI, with appropriate controls. Balance commercial ambition with rigorous risk boundaries.
This role reports to the Director of Credit Risk, Monzo Bank Europe, and is a Controlled Function (CF-2) under Irish Central Bank regulation, subject to Fitness and Probity Standards and Conduct Standards.
**Requirements:**
- Degree in quantitative or financial discipline (Economics, Econometrics, Statistics, Mathematics, Finance, Financial Engineering); CFA, FRM or PRM qualifications strongly preferred
- Led credit risk oversight or credit risk measurement in a retail bank, challenger bank, or top financial regulatory consulting practice, ideally in a regulated EU entity
- Deep expertise in retail credit risk modelling: PD, LGD, EAD, IFRS 9 staging, expected credit loss, affordability and forward-looking information
- Owned or independently challenged credit risk appetite, credit policy, underwriting and collections strategies
- Strong understanding of European regulation: EBA and ECB guidelines, IFRS 9, CCD2, GDPR and day-to-day application
- Proven experience in independent engagement with internal/external auditors and supervisory authorities, preferably CBI and/or ECB
- Tech-fluent with hands-on SQL and Python; keen to use generative and agentic AI for risk work with clear understanding of required controls
- Ability to give clear, structured, objective challenge to First Line teams with strong evidence
- Experience building credit risk frameworks, models or governance from scratch, including in data-sparse environments
- Ability to translate complex analysis into simple, useful insight for senior management and the board
