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Salary: EUR 124,000 - 167,000 / annual
Monzo is seeking a Head of Model Risk Oversight to lead the Model Risk Management (MRM) function across Monzo Bank Europe (MBEU). This is a key Second Line of Defence (2LOD) leadership role reporting to the Director of Credit Risk.
You will establish, scale, and manage the MRM process across the organization, ensuring all models supporting 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 risk appetite and regulatory expectations.
Key responsibilities include:
**Model Risk Management & Governance:**
- Define, implement, and maintain the EU-wide MRM Framework and validation standards, including model risk appetite, assessment processes, risk reporting, and review schedules
- Drive and coordinate the Model Risk Oversight Committee (MROC), ensuring material risk metrics, validations, and escalations are reported to the Executive Risk Committee (ERC) and Board Risk Committee (BRC)
- Establish and maintain centralized model validation standards for performance monitoring
- Maintain the MBEU Model Inventory and AI Use Case registries, ensuring appropriate tiering classification aligned with the EU AI Act
- Embed group-wide model risk governance frameworks locally with clear escalation protocols
**Independent Model Validation & Oversight:**
- Lead technical 2LOD validation of all material and high-risk models prior to deployment, evaluating mathematical logic, data lineage, conceptual soundness, stability, performance, and algorithmic bias
- Provide 2LOD independent oversight across credit risk (credit scoring, underwriting engines, affordability, IFRS 9 provisioning), fraud & financial crime risk (onboarding scorecards, real-time monitoring), and financial risk (stress testing, ICAAP/ILAAP, IRRBB models)
- Establish ongoing monitoring standards including back-testing, benchmarking, and sensitivity analysis to detect model drift
- Issue formal 2LOD Opinions on model changes and track validation findings for regular reporting
This role is critical as automated systems, advanced statistical models, and AI increasingly drive business activities and decision-making at Monzo.
