Credit Model Validation Manager

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 ❤️

London or Remote (UK) | £79,000 - £93,000 + Incentive Awards tied to your performance + Benefits

About the team

Our Borrowing (lending) business is growing rapidly across both existing products and with the planned launch of new initiatives. As our lending portfolio grows, our second line of defence Credit Model Validation team is growing with it - and we’re looking for a Credit Model Validation Manager to join us!

Our Credit Model Validation team provides independent oversight and challenge to our model development teams in the first line of defence. We help Monzo grow safely and make sure the models we use are fit for purpose, appropriately governed and deliver good outcomes for our customers. You’ll join our validation squad and provide expert independent validation and oversight across a broad suite of credit models.

This is a generalist role rather than one focused on a particular model type. You’ll work across models used for impairment, capital, stress testing, forecasting and credit decisioning, including IFRS 9 PD, LGD, EAD and economic response models; decision science scorecards and origination PD models; and Net Present Value (NPV) / unit economics models.

Strong data and analytical skills are a must, as is broad expertise in credit risk modelling and model risk management. You’ll have hands-on experience in model validation and/or development within financial services, and be comfortable getting into the data and code to form an independent view across different model types.

Your day-to-day

• Leading hands-on independent validation across Monzo’s credit model portfolio - covering models used for IFRS 9 impairment, capital and stress testing, forecasting, credit decisioning and unit economics - and making sure they are fit for purpose, appropriately governed and performing as expected

• Reviewing and challenging key model-led credit risk assessments, including impairment adequacy, ICAAP and stress testing, using independent analysis to assess assumptions, limitations and impacts

• Developing a deep understanding of Monzo’s credit models and how they are used, and using this to provide impactful input and challenge to model developers and users

• Contributing to making model validation more consistent, scalable and technology-enabled - building reusable analytical tools and tests, experimenting with AI-assisted approaches and helping the team embed them safely

• Reviewing ongoing model performance monitoring to ensure our lending models perform within our risk thresholds, and providing support to our first line of defence teams when action is required

• Performing statistical analyses, model replication and challenger work where appropriate to test assumptions, assess performance and strengthen validation conclusions

• Improving and helping to embed our Model Risk Framework, including our policies, standards, model inventory, governance and validation approach. This means making sure we follow up-to-date regulatory expectations and that our processes remain proportionate and relevant as modelling techniques evolve

• Writing clear and impactful model validation reports, and presenting the findings and actions in relevant committees

• Partnering with colleagues in first line of defence credit strategy, modelling and finance teams - and with wider risk teams across Monzo - to support effective model governance and consistent validation standards across the organisation

You should apply if you:

• Have a strong background and practical experience in credit model development and/or validation across a range of model types. You’ll have meaningful experience with IFRS 9 impairment, Internal Ratings Based (IRB) or other capital models, alongside broader exposure to several areas such as stress testing, economic response, forecasting, decision science scorecards or NPV / unit economics modelling

• Understand model risk management in practice, including independent validation, model governance, ongoing monitoring, model change and issue management, and how regulatory expectations apply across the model lifecycle

• Are impact-driven and want to improve how validation is done, not only complete individual reviews. You can turn repeatable work into practical methods, tools or guidance that improve quality and consistency across the team.

• Are curious about AI and automation, and can assess where they add value, the risks they introduce, and the controls and human oversight needed. Experience with AI-assisted analytical or coding tools is useful, but not essential

• Are data driven, with strong analytical skills and deep knowledge of statistical techniques for credit and model risk. Strong SQL and Python skills are essential. You can produce clear, reusable and tested code, using collaborative practices such as version control, peer review and documentation. Experience with Tableau, Looker or similar is a plus.

• Can assess models in the context of how they are used - including accounting, capital, credit strategy, risk appetite and customer outcomes - and can distinguish technical model performance from the wider risks of relying on the model

• Have strong written and verbal communication s