Description:
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.