Financial Crime Model Validation Manager

About the role

<div class="content-intro"><p><strong><em>🚀 We’re on a mission to make money work for everyone.</em></strong></p> <p>We’re waving goodbye to the complicated and confusing ways of traditional banking.</p> <p>After starting as a prepaid card, our product offering has grown a lot in the last 10 years in the UK. As well as <a href="https://monzo.com/current-account/personal">personal</a> and <a href="https://monzo.com/business-banking">business</a> bank accounts, we offer <a href="https://monzo.com/current-account/joint-account">joint accounts</a>, <a href="https://monzo.com/current-account/16-17">accounts for 16-17 year olds</a>, a <a href="https://monzo.com/current-account/under-16s">free kids account</a> and <a href="https://monzo.com/flex">credit cards</a> in the UK, with more exciting things to come beyond. Our UK customers can also <a href="https://monzo.com/savings">save</a>, <a href="https://monzo.com/investments">invest </a>and <a href="https://monzo.com/pensions">combine their pensions</a> with us. </p> <p>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!</p> <p>We’re not about selling products - we want to solve problems and change lives through Monzo ❤️</p> <hr> <p> </p></div><p>London/UK Remote | 💰£71,400 - £90,000 (depending on experience) + Incentive Awards tied to your performance + <a href="https://monzo.com/careers/">Benefits</a>  ✨</p> <p><strong>⭐Our Model Oversight team</strong></p> <p>The second line of defence Model Oversight team (that’s us!) provides support to our colleagues in Borrowing, Fincrime & Fraud, Finance and Operations to help Monzo grow safely. We’re looking for a <strong>FinCrime Model Validation Manager</strong> to help ensure the Fincrime/Fraud models we use are not only good for Monzo but what's best for our customers.</p> <p><strong>🔑You’ll play a key role by...</strong></p> <ul> <li>Build relationships with first line of defence Fincrime/Fraud modelling teams and wider risk teams to support the embedding of the model risk framework and an understanding of model validation practices to help Monzo grow safely. </li> <li>Perform independent model validations of FinCrime/Fraud models using proportionate modelling techniques depending on the level of complexity applied.</li> <li>Write clear and impactful model validation reports and present the findings in relevant committees.</li> <li>Review ongoing model performance monitoring to ensure the FinCrime/Fraud models are performing within risk thresholds and providing support to the  FinCrime/Fraud model development team when further action is required.</li> <li>Oversee the review and validation of any FinCrime/Fraud model changes and provide recommendations to first line teams to ensure the models remain fit for purpose.</li> <li>Collaborate with the first line of defence teams to support the strengthening of policies, standards and procedures, providing advisory support during  FinCrime/Fraud model design and build, and helping to embed best practice in the business. </li> <li>Monitoring and measuring the overall level of FinCrime/Fraud model risk that Monzo operates, and driving action plans with first line teams and appropriate governance forums to mitigate residual model risk within de