Head of Model Risk Oversight

Monzo Bank
Dublin
Workplace: HybridFull timeEUR 124,000 - 167,000 annuallyFunction: Legal, Risk & ComplianceEducation: mastersSkills: ["Leadership","Stakeholder management","Technical challenge","Governance","Communication"]

Lead Monzo Bank Europe’s Second Line of Defence model risk management, establishing and scaling the EU-wide MRM framework and validation standards. Drive governance through the Model Risk Oversight Committee, maintain the model inventory and AI use case registries aligned to the EU AI Act, and oversee independent technical validation across credit, fraud/financial crime, and financial risk models. Ensure regulatory alignment and provide evidence-based challenge to first-line model teams, regulators, and audit stakeholders.

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FursaFursa
Monzo Bank
Monzo Bank
4 days ago

Head of Model Risk Oversight

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Job Summary

Lead Monzo Bank Europe’s Second Line of Defence model risk management, establishing and scaling the EU-wide MRM framework and validation standards. Drive governance through the Model Risk Oversight Committee, maintain the model inventory and AI use case registries aligned to the EU AI Act, and oversee independent technical validation across credit, fraud/financial crime, and financial risk models. Ensure regulatory alignment and provide evidence-based challenge to first-line model teams, regulators, and audit stakeholders.
Location: Dublin
Workplace: Hybrid
Employment Type: Full time
Job Function: Legal, Risk & Compliance
Seniority: Sr. Director level

Key Responsibilities

  • •Define, implement, and maintain the EU-wide Model Risk Management (MRM) framework, including model risk appetite, assessment process, reporting, reviews, and validation schedules.
  • •Coordinate model risk oversight governance through the Model Risk Oversight Committee, ensuring material metrics and escalations reach Executive and Board Risk Committees.
  • •Lead independent 2LOD technical validation of material and high-risk models, assessing mathematical logic, data lineage, conceptual soundness, stability, performance, and potential algorithmic bias.
  • •Oversee model validation and monitoring across credit risk, fraud/financial crime risk, and financial risk (including ICAAP/ILAAP, Pillar 2 economic capital, macroeconomic forecasting, and IRRBB).
  • •Establish AI governance and regulatory alignment, including compliance with evolving European AI Act legislation, ECB/EBA guidance, IFRS 9, GDPR mandates, and consumer credit directives; act as principal contact for external regulators and audit reviewers.
Travel: Low travel

Pay and Benefits

Salary: EUR 124,000 - 167,000 annually
Perks:Paid LeaveLearning BudgetHealth InsurancePensionRelocation

Key Requirements

  • •Post-graduate degree (MSc or PhD) in a highly quantitative discipline such as Statistics, Mathematics, Financial Engineering, Data Science or Physics.
  • •Extensive experience in quantitative Model Risk Management within a tier-1 bank, rapid-growth challenger bank, or premier financial regulatory consulting practice.
  • •Advanced quantitative knowledge across retail credit risk scoring (PD, LGD, EAD), IFRS 9 impairment modeling, Economic Capital, ICAAP and ILAAP, macroeconomic stress testing, and fraud/financial crime modeling techniques.
  • •Deep understanding of European prudential regulations and guidelines (including ECB/EBA), plus GDPR and the European AI Act.
  • •Hands-on proficiency in SQL and Python, with an eagerness to apply generative/agentic AI to optimize risk workflows.
Experience:BankingFinancial servicesModel riskFinancial regulatory consulting
Education:Master's in Quantitative discipline (e.g., Statistics, Mathematics, Financial Engineering, Data Science, Physics)
Skills:LeadershipStakeholder managementTechnical challengeGovernanceCommunication
Languages:English
Tech Stack:SQLPythonArtificial IntelligenceMachine LearningGenerative AILarge Language ModelsLLM

Company Brief

Monzo Bank
Monzo is a UK-based digital bank offering mobile-first current accounts, savings, business banking, and financial tools focused on transparency, low fees, and real-time money management for consumers and small businesses.
Industry: Neobanking
Company Size: Enterprise (1,001+ employees)
Growth: Scaleup
Valuation: Unicorn (USD 1B+)
Funding: Series E+
Headquarters: London, United Kingdom
Founded: 2015
WebsiteLinkedIn