Prudential Risk Manager

Monzo; United Kingdom; Hybrid; GBP 59,000 - 76,000; Full time

Job summary

A leading financial technology firm in the UK is seeking a Prudential Risk Manager to oversee financial risk and ensure compliance with regulatory standards. The ideal candidate will have extensive experience in prudential risk management and advanced Excel skills. This role offers a salary of £59,500 - £75,500 with flexible working options including remote capabilities.

Benefits

Flexible working hours

£1,000 annual learning budget

Macbook for remote work setup

Qualifications

• Experience in prudential risk or regulatory affairs at a bank or consultancy.
• Strong understanding of regulatory requirements related to capital.
• Experience in financial forecasting and capital planning.

Responsibilities

• Review financial models for forecasting and capital planning.
• Develop oversight capabilities for financial models.
• Support regulatory deliverables and compliance assessments.

Skills

Prudential risk experience

Advanced Excel/G-Sheet skills

Analytical thinking

Strong written and verbal communication

Stakeholder relationship building

Tools

BigQuery

Anaplan

Job description

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!

About the role:

Our Prudential Risk Team is growing and we’re looking for a Prudential Risk Manager to join us within the 2nd Line of defence risk team. The role will support the Prudential Risk team in providing oversight and challenge of the management of Monzo’s financial and prudential risks and work closely with our 1st line of defence Finance teams.

We’re looking for an analytical and commercially minded risk manager, with prudential risk experience, who will thrive working across different areas of prudential and financial risk. This role will support the Prudential Risk oversight of regulatory deliverables including the ICAAP and Recovery and Resolution Planning, review financial models used for financial forecasting and capital planning, interpret and apply Monzo’s prudential regulatory requirements and contribute to the 2nd Line review regulatory returns.

The role will also support in interpreting and evaluating the impact of prudential regulation of strategic projects and business change, for example international expansion and other growth opportunities, and oversight of the impact of such projects on Monzo’s financial risks, working alongside our Corporate Legal and Corporate Development teams.

Therefore, ideally you will have a strong working knowledge across multiple areas of financial risk management and prudential regulation (UK CRR and the PRA Rulebook).

Part of this role will be reviewing financial models used for financial forecasting and capital planning, owned by the 1st Line of Defence, running sensitivity analysis on the model outputs and developing a 2nd Line challenger model capability. Therefore, advanced Excel/G-Sheet skills is essential and previous experience in building or reviewing financial models, particularly relevant to a retail bank and experience in working within BigQuery and Anaplan is preferable.

Your day-to-day:

• Review financial models used for financial forecasting and capital planning (including the ICAAP and Recovery Plan), owned by the 1st Line of Defence, within G-Sheets and Anaplan, including running sensitivity analysis and forming insights, observations and recommendations.
• Develop a 2nd Line challenger model capability to strengthen the 2nd Line of Defence oversight of financial models and capital planning.
• Support reviews of the internal controls framework used for financial forecasting, capital planning and other areas of financial risk management, making recommendations for ensuring effective controls and prudential regulatory compliance.
• Oversee the monthly financial risk reporting process, including providing 2nd Line of Defence inputs, for risk governance committees such as ALCo.
• Review the impact of new products and business change, for example internal expansion, on Monzo’s financial risk profile and prudential regulatory compliance.
• Support the 2nd line risk oversight and review of the ICAAP and Recovery and Resolution Planning in line with Monzo’s approach, regulatory expectations and industry best practice.
• Contribute to regulatory rule interpretations as well as reviewing the 1st Line of Defence interpretations of relevant regulatory rules, providing oversight and challenge for regulatory capital resource/requirements rule interpretations and regulatory reporting (COREP, FINREP, PRA/FCA Returns)
• Ensure Monzo’s Group Financial Risk Framework and Financial Projections Framework are adhered to, and that suitable controls and policies are in place to implement these.
• Conduct discrete pieces of assurance to support the strengthening of risk and controls in Monzo.
• Develop strong relationships with colleagues to support the embedding of prudential risk management activity.

You should apply if you:

• Have prudential risk or regulatory experience at either a bank, a consultancy or a regulatory body
• Have good knowledge/experience of the relevant regulatory requirements, specifically in relation to capital, and the ability to interpret what that means for the relatively unique circumstances of our bank.
• Have advanced Excel/ G-sheet skills and experience of building or reviewing financial models to support financial forecasting or capital planning, preferably relevant to a retail bank. Experience working within BigQuery and Anaplan is ideal but not essential.
• Are interested in identifying relevant data, performing analysis and understanding the impact on our bank to form risk insights.
• Are able to work independently, proactively and enjoy a dynamic and changing environment.
• Are keen to learn about and work on areas of the regulatory regime that you may not have previously explored, particularly in the context of a growing bank.
• Have experience building strong relationships with stakeholders at all levels within the business.
• Strong written and verbal communication style.

What’s in it for you

£59,500 - £75,500 share options.

This role can be based in London or remote within the UK with adhoc visits to the London office.

We offer flexible working hours and trust you to work enough hours to do your job well, and at times that suit you and your team.

£1,000 learning budget each year to use on books, training courses and conferences.

We will set you up to work from home; all employees are given Macbooks and for fully remote workers we will provide extra support for your work-from-home setup.

Plus lots more!

The application journey has 4 key steps

• Short phone call with a member of the hiring team
• Follow up video call with the Hiring Manager
• Final stage 2-part Role Specific and Behavioural interview with members from the wider Risk and Compliance collective

Equal opportunities for everyone

Diversity and inclusion are a priority for us and we’re making sure we have lots of support for all of our people to grow at Monzo. At Monzo, we’re embracing diversity by fostering an inclusive environment for all people to do the best work of their lives with us. This is integral to our mission of making money work for everyone.

We’re an equal opportunity employer. All applicants will be considered for employment without attention to age, ethnicity, religion, sex, sexual orientation, gender identity, family or parental status, national origin, or veteran, neurodiversity or disability status.