Senior Credit Risk Manager

  • Monzo
  • London, UK
  • Mar 25, 2022
Full time Management

Job Description

Here at Monzo we’re at a tipping point:

  • We’re now the fastest growing bank in the UK (in # of new users, as well as % terms) - adding over 100k new users each month.
  • We’re rated by Which as the best bank in the UK
  • In the last few months we’ve reached break-even unit economics (every additional user adds additional profitability, albeit we still have ~£30m of fixed costs we have to cover)
  • We just finished raising an additional £105m of capital (at a £1Bn pre-money valuation).

At Monzo we believe there’s a better way to do banking - we care deeply about our customers, are innovative and we execute quickly.

We’re looking to revolutionise the way consumers manage their finances by putting them in control and promoting their financial wellbeing. As part of that effort we are developing lending products that genuinely feel good and are looking for highly intelligent and creative individuals to help us on our journey.

The Role

At Monzo we are split teams into highly autonomous multi-functional ‘squads’ - each empowered and equipped to tackle a specific problem for our users. As Senior Credit Risk Manager you would oversee development of the logic and the systems associated with working out who we lend to and how much we lend, and then how we collect that money back.

You would be responsible for:

  • All underwriting (including redecisioning) along with any decision science work needed to build and deploy decisioning models and logic.
  • Credit limit assignment activity and credit limit increase/credit limit decrease programs
  • Setting and monitoring the credit risk control framework (e.g. early warning indicators, risk appetite etc.).
  • Provisioning, write offs and management of our P&L credit loss line
  • Ensuring we lend in a compliant and consumer centric way

Ultimately you would be responsible for ensuring that we understand and manage the credit risk we’re taking, and that we do so in a way which continues to support our rapid growth ambitions. Achieving this control vs growth balance is likely to require substantial first principles thinking and challenging existing ways of doing things.

Additionally you would manage all of the Decision Scientists and Credit/data analysts within the Lending team. You would create hiring plans, establish progression frameworks for development to ensure that we are hiring and retaining world-class analysts at the right rate to match our growth plans.

You would oversee the quality of the analysts work, ensure the analysts in the various squads are adopting best practices and sharing knowledge effectively - and would ultimately be responsible for the quality and speed of all analytical output within Lending.

The Candidate

We’d love you to apply if you have a deep understanding of managing consumer credit risk. You should understand all aspects of the credit lifecycle from decision science and underwriting through portfolio management, including collections and provisioning and all of the regulations that apply. You should understand and have developed decision systems, have a great knowledge of credit reference agency products and data (including reporting back) and should have experience of setting and reporting against credit control frameworks including building and operating IFRS9 compliant provisioning models. Experience of doing the above on personal current accounts, unsecured personal loans and credit cards is preferred.

You should be comfortable using data and analytics to optimise across all of these stages. In particular, you should have experience of the following within a consumer lending environment:

  • Credit underwriting,
  • Collections strategy design and management,
  • Decision system management and development,
  • Data Science (regression modelling and machine learning),
  • Portfolio optimisation, including redecisioning and credit limit strategy management,
  • Credit reference agency data and products (including reporting back and negotiating commercials)
  • Provisioning including IFRS9,
  • Customer Lifetime Value (CLV) modelling/Net Present Value (NPV) modelling/unit economics,
  • Capital allocation and P&L income and losses modelling and stress testing,
  • A/B test design and statistical significance

You’d be a good fit for the role if you’re comfortable working in a highly collaborative environment where ideas can come from all team members as well as balancing ‘soft’ information (e.g. customer feedback/qualitative market research) with hard data (e.g. A/B test outcomes). The team operates in a highly agile manner, so it’s important that you’re able to identify and focus on what is necessary for the next milestone (rather than the perfect solution).

Whilst you may not have been analytically ‘hands on’ over the last couple of years you should come from an analytical background and be comfortable ‘getting your hands dirty’ with pulling your own data and doing your own analytics where necessary.

You'll spend your time:

  • Working with the team to enhance our decisioning logic and systems
  • Monitoring and communicating the level of credit risk we’re taking
  • Communicating insights relating to our lending portfolio and gaining buy-in to strategy changes from stakeholders across the business, at all levels up to and including board level
  • Liaising with colleagues from across the business to support them in achieving their goals (and get their support in achieving yours!)
  • Hiring, managing, coaching and developing analysts within the Lending team
  • Ensuring we build our products in a compliant and customer-centric way

You should apply if:

  • You’re a real expert in consumer credit risk management and understand the detail behind how to optimise all of the various components that make lending products profitable
  • You have a solid understanding of how lending products work to generate profit including experience of building and using tools like Customer Lifetime Value and/or Net Present Value modelling and how income and losses are recognised on the P&L.
  • You have a deep understanding for credit risk measurement and control frameworks and are able to set these up from scratch using first principle thinking
  • You’re self-motivated, highly organised and focussed on impact
  • You’re comfortable with ambiguity and can think from first principles
  • You’re happy taking an MVP approach and doing what’s good enough for now
  • You have strong analytical skills (previous experience of SQL is a must, R, Python, SAS, VBA and similar are a plus)
  • You’re excited about the future of banking and want to work with us to shape it
  • You’re able to build strong, mutually respectful relationships with diverse teams


The application process consists of a short phone interview, followed by a practical written exercise with a follow up call, and a couple of on-site interviews at our office in London.  We'll kick off reviewing applications for this role in early-mid January

We care deeply about inclusive working practices and diverse teams. If you’d prefer to work part-time or as a job-share, we’ll facilitate this wherever we can – whether to help you meet other commitments or to help you strike a great work-life balance. We’re keen to ensure we’re designing a bank that works for everyone, so we particularly encourage applications from different underrepresented demographics.

Competitive salary plus stock options and other benefits.