Compliance and Risk Management Director, US

  • Monzo
  • United States
  • Jun 04, 2019
Full time Compliance Management Risk

Job Description

Monzo is a bank that lives on your phone. Our mission is to make money work for everyone: to make our customers effortlessly financially savvy with smart features, unexpectedly friendly service, and a relentless focus on what people genuinely want and need. Our net promoter score of +80 is more than 2x that of other banks, and we are the fastest-growing bank in the UK.

Monzo resembles a fast-paced tech startup  – we move fast, ship things every day, and develop products iteratively. We are also very serious about the safety of our customers’ money and their trust in us, and we believe this starts with our culture. We default to transparency both internally and externally, and we involve our community in everything we do. We prize a diverse team as a strength: everyone is welcome at Monzo and is encouraged to do the best work of their lives.

We’re planning to launch in the US in the next few months, and we’re looking for a business-savvy, collaborative and experienced compliance and risk management leader to help us build a product to revolutionize banking for millions of Americans, and to be one of the first members of Monzo’s team based in the US.

We have ambitions to revolutionize banking in the US, but to do so we need to ensure we can move quickly but safely. We need to ensure we’re compliant with local rules and regulations, and that we manage our risks properly. You will be responsible for pragmatic risk management, compliance monitoring, and governance oversight of the US business. You will report to our global Chief Risk Officer (who is based in the UK), but you’ll be an integral part of the team we are building in the US.

Your responsibilities:

• Develop processes for risk management and governance in the US
You will be responsible for deploying our risk management framework and governance structure in the US, making changes as necessary to account for local differences.

• Track and monitor the US business
You will monitor a range of metrics from platform uptime to the number of customer complaints to ensure that the US business is operating within our risk appetite. You will collaborate with our UK teams to report these items as required.

• Manage the risk governance forum for the region
Our US team will need to meet regularly to discuss risks, controls, regulatory issues and focus areas. You will manage this meeting and ensure the right information is made available, with support from our UK Risk team.

• Provide challenge and guidance
You will leverage your industry experience to provide challenge and guidance to our US team, ensuring they limit and manage the business’s risks as we scale up.

• Compliance monitoring and assessments
You will work with the Legal and Regulatory teams to conduct reviews to confirm that our teams are adhering to the regulatory requirements and following our internal policies and procedures. You are likely to also perform reviews driven by incidents or events that we need to learn from in a structured way.

• Manage independent reviews and audits 
We are required to carry out independent external reviews and audits from time to time, and you will commission and work with these third parties.

• Ensure that identified risks and mitigated and effectively controlled
In such a fast-moving business you’ll need to keep your eyes on the ball, ensuring that risk and compliance issues are rapidly identified and resolved.

• Oversee the risk management of our supplier relationships
Our US operating model is reliant on several key suppliers, and on an ongoing basis we will need to both look at their risk management performance and be prepared to be looked at by them at our performance, you need to be able to balance these potentially tricky risk relationships.

 

You should apply if:

• You’re business-savvy, a strategic thinker, and a keen problem solver who knows how to quickly assess risk and recommend a risk-based solution in a fast moving business. You are not afraid to roll up your sleeves to get things done.

• You have an ability to sense when something is not quite right and needs attention.

• You have extensive experience operating at a senior level, can communicate with clarity and purpose, and provide relevant advice to the business while remaining independent of it.

• You have experience of working in regulated financial services or payments companies in the US, and can demonstrate in your application how your experience has prepared you for working at a fast-paced technology business. Ideally you have experience managing compliance and risk in consumer payments and retail banking products. Applicants with a range of experiences, and not just traditional banking roles, are strongly encouraged to apply.

• You have expertise in CFPB prepaid, BSA and AML, Reg E and GLBA. However, regardless of which specific areas of expertise you have worked in you should be comfortable working in unfamiliar fields and learning new things.

• You’re passionate about technology and in particular financial technology, and what we are doing here at Monzo excites you. You think that banking in the US needs to fundamentally change and you want to be at the forefront of that revolution. You are excited about the prospect of helping build Monzo in the US and are happy to contribute to the growth of the wider business.