Head of Model Risk Oversight

About the role

This leadership position serves as the primary Second Line of Defence for Monzo Bank Europe. You will build and manage the model risk framework to ensure all automated systems, statistical models, and AI tools remain compliant, secure, and aligned with risk appetite.

Key facts

What you'll do

• Develop and maintain the EU-wide Model Risk Management framework and validation standards.
• Lead the Model Risk Oversight Committee and report metrics to the Executive and Board Risk Committees.
• Manage the model inventory, including AI use case registries and tiering for the EU AI Act.
• Conduct independent technical validation of models covering credit risk, fraud, financial crime, and stress testing.
• Perform back-testing, benchmarking, and sensitivity analysis to identify model drift.
• Provide formal validation opinions and track findings for remediation.
• Establish oversight protocols for machine learning, generative AI, and large language models.
• Ensure all methodologies comply with ECB, EBA, IFRS 9, and GDPR requirements.
• Build and scale the oversight function, including managing budgets and resourcing.

Requirements

• Post-graduate degree (MSc or PhD) in Mathematics, Statistics, Physics, Financial Engineering, or Data Science.
• Extensive experience in quantitative model risk management within a tier-1 bank, high-growth challenger bank, or top-tier financial consultancy.
• Expertise in retail credit risk, IFRS 9, ICAAP/ILAAP, stress testing, and fraud modelling.
• Deep knowledge of European prudential regulations, EBA standards, and the European AI Act.
• Proven ability to build governance frameworks from the ground up.
• Strong communication skills to explain complex statistical concepts to senior leadership.

Skills & tools

• SQL
• Python
• Generative or agentic AI tools for risk workflow optimization

Practical notes

• Benefits include 38 days of annual leave, 1,200 EUR annual learning budget, private healthcare, and wellbeing support.
• Relocation assistance to Spain is provided.
• This is a Controlled Function role under the Central Bank of Ireland; appointment is subject to Fitness and Probity Standards and the Individual Accountability Framework.
• The application process involves an introductory call, a hiring manager interview, and a series of leadership and technical interviews spanning 3 to 4 weeks.
• Monzo will close the application window once a sufficient number of candidates have been identified.