Director of Credit Risk, EU

Overview

We're on a mission to make money work for everyone. We're waving goodbye to the complicated and confusing ways of traditional banking. 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. We're not about selling products - we want to solve problems and change lives through Monzo.

Monzo Europe is an Irish-based subsidiary of the Monzo Group which will, upon authorisation, be the base for Monzo's expansion as a bank in the European Union. We are looking for an experienced Director of Credit Risk to lead the development, implementation and oversight of the bank's credit risk framework in Europe. The Director of Credit Risk will provide 2nd line oversight of credit risk policies, processes and models, including Credit Strategy & Appetite Setting, Credit Planning & Forecasting, Credit Origination, Credit Assessment & Approval, Credit Operations & Servicing, Credit Risk Measurement & Modelling and Portfolio Analysis.

The senior leadership role demands a deep understanding of retail credit and applicable prudential regulation in the EU. The Director of Credit Risk will report directly to the Chief Risk Officer, Monzo Europe, and work closely with senior stakeholders across the organisation.

• Develop, implement and continuously enhance Monzo's Retail Credit Risk Framework for Europe, ensuring alignment with the entity's strategic objectives.
• Define, maintain and oversee the implementation of the Retail Credit Risk Appetite Statement, ensuring lending activity aligns with growth objectives and risk limits.
• Provide effective second-line oversight of Retail Credit Risk activities, including policies, underwriting and credit decisioning strategies, pricing and collections and recovery strategies.
• Lead regular reviews of the credit portfolio's asset quality, monitor performance trends and assess the adequacy of IFRS9 impairment provisions.
• Establish robust credit risk monitoring and early warning processes, delivering high-quality and timely credit management information and risk insights to senior internal and external stakeholders.
• Review, challenge and independently validate retail credit risk models including credit scorecards, IFRS9 ECL models, stress testing and internal credit risk capital assessment models.
• Chair and actively contribute to risk governance forums, including Credit Risk Committees, ensuring effective challenge, decision-making and escalation of material risks.
• Ensure ongoing compliance with Central Bank of Ireland requirements, including PCF-22 obligations, and support regulatory reporting and engagement as required.

Leadership

• Establish and lead the second line credit risk oversight function with effective delivery through adequate resourcing, processes and systems in Europe.
• Collaborate with other senior leaders and first line teams to ensure integrated, robust risk management and effective controls across the organisation.
• Provide expert guidance and strategic recommendations to senior management and the Board on credit risk matters, enabling informed decision-making.
• Engage with internal and external stakeholders, including Group functions and regulators, to align, make transparent, and strengthen EU credit risk management practices.
• Establish a robust credit risk management culture through training and awareness programmes.
• Contribute to the second line Risk Leadership Team (RLT) and foster collaboration across the organisation.
• You have a minimum of 10 years of experience in retail credit risk management, preferably in digital banking, fintech or consumer lending environments, with at least 5 years in a leadership credit risk role.
• You have detailed experience in consumer finance with strong knowledge of retail credit products including loans, cards and overdraft lending.
• You have detailed knowledge of IFRS9, CRR/CRD prudential regulation and regulatory expectations in Ireland and Europe (e.g., CBI, EBA, ECB/SSM, Basel).
• You have proficiency in credit risk modelling and measurement tools (decisioning scorecards, IFRS9 ECL models, PD and LGD models, etc.).
• You have proven experience in reviewing and validating credit risk models (scorecards, ECL, stress testing).
• You have excellent analytical, verbal and written communication skills, with the ability to influence and engage senior stakeholders.
• You have a track record of building and leading high-performing risk teams and influencing executive stakeholders.
• You thrive in a fast-paced environment, handling complexity with ease and communicating effectively.
• You are passionate about financial technology and motivated by the opportunity to be at the forefront of banking transformation in Ireland and the EU.
• You have experience setting up and running credit risk functions in Ireland / the EU.
• You have previously held a PCF-22 role or equivalent with a financial services institution in Ireland or an equivalent jurisdiction.

What's in it for you

A competitive compensation package, including base salary and share options.

This role will be based in a Dublin office; however, you will be expected to travel to Monzo's head offices in London from time to time.

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.

Annual Leave: 34 days including public holidays (24 holiday days + 10 public holidays).

€1,200 learning budget each year for books, training courses and conferences.

Pension scheme: minimum contribution 4% with Monzo matching up to 6%.

Wellbeing benefits: financial education, women's and men's health support, mental health benefits including coaching and counselling.

Application process

• Introductory call with a member of the Talent Acquisition team.
• Four interviews testing technical and behavioural skills.

This process should take around 2-3 weeks. We aim to be flexible with your schedule.

We have guidelines on using Artificial Intelligence (AI) in applications and interviews at Monzo. You can read them here.

You'll hear from us throughout the process. If you have questions, please email . You can also use this email to request accommodations for disability, neurodiversity, or any other needs.

We will close this role when we have enough applications for the next stage. Please submit your application as soon as possible to avoid missing out.

Equal opportunities

Diversity and inclusion are a priority for us. We are committed to fostering an inclusive environment for all employees. You can read more in our blog, 2024 Diversity and Inclusion Report and 2024 Gender Pay Gap Report.

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

If you have a preferred name, please use it to apply. We do not require full or birth names at the application stage.

Identity and demographic survey

Our goal is to make Monzo work for everyone, and this starts with a fair, engaged and innovative workplace. The demographic survey helps us understand the progress of different groups through our hiring process and where we need to improve inclusivity. Participation is voluntary and anonymous to Monzo; responses are used for equal opportunities monitoring in aggregated form.

• Voluntary. A "prefer not to say" option is available for every question.
• Anonymous to Monzo. Responses cannot be tied to you and will not affect the outcome of your application.

By filling out the survey, you agree to the described use of your responses. If you need adjustments to the hiring process due to disability or neurodiversity, please email us.

If you would like to share details about gender identity, sexual orientation, disability status, neurodiversity, ethnicity, or pronouns, please provide them where indicated in the form.

By checking the consent box, you agree to Monzo collecting and processing your demographic data as described above.