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Full-Time

Head of Risk

Posted on 8/12/2024

Monzo

Monzo

1,001-5,000 employees

Digital-only banking platform for consumers

Fintech
Financial Services

Compensation Overview

$172k - $220kAnnually

+ Equity

Senior

San Francisco, CA, USA

Category
Risk Management
Finance & Banking
Required Skills
Data Science
Data Structures & Algorithms
Requirements
  • You’ve built and scaled successful fincrime and fraud programs for debit and credit products
  • You have a strong understanding of financial crime regulations and compliance requirements within consumer banking
  • You're familiar with relevant technologies and tools for fraud prevention
  • You're a problem solver, and can simplify complex fincrime problems for technical and non-technical audiences
  • You're analytical and make data driven decisions
  • You’re an action-oriented problem solver, and have built scalable processes
  • You've built strong relationships and collaborate with partners to reach alignment and resolve issues
  • You can drive clarity amidst ambiguity and focus on the things that matter
  • You’re a team player and can roll up your sleeves to get things done
Responsibilities
  • Building and implementing anti-financial crime, fraud prevention, and risk management strategies that align with regulatory requirements, industry best practices, and Monzo’s objectives
  • Collaborating with Data Science to build and refine algorithms and models to improve customer and transaction decisioning
  • Collaborating with Product / Eng teams to implement solutions for detecting and preventing financial crimes as Monzo scales
  • Own supplier relations, including evaluation, implementation and performance of 3rd party tools and technology
  • Building and leading a high-performing fraud operations team. Fostering a culture of continuous improvement, professional development, and collaboration
  • Implement and enforce policies and procedures related to financial crime and fraud prevention, including BSA/AML and KYC requirements, through rules and controls
  • Developing and delivering training programs to educate employees on financial crime risks, fraud prevention practices, and compliance requirements

Monzo operates as a digital-only banking platform that focuses on providing a modern and convenient way for individuals to manage their finances. Its main product is a mobile app that allows users to track their income, spending, and savings easily. The app includes features that help users save money, such as automatically setting aside a portion of their paycheck or rounding up payments to the nearest dollar. Monzo generates revenue through interest on customer deposits, fees for certain services, and interchange fees from card transactions. Additionally, it offers overdrafts and personal loans as part of its services. What sets Monzo apart from traditional banks is its real-time balance updates and instant spending notifications, which help users stay informed about their finances. With over 8 million customers, Monzo aims to meet the growing demand for accessible and mobile-first banking solutions.

Company Stage

Series I

Total Funding

$1.5B

Headquarters

London, United Kingdom

Founded

2015

Growth & Insights
Headcount

6 month growth

8%

1 year growth

25%

2 year growth

58%
Simplify Jobs

Simplify's Take

What believers are saying

  • Monzo's rapid customer growth, with over 8 million users, indicates strong market demand and potential for further expansion.
  • The launch of fee-free accounts for children under 16 could attract a new generation of loyal customers and foster long-term brand loyalty.
  • Innovative security features enhance customer trust and could reduce fraud-related losses, improving overall customer satisfaction.

What critics are saying

  • The competitive fintech landscape requires continuous innovation to maintain differentiation and avoid losing market share to other digital banks.
  • Regulatory changes affecting fees and interchange rates could impact Monzo's revenue model, necessitating adjustments to maintain profitability.

What makes Monzo unique

  • Monzo's digital-only banking platform offers a user-friendly mobile app with real-time balance updates and instant spending notifications, setting it apart from traditional banks.
  • The introduction of Monzo for Under 16s demonstrates a commitment to financial literacy and early financial education, a niche not widely addressed by competitors.
  • Monzo's trio of industry-first security controls, including Known Locations, Trusted Contacts, and Secret QR codes, provides enhanced fraud protection that is unique in the digital banking sector.

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Benefits

Competitive salary

Flexible working hours

Work from home

Stock options

32 days of paid vacation and public holidays per year

Health insurance

EAP

Learning budget

Home office stipend

Paid parental leave

INACTIVE