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Director of Operational & Enterprise Risk

Ireland

🚀 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 ❤️

Hear from our team about what it's like working at Monzo ✨

 

📍Dublin, Ireland 💰 € competitive + share options Hear from the team ✨ 

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 into the European Union. We are looking for an experienced Director of Operational & Enterprise Risk to lead the development, implementation and oversight of the Operational and Enterprise risk Management frameworks in Europe. The Director will provide 2nd line oversight of key operational risks, including IT, information security, payments, business continuity, third-party and outsourcing risks, and will be instrumental in maintaining the EU enterprise risk management processes and standards. This role reports to the Chief Risk Officer, Monzo Europe.

🔑 You’ll play a key role by working on...

Operational Risk Management:

  • Develop, implement, and maintain the EU Operational Risk Framework, ensuring it supports the overall risk strategy in Europe.
  • Define and oversee the operational risk appetite, ensuring it aligns with strategic objectives and goals.
  • Lead the assessment of operational risks and controls, ensuring comprehensive risk identification and mitigation in place and there is appropriate reporting to the Board and Executive-level committees of the operational risk profile of the organisation. 
  • Implement robust operational risk monitoring, reporting, and management information (MI) processes to support decision-making.
  • Provide independent oversight of operational risk areas including IT, information security, payments, third-party and outsourcing risks.
  • Oversee the validation of internal operational risk capital models to ensure accuracy and compliance.
  • Oversee the collection, analysis, and reporting of operational loss and incident data, ensuring timely and accurate recording.
  • Drive scenario analysis and internal capital analysis to assess potential operational risk impacts on internal capital requirements.
  • Oversee the implementation of operational risk policies and standards, ensuring they are up-to-date and reflective of best practices.
  • Design, maintain and coordinate the Risk and Control Self Assessment (RCSA) process, ensuring risks are accurately assessed and appropriate controls are in place.
  • Produce Operational Risk Management Information (MI) highlighting the status of the operational risk profile including analysis of key risk and control indicators (KRIs & KCIs).
  • Track and monitor key operational risk incidents and losses, conduct root cause analysis and review actions to improve effectiveness of controls.
  • Manage operational resilience activities, including adherence to the Digital Operational Resilience Act (DORA).

Enterprise Risk Management (ERM):

  • Implement and maintain the EU Enterprise Risk Management Framework, ensuring it encompasses all aspects of operations and is aligned with the strategic goals and objectives in Europe.
  • Define and maintain the EU Risk Appetite Framework and Statement, ensuring it reflects our Attitude to Risk across all material risks.
  • Lead the enterprise risk identification and materiality assessment process, covering all material risks inherent to Monzo including emerging risks.
  • Assess and promote a strong risk culture across the organisation, embedding risk awareness in all levels of the bank.
  • Maintain the EU Risk Taxonomy and risk register, ensuring accurate classification and management of risks.
  • Maintain the impact matrix, ensuring it accurately reflects the potential impact of identified risks.
  • Prepare and present comprehensive risk reports to the Board and Executive Committees, providing an integrated and holistic view of risks, incorporating point-in-time and forward-looking risk assessments where appropriate.
  • Plan and execute risk assurance activities, ensuring that the risk management framework is effectively implemented and adhered to.
  • Lead the development and delivery of risk training programs, ensuring all employees are adequately trained in risk management practices.
  • Oversee the functions of the Office of the CRO, including governance cycles, staff communications, resource planning and budgeting, learning and development, vendor management, and secretariat services.

Leadership:

  • Establish and lead the Operational and Enterprise management function ensuring effective delivery through adequate resourcing, processes and technology in Europe
  • Work closely with other senior leaders and first line teams to ensure that operational risks are managed in a robust and integrated manner and controls are effective across the organisation.
  • Provide expert guidance and strategic recommendations to senior management and the Board on operational and enterprise risk matters, enabling informed decision-making.
  • Engage with key internal and external stakeholders, including Group functions and external regulators, to ensure that the bank’s operational and enterprise risk management practices are aligned, transparent, effective, and compliant.
  • Establish a robust operational risk management culture through comprehensive training and awareness programmes.
  • Report to the Board and Executive-level Committees on operational risk and control effectiveness.
  • Contribute to the second line Risk Leadership Team (RLT), fostering a collaborative environment across the organisation.
  • Ensure Operational and Enterprise Frameworks, Policies, and Standards in Europe take account of the Monzo Group activities.

🤩We’d love to hear from you if you..

  • Hold extensive experience in operational and enterprise risk management within a banking environment, and with considerable experience in a leadership role.
  • Have strong knowledge of operational risk, including IT and information security risk, third party and outsourcing risk, payments and business continuity risks and related regulatory requirements (CBI, EBA, ECB/SSM, Basel, etc).
  • Have excellent analytical skills, strong leadership and communication abilities, and proficiency in operational risk assessment tools (RCSA, KRIs/KCIs, Risk Profiling and Mapping, Control Testing Methodologies, Scenario Analysis etc.) and enterprise risk management processes (Risk Appetite, Risk Assessments, Risk Reporting, Risk Governance etc.)
  • Posses detailed knowledge of digital banking products and operations and associated operational risks;
  • Have detailed understanding of operational risk and control management frameworks and techniques in financial technology operations.
  • Demonstrate excellent verbal and written communication skills, with the ability to influence and engage senior stakeholders.
  • Can thrive in a fast-paced environment, handling complexity with ease and communicating effectively.
  • Are passionate about financial technology and motivated by the opportunity to be at the forefront of banking transformation in Ireland and the EU.

Even better if: 

  • You have experience setting up and running operational risk and outsourcing processes in Ireland / the EU.
  • You have previously held a PCF role or equivalent with a financial services institution in Ireland or an equivalent jurisdiction.

🙌 What’s in it for you

💰 € competitive ➕ share options

📍 This role will be based in Dublin, Ireland, 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)

🏥 We’ll provide you with a Healthcare allowance to select your own provider 

💰 Personal Retirement Savings Account, up to 6% matching

* We're just getting started building out our benefits package for Ireland. These could be subject to change, by the time you join and we'll keep you in the loop of any expected changes.

🌈 The application journey has 5 key steps:

  • Phone call with recruiter (30mins)
  • Video call with hiring manager (30 mins)
  • Technical video interview with hiring manager and stakeholders (60 min)
  • Leadership & behavioural interview with technical team (60 min)
  • Final interview with CEO EU (30 mins)

Our average process takes around 3-4 weeks but we will always work around your availability. You will have the chance to speak to our recruitment team at various points during your process but if you do have any specific questions ahead of this please contact us on business-hiring@monzo.com

We’ll only close this role once we have enough applications for the next stage. Please submit your application as soon as possible to make sure you don’t miss out.

#LI-NZ1

Equal opportunities for everyone

Diversity and inclusion are a priority for us and we’re making sure we have lots of support for all of our people to grow at Monzo. At Monzo, we’re embracing diversity by fostering an inclusive environment for all people to do the best work of their lives with us. This is integral to our mission of making money work for everyone. You can read more in our blog, 2023 Diversity and Inclusion Report and 2023 Gender Pay Gap Report.

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

If you have a preferred name, please use it to apply. We don't need full or birth names at application stage 😊

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