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Prudential Regulatory Risk Analyst

Cardiff, London or Remote (UK)

🚀 We’re on a mission to make money work for everyone.

We’re waving goodbye to the complicated and confusing ways of traditional banking.

After starting as a prepaid card, our product offering has grown a lot in the last 10 years in the UK. As well as personal and business bank accounts, we offer joint accounts, accounts for 16-17 year olds, a free kids account and credit cards in the UK, with more exciting things to come beyond. Our UK customers can also save, invest and combine their pensions with us. 

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 UK team about what it's like working at Monzo ✨

 

📍London or Remote, UK | 💰 £48,500 - £55,000  + share options + Benefits 

About the role: 

Our Prudential Risk Team is growing and we’re looking for a Prudential Regulatory Risk Analyst to join us within the 2nd Line of defence risk team. The role is responsible for working with our 1st Line of defence teams in interpreting and applying our prudential regulatory requirements, working on projects and submissions relating to these and collaborating with teams across the bank. The core aspects of the role will be providing cohesive, effective oversight and challenge for regulatory capital and liquidity resource/requirements rule interpretations and regulatory reporting. The role will also support in interpreting and evaluating the impact of prudential regulation of strategic projects and business change, for example international expansion and other growth opportunities, and oversight of the impact of such projects on Monzo’s financial risks.

Your focus will be on COREP reporting, but may extend to other regulatory returns  (FINREP, PRA/FCA Returns). There will also be opportunities to support the broader Prudential Risk team on initiatives for ICAAP, ILAAP, Recovery Planning, Resolution and Financial Forecasting.

Ideally you will have a strong working knowledge of the UK CRR and the PRA Rulebook, particular in relation to regulatory reporting and rule interpretation. Any broader experience across the scope of prudential regulation would be useful. If your background has been more focused on a specific area of regulatory reporting, e.g. capital, that is fine too. There will be an opportunity to broaden your knowledge base in other areas whilst you continue to develop your subject matter expertise in your chosen area.

Intermediate Excel/G-Sheet skills are essential, and ideally candidates will have experience working with a regulatory reporting system. Previous experience in producing and/or reviewing regulatory reporting relevant to a retail bank is essential. However this experience may have been gained from a 1LoD reporting role.  Experience in working within BigQuery and market-leading reporting systems is preferable.  

Your day-to-day:

  • Play a key role in the development and execution of the 2nd line of defence approach for the review of prudential regulatory reporting, including interpretation of regulatory reporting guidance and rules.
  • Provide independent challenge for  regulatory rule interpretations as well as reviewing the 1st Line of Defence interpretations of relevant regulatory rules, providing oversight and challenge for regulatory capital resource/requirements rule interpretations and regulatory reporting.
  • Support reviews of the internal controls framework used for regulatory reporting, making recommendations for ensuring effective compliance.  
  • Review and interpretation of upcoming prudential policy (e.g. Basel 3.1), including PRA SoP, Consultation papers, policy and supervisory statements, including analysis of the impact on Monzo. 
  • Review the impact of new products and business change, for example internal expansion, on Monzo’s financial risk profile and prudential regulatory compliance.
  • Support the 2nd line risk oversight and review of the ICAAP in line with Monzo’s approach, regulatory expectations and industry best practice.
  • Conduct discrete pieces of assurance to support the strengthening of risk and controls in Monzo.
  • Develop strong relationships with colleagues to support the embedding of prudential compliance activity.
  • Support the review of financial models used for financial forecasting and capital planning (including the ICAAP).
  • Support the 2nd line risk oversight and review of the ICAAP and Recovery and Resolution Planning in line with Monzo’s approach, regulatory expectations and industry best practice.

You should apply if you:

  • Have prudential regulatory experience at either a bank, a consultancy or a regulatory body.
  • Have good knowledge/experience of the relevant regulatory requirements, specifically in relation to capital, liquidity and the ability to interpret what that means for the relatively unique circumstances of our bank.  
  • Are interested in identifying relevant data, performing analysis and understanding the impact on our bank.
  • Are able to work independently, proactively and enjoy a dynamic and changing environment.
  • Are keen to learn about and work on areas of the regulatory regime that you may not have previously explored, particularly in the context of a fast-growing bank.   
  • Have experience building strong relationships with stakeholders at all levels within the business.
  • Have a strong written communication style.

Not ticking every box? That’s totally okay! Studies show that women and people of colour might hesitate to apply unless they meet every single requirement. At Monzo, we’re dedicated to creating a diverse and welcoming team. If you’re passionate about this role and keen to learn and grow with us, we encourage you to apply— even if you don’t have everything that's listed just yet. Drop us your application, we’d love to hear from you!

🙌 What’s in it for you

💰 £48,500 - £55,000 ➕ share options.

📍This role can be based be distributed within the UK, with a requirement to be in our London office 2–3 times per month.

⏰ 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. 

📚 £1,000 learning budget each year to use on books, training courses and conferences.

🏡 We will set you up to work from home; all employees are given Macbooks and for fully remote workers we will provide extra support for your work-from-home setup. 

➕ Plus lots more! Read our full list of benefits.

🌈 The application journey has 4 key steps

  • Phone call with recruiter (30 mins)
  • Initial video call with Hiring Manager (30 mins)
  • Technical Interview (60 mins)
  • Behavioural Round (45 mins) 

This process should take around 2-3 weeks - your schedule is really important to us, so we promise to be as flexible as possible! 

We have some guidelines on using Artificial Intelligence (AI) to ace an application and interview at Monzo. You can read them here.

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-TK1 

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, 2024 Diversity and Inclusion Report and 2024 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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