Senior Fraud Risk Analyst

London / UK Remote

About us:

We're here to make money work for everyone and we're doing things differently. For too long, banking has been obtuse, complex and opaque.

We want to change that and build a bank with everyone, for everyone. Our amazing community suggests features, test the app and give us constant feedback so we can build something everyone loves.

We're focused on solving problems, rather than selling financial products. We want to make the world a better place and change people's lives through Monzo.

About our Team:

Our second line of defence team is looking for a fraud specialist with a broad knowledge of different fraud types, and an awareness of relevant fraud laws, regulations and guidance. You'll work as part of the MLRO's and CRO's team (The Financial Crime Compliance Team) to make sure Monzo's controls are effective in mitigating a range of fraud risks and we are compliant with fraud laws and regulation across different products, including current accounts, loans and overdrafts, business banking and international accounts. You will act as the MLRO's eyes and ears making sure there is oversight of trends and issues, escalating where appropriate.

We operate a "three lines of defence" model of risk management at Monzo. Most of the organisation (including the Financial Crime Team) sit in the first line of defence. Our MLRO and Financial Crime Compliance team sit in the second line. You will work closely with the Director of Fraud and Fraud Operations and their team in the 1LOD Financial Crime as well as Product, Engineering and Fraud Operations Teams to ensure adequate risk management and compliance. In the second line of defence you will be the expert and focal point of all things fraud and be able to credibly challenge senior leadership on the strategy and controls being deployed.

Your day-to-day

You'll be responsible for:

• Overseeing and monitoring a broad range of fraud risks and the controls in place to mitigate them
• Ensuring 1LOD teams understand the fraud risks relevant to their area by providing check and challenge to the business where necessary
• Assessment and reporting of management information to identify potential issues
• Conducting testing to ensure fraud tasks are being performed to a high standard
• Advising on regulatory and risk issues as we expand into new products and geographies
• Providing key inputs into the MLRO report and Risk Assessments
• Reporting on fraud issues to the MLRO and CRO and inputting into financial crime-related governance meetings where risk, compliance and assurance matters are discussed with key stakeholders.
• Oversight and challenge on regulatory reporting (REP017) and other regulatory notifications.

You should apply if:

• You have experience working across a range of fraud types at a bank and an in-depth knowledge of APP fraud, ATO fraud and muling risks associated with retail banking and lending products..
• You are familiar with (and have applied/advised on) financial crime-related laws, rules and guidance (including payment services regulations and the contingent reimbursement model).
• You are familiar with Consumer Duty and the impact that fraud can have on customers and innocent victims
• You are familiar with the Financial Ombudsman decisioning on fraud related complaints.
• You are comfortable reviewing data to identify patterns and trends and draw conclusions and associated recommendations that improve fraud capabilities.
• You're able to work independently and with changing priorities and you are comfortable with ambiguity

The Interview Process:

Equal Opportunity Statement

We are actively creating an equitable environment for every Monzonaut to thrive.

Diversity and inclusion are a priority for us and we are making sure we have lots of support for all of our people to grow at Monzo. At Monzo, embracing diversity in all of its forms and 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, 2022 Diversity and Inclusion Report and 2022 Gender Pay Gap Report.

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