UK challenger bank Monzo looks for chief risk officer
UK challenger bank Monzo is on the hunt for a chief risk officer (CRO) and a head of PR.
Doesn’t want to “duplicate risk management frameworks seen in other banks”
The CRO position isn’t a new role as Ruth Doubleday has been doing it since October 2017. Doubleday formerly worked at the UK’s Financial Conduct Authority (FCA) and the Bank for International Settlements (BIS).
Monzo explains: “We really care about providing a phenomenal experience for our customers, and we want to be the best possible bank without getting stuck in the old ways of doing things, or trying to duplicate risk management frameworks seen in other banks.”
Anyway, the bank has to deal with regulations and compliance – and needs somebody who can handle that and retain their sanity.
The CRO’s remit will include operational, technology, conduct and credit risk. This role reports to the CEO and to the chairman of the risk committee (who is an independent non-executive director).
Monzo explains it now has more than 350 staff, 800,000 “lovely” customers (and 60,000 new people joining every month) and a full UK banking licence. It offers a current account and overdraft.
It is making progress. Last month, the UK challenger was set for more fundraising as it seeks to reach the giddy heights of a $1.5 billion valuation.
By the way, Monzo is also looking for a head of PR. It notes: “We’ve had some great coverage and built relationships with many key journalists, while only spending about 40% of one person’s time on it. But we’re ready to supercharge our efforts.”
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