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Outsource Monitoring Manager (12 Month FTC)

Posted 27 February by Raphaels Bank Easy Apply Ended

If you are interested in this role, please send us your CV outlining why you feel you are suitable for the role. Those applicants who do not send us a CV will not be considered.

Raphaels Bank is looking for an Outsource Monitoring Manager who will be based at Head Office, within the Bank’s Payment Services division.

Reporting to the Senior Risk Manager, the successful candidate will form part of the first line of defence within the division’s risk governance framework. This will involve taking ownership of and managing a small team in providing oversight of all outsourced partners and sub-contractors. In addition, the role involves undertaking monitoring visits, ongoing oversight through collection and analysis of management information and/or reviews, and ensuring that remedial actions are completed within timescales required.

Please note: this role is a 12 Month FTC.


  • Manage and develop a small team of Regulatory Specialists

  • Manage and maintain the Risk Assessment process used to inform and drive the Outsource Monitoring Plan.

  • Ensure that the review plan, including due diligence requirements, remains on track, is appropriately risk based, resourced and is subject to quarterly refresh.

  • Ensure that all tests detailed in the plan are completed on schedule, to the required compliance standards and appropriate audit records are maintained.

  • Liaise with Bank Compliance division on remedial actions, on Bank Compliance Reviews and assist with regulatory returns.

  • Provide ongoing monitoring and analysis over management information provided by partners.

  • Be responsible for ensuring all outsource monitoring deliverables are tracked and monthly reports are provided to EXCO and Board, including commentary on plan progress, identified risks and trends likely to impact the Bank

  • In performing any of the roles required of the position ensure that full and proper consideration is taken of Conduct Risk and TCF requirements.

  • Carry out any other ad hoc duties that may be required from time-to-time.


  • Experience of working in a PRA/ FCA regulated environment (e.g. SYSC 8, CONC, complaint handling, financial crime and AML).

  • Experience of effectively using and taking ownership of rolling compliance and outsource monitoring plans and conducting site visits to review compliance.

  • Three years staff management and development.

  • Five years compliance monitoring experience.

  • An understanding of risk and compliance issues impacting payment and financial services.

  • Clear communication, both written and verbal and comfortable dealing with all levels of Bank staff of as well as outsourced partners.

  • Experience in drafting compliance/monitoring reports in a clear and concise manner, suitable for the Bank's senior management and external distribution.

  • Attention to detail and strong analytical skills.

  • The ability to prioritise workloads effectively, operate under pressure and meet deadlines.

  • Ability to lead, motivate and develop a team.


Raphaels Bank traces its roots back to 1787 and is one of the oldest independent banks in the UK. Today we operate as a dynamic, niche savings and lending bank and a well-established, market-leading payment services division.

Raphaels Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Unfortunately, due to the high volume of applications that we may receive, we are unable to provide an individual response to every candidate, therefore if you haven’t heard back from us within 2 weeks, please consider your application unsuccessful on this occasion.

Required skills

  • Banking
  • Compliance Monitoring
  • Outsourcing
  • Regulatory Requirements
  • Risk Assessment

Reference: 34563608

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