Director of Model Risk Management, Upgrade
$185-210k
Plus stock option plan
Offering responsible credit to mainstream consumers
Be an early applicant
Offering responsible credit to mainstream consumers
1001+ employees
Be an early applicant
$185-210k
Plus stock option plan
1001+ employees
Company mission
To help our customers move in the right direction with responsible financial products that put more money in their pocket.
Role
Who you are
- Graduate degree in a quantitative discipline such as mathematics, statistics, economics, or any related field
- 10+ years of experience in model development, model validation, and/or quantitative analysis
- 5+ years of managerial experience
- Familiarity with different types of models used in the lending industry such as underwriting, loss forecasting, BSA/AML etc
- In-depth knowledge of statistical and machine learning modeling techniques and quantitative methods
- Excellent technical writing and verbal communication skills
- Experience in model risk management and related regulatory guidance such as SR 11-7
What the job involves
- We are looking for a Director of Model Risk Management to play in a critical role in owning all policies, procedures, and reporting related to Upgrade’s model risk management program
- This person will manage the risk associated with the use of models, ensuring that models are reliable, compliant, and effective
- Own requests and communications for regulatory exams and internal audits
- Develop and provide appropriate reporting to senior management related to the performance of the model risk management program
- Conduct independent model validation and provide an effective challenge of models by partnering with model owners and developers
- Write validation reports documenting the independent validation process
- Review ongoing model performance monitoring reports to ensure satisfactory performance and suggest corrective actions where required
- Monitor the remedial actions taken by model owners and developers to ensure model validation findings are addressed in a timely manner
Our take
Most credit cards don't encourage the owner to pay down their debt. The longer it takes to pay off the balance, the more money lenders are set to make. Upgrade is an online lender and card issuer doing things differently. The company offers personal loans and credit cards but with a fixed instalment structure and a set number of equal payments. This ensures the balance reduces every month.
The company believes this model reduces default rates, as borrowers are forced to pay down rather than maintain their debt, and it encourages a greater commitment to repay the balance. Further, by combining the ease of a Visa card with the fixed payments and decreased rates of a personal loan, Upgrade sets itself apart from competitors.
In 2021, Upgrade launched its mobile banking and debit card as a strategy to onboard new customers and increase loyalty. The fixed-rate nature of the company's cards is expected to be of use to customers in future years in an environment of rising rates. Upgrade also plans to expand beyond the U.S. in the future, which will represent new challenges for the business as it adapts to alternative regulations.
Kirsty
Company Specialist at Welcome to the Jungle
Insights
Few candidates hear
back within 2 weeks
18% employee growth in 12 months
Company
Funding (last 2 of 5 rounds)
Nov 2021
$280m
SERIES F
Aug 2021
$105m
SERIES E
Total funding: $547m
Company benefits
- Stock option plan
- 100% paid coverage of medical, dental and vision insurance
- Flexible PTO
- Opportunities for professional growth and development
- Paid parental leave
- Health & wellness initiatives
Company values
- Help: We help each other. We trust and care about each other. We welcome all team members and value the diversity of our team
- Improve: We are always learning. We are curious and ask why. We are open-minded and consider new ideas. We continually look to improve the way we operate
- Fast: We move fast. We launch products and process early, then test and iterate. We think ahead so that we are not rushing into things we are not prepared for. We work together to fix anything that breaks
- Own It: We act as owners. We enlist the help we need and follow through to the end. We acknowledge our mistakes and learn from them. We hold ourselves accountable as a team to reach our goals
Company HQ
Financial District, San Francisco, CA
Articles
Leadership
Renaud Laplanche
(Co-Founder & CEO)After an MBA at London Business School, Renaud spent 5 years as an Associate at Clearly Gottlieb Steen & Hamilton and co-founded MatchPoint. They then left Oracle after a year to co-found Lending Club in 2006 and co-founded Upgrade in August 2016.
Adelina Grozdanova
(Co-Founder & Head of Investor Group)Adelina started their career with 6 years at Morgan Stanley after a degree at Princeton. They left banking in 2012 to join Lending Club as VP, and after 3 years co-founded Upgrade, serving as Head of Investor Group since 2016.
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