Senior Risk Analyst, Varo
RCSA
$85-125k
Fee-free online banking platform
Job no longer available
Fee-free online banking platform
501-1000 employees
Job no longer available
$85-125k
501-1000 employees
Company mission
To improve the financial health of our customers through better technology and total transparency.
Role
Who you are
- 2-5 years experience in Risk, Auditing, Compliance, and/or Finance preferably in Financial Services organizations
- Experience with COSO and ISO ERM/ORM frameworks and their application to internal controls is strongly preferred
- Experience in identifying, documenting, and testing internal controls is strongly preferred
- Experience with analyzing automated controls is favorable
- Ability to quickly absorb and comprehend information presented in various formats, adapting to new information and changing processes quickly and effectively
- Skilled in analyzing information to identify patterns, relationships, and potential issues within a process
- Skilled in simultaneously managing multiple time-sensitive activities
- Skilled in strong detail-orientation and commitment to accuracy
- Experience with Google Sheets, Docs, and Slides or MS Excel is preferred
- Experience with a Governance, Risk, Compliance (GRC) tool; Archer IRM is preferred
What the job involves
- The Risk and Control Self-Assessment (RCSA) Sr. Risk Analyst will assist with the day-to-day management of the second line of defense RCSA program
- This role is responsible for assessing the design and operating effectiveness of internal controls, in partnership with first and second line business process owners
- Execute Control Design Assessments, which includes conducting process walkthroughs and/or researching process documentation
- Conduct Control Performance Testing, which includes an audit of control operations utilizing risk-based sampling methodologies
- Create test steps and a detailed evidence request list
- Manage evidence requests to ensure timely turnaround
- Document testing and necessary criteria in professional workpapers, ensuring workpapers are adequately captioned
- Conduct quality reviews of RCSA testing activities
- Confirm any control design or performance deficiencies with control owners
- Assess the impact of control weaknesses and raise findings to RCSA management
- Present findings to process owners and manage timely remediation planning
- Challenge remediation plans, to ensure sustainable resolution of the root cause
- Validate finding closures and work with control owners to update risks and controls
- Prepare and present comprehensive reports regarding RCSA management
- Oversee adherence to RCSA standards, including training internal departments on requirements
Our take
The traditional banking system leaves many US citizens underserved, with some minority groups struggling to access accounts. Varo is one of many companies offering no-fee, high-interest accounts, as it takes on the traditional banks - with additional features such as a rewards program and access to early paychecks.
With many young customers distrustful of traditional banks, Varo has capitalised on this sentiment and grown to serve more than 7 million customers. It has a number of competitors such as Chime and Step, and it's also in competition with established traditional brick-and-mortar banks. However, as the first consumer fintech to be granted a national bank charter in the US, the company is at the front of the fintech revolution with a path to future success.
In response to economic uncertainty, the bank was forced to take cost-reduction measures throughout 2022. The effect has been positive, with a drastic reduction in its burn rate, which had been a primary concern. One point of interest is a shift in marketing strategy that has seen Varo focus more on growing the number of customers using it as their main bank, as opposed to growing overall user numbers. The company also has a new tech unit named "Varo Tech".
Kirsty
Company Specialist at Welcome to the Jungle
Insights
-12% employee growth in 12 months
Company
Funding (last 2 of 8 rounds)
Feb 2025
$29m
SERIES G
Feb 2023
$50m
LATE VC
Total funding: $1.1bn
Company benefits
- Health, dental, vision insurance
- Free life coaching and counseling
- 401k
- Office snacks and drinks
- Flexible PTO
- Company and team outings
Company HQ
Financial District, San Francisco, CA
Leadership
Colin Walsh
(CEO)Former EVP at American Express. Has also worked in banking at Wells Fargo, Visa, Executive Networks, and Lloyds.
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