Senior Staff Analyst, SoFi
Model Risk Management
$172.8-297k
+ Bonus + Long Term Incentives
More information about location
Mobile & online personal finance services
Open for applications
Mobile & online personal finance services
1001+ employees
Open for applications
$172.8-297k
+ Bonus + Long Term Incentives
More information about location
1001+ employees
Company mission
To help people reach financial independence to realize their ambitions.
Role
Who you are
- Strong analytical skills with formal training in statistical analysis
- Prior experience with the model risk management function in a banking environment
- Background in machine learning and artificial intelligence models; knowledge of both theory and application to different use cases
- Strong writing skills; ability to communicate technical concepts in understandable terms
- Proficiency in Python or R
- Self-starter who is comfortable autonomously conducting a complete model validation project including developing the validation plan
- 6+ years of related experience with a Bachelor’s degree in a quantitative discipline; or 3 years and a Master’s degree; or a PhD without experience; or equivalent experience
What the job involves
- SoFi’s Model Risk Management (MRM) team has responsibility for assuring that all quantitative models used at SoFi are conceptually sound and are appropriately used and monitored
- A major activity in support of this objective is independent validations of all models, and ultimately approving models for use or requiring rework
- Other activities include conducting reviews of periodic model performance monitoring reports, reviewing and approving model changes, advising more junior model validators, and driving adoption of modeling and model validation best practices
- The Senior Staff Analyst, Model Risk Management will perform highly visible and important work and will touch virtually all functional areas within SoFi
- The Senior Staff Analyst, Model Risk Management will spend a majority of their time performing critical reviews of (or “validating”) quantitative models planned for use at SoFi
- The analyst will read model documentation and engage in dialogue with model developers to understand how the model was built and how it functions
- The analyst will assess the suitability of data used to build the model, the conceptual soundness of the modeling approach, and the appropriateness of the testing protocols and diagnostic metrics used on the model
- The analyst will review results of diagnostic testing and analysis performed by the model owner and will conduct confirmatory or additional testing as needed to have confidence in the model
- The analyst will summarize their work and findings in a detailed written report, which will include formal recommendations and any required remediation work
- The models to be validated will cover a range of statistical approaches from basic regression to cutting-edge machine learning algorithms
- The models will also span multiple areas of the business, from credit risk scorecards to models used for optimizing back-office operational processes
Our take
SoFi started by offering ways for students to secure better financial terms on their loans, and now offers a huge range of personal finance products, including bank accounts, loans, mortgages, investment advice, and investment opportunities. Many customers find they have to go to multiple financial service providers to meet all their finance needs, but SoFi overcomes this issue by putting it all in one place.
Its goal, to cover all the financial bases, sets them apart from many of the traditional banks and even some of their digital competitors, such as Avant, which has chosen to focus on providing credit alternatives. Although it is operating in a competitive market with a lot of big players such as Monzo, Revolut, and Starling, the company has managed to raise huge amounts of funding to support its rapid expansion.
SoFi has focussed on global expansion, moving outside the US, and has made a series of acquisitions to support this - including a Hong Kong-based investment app called 8 Securities. After going public on the New York Stock Exchange via a SPAC merger in June 2021, the company has continued to evolve and release more mission-oriented services into its roster, and strengthened its lending capabilities through a $350 million post-IPO loan. To date, the company has sold over $15 billion in personal loan collateral and continues to strengthen its offering.
Kirsty
Company Specialist at Welcome to the Jungle
Insights
7% employee growth in 12 months
Company
Funding (last 2 of 9 rounds)
Jan 2021
$369.9m
LATE VC
May 2019
$500m
GROWTH EQUITY VC
Total funding: $2.7bn
Company benefits
- Comprehensive health, vision, dental, life insurance, and disability benefits
- Generous vacation and holidays
- Paid parental leave for eligible employees
- 401(k) and education on retirement planning
- Tuition reimbursement on approved programs, up to $5,250 per year
- Monthly contribution up to $200 to help you pay off your student loans
- Great health & well-being benefits including: telehealth parental support, subsidized gym program
- Flexible time off
- Fertility and family planning options
- Free financial classes
Company HQ
The East Cut, San Francisco, CA
Leadership
Anthony Noto
(CEO)Graduated from the U.S. Military Academy after being a telecommunications officer and captain in the U.S. Army. Has worked as Head of Gobal Telecommunications, Media and Technology at Goldman Sachs, been the COO of Twitter, and also the CFO of the National Football League.
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