Director, Risk Management – Deposit Products (Originations)
Who We Are
SoFi is a digital personal finance company whose mission is to help its members achieve financial independence to realize their ambitions, whether that be to buy a house one day, start a family on their own terms or be debt free. We aim to be at the center of our members’ financial lives, and to help every member Get Their Money Right®. By joining SoFi, you’ll become part of a forward-thinking company that is transforming financial services by embracing technology to build innovative loan products, investment tools, and more. One of the fastest growing fintech companies, we’ve grown from 250 employees in 2015 to over 1,500 employees today, and are well on our way to reaching 1 million members. With offices across the US, we offer the excitement of a rapidly growing startup with the stability of a seasoned management team and some of the best talent around. As an employer, we strive to hire employees who are committed to both our company’s mission and our desire to build the best culture in the world. If you are driven, passionate about what you do, and excited about the SoFi mission, we would love to hear from you.
SoFi's Risk Management team has responsibility for ensuring growth in lending, deposit products, and other member related activities are consistent with the company's risk appetite. The team holistically manages enterprise, credit, deposit products, fraud prevention, portfolio management, infrastructure, and business operating risks. In addition, Risk Management directly manages enterprise partners, ensures strong compliance with regulations, acts as a multi-layered second line of defense in oversight of business operations, and works to ensure risk policies enable a member-first experience.
Director, Risk Management - Deposit Products (Originations) will have responsibility for partnering with the SoFi Money and Invest Business Units, Capital Markets, Finance, Operations, Legal and Compliance teams to implement value added risk strategies across Deposit Products. This is an incredible opportunity to lead Originations Risk for the SoFi Money product which is experiencing tremendous growth! This role reports to the Senior Director, Risk Management - Deposit Products.
This role will be responsible for leading all aspects of our Risk Management capability for origination strategy (opening) of Deposit Product accounts, including overseeing account origination strategies, member authentication, identity verification, and risk-based account functionality enablement. This includes strategic direction for identification of data sources/uses used in application enrichment process, onboarding ideation with distribution partners, and strong collaboration with Fraud Prevention - Risk Management and BSA/AML/KYC Teams. Building an advanced experimental design framework that allows continuous testing of various waterfall, data sources, or multi-factor verification tools is critical to the success of the product.
What You'll Do:
- Innovate... we need you to bring your brightest ideas to building deposit products origination strategies from the ground up. This means architecting multi-layered risk, identity verification, CIP/Customer Identification Program, and KYC/Know Your Customer authentication controls - including building a strong data enrichment eco-system befitting a mobile first experience.
- Data Driven... architect the future of deposit products within a member-centric, multi-product, real-time data ecosystem - including internal, transactional, bureau, third-party, and alternative data to optimally classify applicant risk. Ensure a complete data eco-system exists with Engineering, Product, and Operational teams.
- Challenge Status Quo... build-out a comprehensive risk experimentation plan for the deposit products portfolio across origination product dimension, channels, and partner segments.
- Build the Future... work with Risk Analytics CoE to oversee the development of new advanced data science tools used to assess and dimension applicant viability.
- Control the Risk... Execute a risk-based annual Risk Control Assessment (RCA) testing plan evaluating policy, process, and infrastructure controls for Deposit Products (Originations); including, documenting and communication results, and escalating issues as necessary
- Drive Performance Outcomes... Manage the deposit performance/outcomes associated KRI/Key Risk Indicators. Build appropriate instrumentation, performance metric monitoring, and ownership of corrective action plans.
- Risk Controllership... Review and challenge material estimates and/or the processes that provide estimates used in overdraft/deposit loss forecasting.
- Be a Risk SME... Serve as a subject matter expert for the Deposit Products (Originations) business and our partner community.
- Compliance Culture is Job #1... You should be an expert on various regulations that impact Deposit Accounts - including Expedited Funds Availability Act/Reg CC, Truth in Savings Act (TISA), Regulation DD, Electronic Fund Transfer Act (EFTA), Regulation D, Regulation E, 12 C.F.R. Part 205, et al. Experience with CMA/Cash Management Accounts maintained in a Registered Broker Dealer.
- Build the Bench... Be the inspiration for our rapidly growing team, recruiting the best, brightest, and passionately quantitative. Share your broad experience across the organization and build the leaders of tomorrow.
What You'll Need:
- 7-12 years of relevant risk management, risk analytics, consumer deposit products, and/or transactional risk products strategy work experience.
- Preferred: Advanced degree in an analytical discipline
Why You'll Love Working Here:
- Catered lunches, a fully stocked kitchen, and subsidized gym membership.
- Competitive salary packages and bonuses.
- A flexible vacation policy allows you to truly relax and reboot.
- Comprehensive health, vision, dental, and life insurance as well as disability benefits.
- 401(k) and education on retirement planning.
- Tuition reimbursement on approved programs, up to $5,250 a year.
- Monthly contribution to help you pay off your student loans.
SoFi provides equal employment opportunities (EEO) to all employees and applicants for employment without regard to race, color, religion (including religious dress and grooming practices), sex (including pregnancy, childbirth and related medical conditions, breastfeeding, and conditions related to breastfeeding), gender, gender identity, gender expression, national origin, ancestry, age (40 or over), physical or medical disability, medical condition, marital status, registered domestic partner status, sexual orientation, genetic information, military and/or veteran status, or any other basis prohibited by applicable state or federal law.