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Full-Time

Vendor Risk Management Analyst

Posted on 10/23/2024

Upgrade

Upgrade

1,001-5,000 employees

Provides loans, credit cards, and rewards

Fintech
Consumer Goods

Compensation Overview

$70k - $90kAnnually

+ Equity + Benefits

Junior

San Francisco, CA, USA

Hybrid position.

Category
Risk Management
Finance & Banking
Requirements
  • 1-2 years of third party vendor management, risk management, or compliance experience preferred
  • Able to take direction and ownership of very detailed and complex processes
  • Solid project management, critical thinking and analytical skills
  • Excellent verbal and written communication skills with the ability to communicate complex and sensitive issues to internal and external audiences in a clear and persuasive manner
  • Natural curiosity and confidence to ask clarifying questions in order to fully understand services provided by vendor
  • Financial services and/or fintech industry experience, including with regulatory requirements relating to vendor management a plus
Responsibilities
  • Timely review of new requests to determine initial approvals and requests required
  • Perform risk assessments on potential vendors and new services from existing third parties
  • Collaborate with business owners and vendors to request necessary due diligence documentation to assist in the onboarding process for new vendors
  • Conduct risk-based due diligence on third parties and document results, as required. This may require the review of documents provided, negative news searches, financial evaluation, experience and reputation, operational capability, technology and systems architecture, and information security program
  • Manage timely completion of requests and follow-ups to third parties
  • Work closely with business stakeholders, Legal, Compliance, Product, and Information Security teams to ensure completion of reviews by internal subject matter experts
  • Prepare summaries of vendor materials reviewed during vendor diligence, monitoring, and testing
  • Assist with performing ongoing, risk-based oversight for higher risk third parties
  • Help maintain and manage Upgrade's vendor inventory
  • Ensure that vendor reviews and statuses are accurately maintained

Upgrade offers personal loans, credit cards, and rewards checking accounts to help individuals manage their finances. Their personal loans allow borrowing up to $50,000 with fixed rates and no prepayment penalties, while the Upgrade Card provides cash back rewards on various spending categories. Unlike many competitors, Upgrade focuses on affordability and user-friendly features, making credit more accessible. The company's goal is to promote responsible financial behavior and support long-term financial health for its customers.

Company Stage

Series E

Total Funding

$357.2M

Headquarters

San Francisco, California

Founded

2016

Growth & Insights
Headcount

6 month growth

23%

1 year growth

32%

2 year growth

53%
Simplify Jobs

Simplify's Take

What believers are saying

  • Upgrade's rapid growth and expansion into new markets, such as auto loans and home improvement financing, indicate strong business momentum and opportunities for career advancement.
  • The launch of the Secured OneCard opens up new customer segments, providing a pathway for individuals with little or no credit history to build their credit responsibly.
  • The company's significant investment in new office space in Irvine, California, reflects its commitment to scaling operations and expanding its workforce.

What critics are saying

  • The crowded fintech market means Upgrade must continuously innovate to maintain its competitive edge and customer base.
  • Expansion into new product lines, such as auto loans, carries the risk of operational challenges and potential regulatory scrutiny.

What makes Upgrade unique

  • Upgrade offers a unique combination of personal loans, credit cards, and rewards checking accounts, providing a comprehensive suite of financial products that cater to various consumer needs.
  • Their focus on affordability and flexibility, such as no prepayment penalties on loans and competitive cash back rewards, sets them apart from traditional financial institutions.
  • The partnership with FairPlay to incorporate Fairness-as-a-Service solutions enhances their commitment to fair lending practices, distinguishing them in the fintech space.

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