The role

Positioned in the first line of defense (1LOD) reporting directly to the Head of Business Controls (direct report to Bank President), this experienced leader will manage the 1LOD Control Testing function.  The 1LOD Control Testing independent validates that 1LOD businesses and functions are meeting applicable laws, regulations, and guidelines for SoFi; areas covered include Consumer Lending, Money (Deposits), Investments, Credit Card, Partnerships, Marketing, People (Human Resources), Engineering, Product and Development (EPD), Galileo, and Technisys.  The goal of the Testing team is to support the compliance with regulations and requirements, facilitate the assessment of the control suite effectiveness in the Risk and Control Self-Assessment (RCSA) process, and inform managers on the adequacy or effectiveness of their control environment through independent validation.  This role will have significant visibility across the organization through partnership and collaboration with first line, second line and third lines of defense.  The leader will also be focused more broadly on promoting risk-awareness and the overall effectiveness of risk and compliance management program implementation and execution across the 1LOD, and providing support and advisory services to accelerate and ensure quality execution.  A successful candidate enjoys developing a deep understanding of requirements and conducting monitoring/testing and drawing conclusions based on critical thinking, judgment and analysis to validate adherence. 

What you’ll do:

• Hire, lead and develop a team of control testing specialists to ensure first-line (1LOD) tests are delivered on time and meet SoFi’s quality standards

• Develop and continually enhance the 1LOD control testing framework by working in close partnership with first-line leaders, second-line risk and compliance officers and internal audit

• Create an internal control testing program aligned to industry frameworks and practices such as COSO or Internal Audit Standards

• Develop and execute test procedures to assess operating effectiveness of controls for in scope RCSA processes.  Create and maintain documentation standards and repository and ensure standards are followed

• Manage assigned testing timelines to ensure all tasks and reporting are completed within established timeframes.

• Design, develop, and prepare clear and transparent reporting relating to testing reviews completed and issues identified and other critical information for management to understand the control environment of their business and requirements for the assessment, mitigation and reporting of risks and internal controls for the Bank

• Distribute and communicate results to various stakeholders including Executive Management, Bank Risk Committee, Risk Management, Compliance, and Internal Audit.   Create meaningful insights and actions.

• Provide information and guidance to senior management teams to assist with the application of practical, proportionate, and sustainable remediation findings identified in the course of testing

• Contribute to the development and execution of action plans to address remediation efforts and testing review findings, which may include system changes, process updates, documentation (e.g. SOPs),  and training

• Review various business processes and assess the adequacy of controls designed to mitigate the risks identified

• Identify additional risks inherent in a business process that may be missing and escalate 

• As part of controls testing, analyze for process deficiencies that could lead to process improvement initiatives that could reduce costs, drive automation, improvement to the member experience, etc.

• Ensure proper utilization of bank policies and line of business procedures

• Represent the department during internal and external audits/exams as required

• Follow written second line of defense (2LOD)  risk and compliance policies for business activities; assists 1LOD in translating into execution

• Assist with regulatory inquiries, internal/external audit requests, and third-party due diligence inquiries as needed

• Take on other projects, tasks as assigned

• Maintain a comprehensive understanding of existing and emerging regulatory requirements, operational processes, inherent risks, and internal policies & practices to provide advice to stakeholders

• Partners with 1LOD and Business Control leaders to ensure existing and emerging risks stemming from business activities are effectively identified, measured, monitored, and controlled.

• While operating within the Bank’s risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types

What you’ll need:

• A Bachelor’s Degree or 4 years of relevant experience in lieu of a degree

• Minimum 5 years of experience in controls testing, internal audit, quality control roles, or other complementary capacities, within the financial services industry, a public accounting firm, or with a financial institutions regulator

• Demonstrated ability to effectively prioritize and execute a sustainable testing program that uses a risk-based approach

• Subject matter expertise in operational risk and controls testing; working knowledge of relevant regulations and standard industry processes

• Scope of experience should include risk identification, mitigation and control assessments as well as writing test scripts and documenting results

• Demonstrated 3+ years of leadership, managing and coaching a high performing team

• Demonstrated experience supporting risk projects across multiple business lines offering a wide variety of financial services products and services

• Superior attention to detail, organization, and process improvements, including gap identification and root-cause analysis capabilities

• Knowledgeable of process development (e.g., process taxonomy, process mapping)

• Demonstrated ability to work independently with limited guidance on moderately complex assignments

• Excellent analytical and complex problem-solving skills

• Excellent verbal and written executive communication skills; can effectively present results and key points to mid-to-senior level leadership

• Proven track record developing action and project plans and prioritizing assignments to meet critical deadlines

• Influencing skills and ability to effectively partner with all levels of management across LOB/functions and 2LOD/3LOD partners  to help drive the control agenda

• History of success in leading initiatives and driving results through a cross-organizational team in a matrixed environment

• Extensive experience with risk data, reporting and analysis.

• Ability to analyze, organize and prioritize across multiple competing priorities

• Demonstrates initiative, ownership and accountability

• Nice to have includes advanced degree; relevant industry certifications, for example, CPA, CCRM, ACAMS; Certified Internal Auditor (CIA); ability to drive innovation, new practices; experience interacting with regulators (Federal Reserve, OCC, CFPB)