Model Validation Associate at OppLoans

| Chicago
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Growth with a Purpose 

OppLoans is a rapidly growing Fintech company that helps credit-challenged consumers build a better financial path through accessible products and five-star customer service. As one of Chicago’s fastest-growing startups, we’ve made the Crain’s Business Chicago Fast 50 (#4 in 2019) and the Deloitte Technology Fast 500 (twice), and we’ve ranked in the top 10% of the Inc. 500 four years in a row!  

OppLoans is a team of caring and inventive “Opptimists” with diverse perspectives and backgrounds. OppLoans employees approach every new challenge with an unparalleled ability to see what could be rather than settle for what is. We want people to be excited to come to work every morning and know they are a part of something great. That’s why we prize collaboration, collegiality, and letting the best ideas win the day.

What you get to do: 
  • Manage internal and external stakeholder’s reports and data for model management, model quality and performance, evaluating models from across the organization to meet both regulatory and business needs.
  • Work closely with data scientists on latest machine learning platforms and techniques. 
  • Provide internal independent model validations, pre model deployment and post production validations
  • Check appropriateness of model assumptions, model target variable definition, model attributes definitions, and statistical distribution of model input/output.
  • Review model performance and impact, and analyze using statistical techniques (AUC, KS, PSI, back-testing, scenario analysis, etc.) to ensure model stability and identify model risks and limitations.
  • Prepare high quality validation reports (on-going monitoring, quarterly/annual reports, etc.). Document the findings of analysis and validation results. Present results and recommendations for changes, continued usage or rejection of models.
  • Maintain/Review internal and external models inventory and documentation. 
  • Understand the business contexts of model usage, and contribute to the development of model risk management policies and procedures. Help maintain model validation policies, standards and procedures.
  • Keeps abreast of trends in model validation and risk management
What you will bring to the team:
  • BS with 2-years / MS with 1-year industrial experience on model validation or machine learning model development
  • Understand machine learning models (e.g., multi-factor regression models, classification models, decision trees, XgBoost, etc.), statistics, and model validation methodologies
  • Strong technical writing, documentation, and communication skills
  • Programming experience in Python/R and SQL

Preferred:

  • Research experiences
  • Prior experience on developing/validating credit risk/underwriting models
  • Education background in statistics, computer science, applied economics, financial engineering, finance, and applied math
Define your career at OppLoans

OppLoans is committed to providing an exceptional employee experience that allows you to define your career and purpose with us. New hire “Opptimists” go through orientation, shadow programs, a new hire lunch with our CEO, Jared Kaplan, and you can participate in different company culture events focused on diversity, equity, and inclusion. Our onboarding team has designed programs to make you feel welcome and part of our team during your first year and beyond. 

  • Define the Mission (days 1-30): You will understand our company mission, values, and vision, and how your role at OppLoans plays a part in that. 
  • Define your Goals (months 1-3): You will be able to understand your role expectations and identify goals with your manager and mentor(s) to fulfill those expectations. 
  • Define your Belonging (months 3-6): You will understand OppLoans’ culture and have opportunities to engage with and impact that culture. Employee-led communities and programs, like our wellness program Project Opptimism, are offered to help with community connection both virtually and in-person. 
  • Define your Journey (6 months - 1 year): You will feel confident in your abilities to execute in your role and know the next step you will take to develop your career. 
Compensation and Benefits

OppLoans offers a 401(k) matching program and paid vacation. Other benefits include medical benefits, including a free PPO medical option with BCBS for Employee-Only Plans, dental and vision coverage, and tuition reimbursement. To support your wellness, you receive a free gym membership at One Two Pru and a corporate discount on ClassPass packages. To get you to and from work, you can participate in our pre-tax commuter benefits program with CTA and Metra, park your bike in the One Two Pru bike storage room, and take advantage of discounted Divvy memberships. Dresscode is casual. Lunch is subsidized through Fooda and Sweetgreen, and healthy snacks and drinks are available all day at the office.

Our office is conveniently located in downtown Chicago with panoramic views of Millennium Park and Lake Michigan with rooftop access.  

EEOC Statement: OppLoans is an equal opportunity employer. OppLoans does not discriminate against any applicant for employment due to age, color, sex, disability, national origin, race, religion, veteran status, or any other protected class.
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Technology we use

  • Engineering
  • Product
  • Sales & Marketing
    • RubyLanguages
    • ClojureLanguages
    • Google AnalyticsAnalytics
    • ConfluenceManagement
    • JIRAManagement
    • WordpressCMS
    • SalesforceCRM

Location

OppLoans is located in the heart of downtown Chicago, adjacent to Michigan Avenue and across the street from beautiful Millennium Park.
OppLoans' "People First" Ethos Inspires Employees to Make Great Tech
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What are OppLoans Perks + Benefits

OppLoans Benefits Overview

Fully stocked kitchen with healthy snacks & drinks available.
Subsidized daily lunches.
CTA & Metra benefit program.
Free gym membership.
Free shuttle passes to Metra stations.
Casual dress policy.
Discounted Divvy memberships.
401(k) match program.
Free OppLoans apparel.
Competitive salary and benefits package.
Fun, fast-paced work environment.
Employee and peer recognition program.
Dynamic start-up culture and environment.
Ability to make an immediate impact in a growth stage company.
Flexible paid vacation policy.
Free health benefit options.
Intramural sports leagues.
Weekly office events (happy hours, massages, game nights, private yoga sessions, catered
breakfasts, etc.).
Dual monitors and stand-up work stations.
Convenient downtown Chicago office located in the heart of the city.
Awesome panoramic office view of Millennium Park and Lake Michigan, with rooftop access.
Equal opportunity employer.

Culture
Volunteer in local community
Partners with Nonprofits
Friends outside of work
Eat lunch together
Intracompany committees
Daily stand up
Open door policy
Team owned deliverables
Team based strategic planning
Group brainstorming sessions
Pair programming
Open office floor plan
Diversity
Dedicated Diversity/Inclusion Staff
Unconscious bias training
Someone's primary function is managing the company’s diversity and inclusion initiatives
Diversity Employee Resource Groups
Hiring Practices that Promote Diversity
Health Insurance & Wellness Benefits
Flexible Spending Account (FSA)
Disability Insurance
Dental Benefits
Vision Benefits
Health Insurance Benefits
Life Insurance
Pet Insurance
Wellness Programs
Onsite Gym
OppLoans gym is a state-of-the-art fitness center free to all employees, and provides yoga, kickboxing and pilates classes on site.
Team workouts
Mental Health Benefits
Retirement & Stock Options Benefits
401(K)
401(K) Matching
Performance Bonus
Match charitable contributions
Child Care & Parental Leave Benefits
Generous Parental Leave
Flexible Work Schedule
Remote Work Program
Family Medical Leave
Vacation & Time Off Benefits
Generous PTO
Paid Volunteer Time
Paid Holidays
Paid Sick Days
Perks & Discounts
Casual Dress
Commuter Benefits
Company Outings
Game Room
Stocked Kitchen
Some Meals Provided
Happy Hours
Recreational Clubs
Relocation Assistance
Fitness Subsidies
Professional Development Benefits
Job Training & Conferences
Tuition Reimbursement
Diversity Program
Lunch and learns
Cross functional training encouraged
Promote from within
Mentorship program
Continuing Education stipend
Time allotted for learning
Online course subscriptions available
Customized development tracks
Paid industry certifications

Additional Perks + Benefits

In addition to offering generous insurance benefits and 401(k) matching, we pride ourselves on a fun, collaborative and supportive company culture. Prior to COVID-19, this meant in-office events like game nights, bagel mornings and chair massages as well as semi-annual company parties. With all our teams working remotely right now, we’re holding digital events in their place, like trivia nights, Zoom cooking classes, movie nights, and coffee chats. Through our lifestyle benefits platform Fringe, employees can access discounted services that support a healthy work/life balance. We are always looking for ways to treat our employees well and show them they’re appreciated.

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