Model Validation Associate at OppLoans
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
- 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
- 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
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.
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.