Senior Accounting Associate, ALLL & CECL Conversion
What you do at Avant:
- Work closely with our client’s Finance, Accounting, Credit, and data teams.
- Propose and develop Current Expected Credit Loss models to meet the FASB ASU 2016-13 (aka “CECL”) accounting standards. Implementation of the CECL standards fundamentally changes the way U.S. banks calculate and hold allowance for loan losses (aka “ALLL”).
- Develop models that include standard roll rate models, troubled debt and recovery models, bankruptcy allowance models and various others for amortizing and revolving products.
- Measure, monitor, attribute, and explain allowance changes for each month by portfolio
- Standardize model inputs and outputs across all the CECL models and automate reports of allowance results and attribution of the month-over-month changes
- Calculate fair values of various financial products, including servicing assets and liabilities, loan portfolios, and beneficial interests in financial instruments
- Participate in the migration of the ALLL to the CECL
- Assist with the preparation of monthly financial statements and related footnote disclosures
- Assist with duties to complete quarterly reviews and year-end financial statement audit
- Develop a process for model validation with 2nd line of defense team in credit risk
Why you are a fit for Avant:
- PhD or MS degree in a quantitative field (e.g., statistics, computer science, analytics, operations research)
- 3-5 years of professional experience collaborating with multiple teams at a company
- Familiarity with financial services and specifically allowance related models (ALLL)
- Ideally experience with consumer lending (e.g. loans and credit cards)
- Analytical and problem solving skills
- Tech savvy and strong Excel skills
- Strong understanding US GAAP
- Experience in the consumer lending industry
- Effective written and verbal communication skills
- Ability to multitask, prioritize and effectively communicate with all staff levels
- Dependable, organized, motivated and trustworthy
- Desire to work in a fast paced environment
Why Avant is a fit for you: At Avant, we believe our values make a difference:We value, support, and help each other growWe are committed to active inclusion and diversityWe are transparent and believe the best idea winsWe succeed when our customers succeedWe get sh!t done… responsiblyAnd we keep it fun! We believe that ideas are more important than titles, everything is more fun together, everyone drives change, and everyone is an owner. While we believe the perks and benefits that we offer are terrific, nothing excites us more than having the ability to collaborate with intelligent, highly-motivated and talented people on challenging problems as we work to change the face of online lending.