Senior Director, Commercial Payment Services Risk Management

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The role:

SoFi Bank, formed in February, 2022, is the consumer banking arm of SoFi, providing all of the company’s lending and deposit products.  The Bank has ambitious plans to continue to grow its services to SoFi Members, and to make strong contributions to the Company’s profitability.

Commercial Payment Services (CPS) is a planned new service line for the Bank, complementing its retail consumer offerings.   CPS will eventually provide a range of payment services to commercial clients, which may include debit, prepaid, and credit card payments, ACH and wire transactions, and associated banking services.  Some commercial clients may use these for their own direct payments or disbursements, and others will deliver these services to “end user” commercial clients as part of a larger set of commercial business solutions.  The Bank expects to collaborate with its SoFi affiliate, Galileo, to deliver these solutions; Galileo is a leading provider of payment and banking solutions, including debit processing.

The Senior Director will have primary day to day responsibility for managing all aspects of Risk, all in coordination with the CPS Business Lead and functional partners in areas such as Product & Engineering, Finance, Legal, Operations, and Compliance.  Because this is a new service not yet in-market, the Senior Director will also have the opportunity to shape the product Risk policies and procedures, including the oversight model for entities being sponsored by SoFi Bank.  The Senior Director will report to SoFi’s Chief Credit Officer, also working closely with the CPS Business Lead.   This role is a great fit for someone who brings deep risk management experience in the payments industry, an ability to integrate all of the disciplines necessary to run a successful and compliant business, and a desire to create something new.

 

What you’ll do:

• Manage end-to-end Risk Management for CPS, closely partnering with Galileo (processor) where applicable

• Upfront diligence reviews including all credit and risk policy review and approvals

• Ongoing counterparty risk monitoring

• Underwriting reviews and shadow underwriting of sponsored entities

• Establish individual volume limits for entities being sponsored by SoFi Bank

• Ongoing risk monitoring and reviews to measure compliance with SoFi’s Risk Management Policies

• Attend monthly calls with each sponsored entity to review key portfolio metrics

• Create and present internal portfolio key metric reporting

• In partnership with SoFi’s Analytics Center of Excellence, develop adequate tracking and reporting and present findings to Monthly Credit Committee and Bank Enterprise Risk Committee where applicable

• Periodic remote and on-site reviews

• Establish and lead monthly portfolio review meetings with Galileo and other partners

• Lead strategic thinking for the evolution of the service line in terms of clients, use cases, and product features, in collaboration with the broader team.   This will include a “living” roadmap for future use cases and product/feature enhancements.   

 

What you’ll need:

• 8+ years of credit and risk payments experience working at a sponsor bank or managing the sponsor bank relationship for a sponsored entity, ISO or payment facilitator.

• Experience with bank sponsorship on site audit processes

• Understanding of Visa, Mastercard, American Express and Discover rules and regulations

• Demonstrated ability to build and manage new policies, procedures and teams

• Experience working directly with sponsored entities

• Expertise in counterparty risk management

• Experience in creating and managing credit and risk policies

• Excellent communication and presentat