Reinventing Credit: Affirm’s Innovative Approach to Consumer Lending
Affirm is spearheading a revolution in the credit industry, providing consumers with a more transparent, honest, and friendly form of credit. Their unique approach allows consumers the flexibility to ‘buy now and pay later’ without the stress of hidden fees or compounding interest. This innovative financial model is built on the principles of clarity, simplicity, and consumer empowerment, reshaping the dynamics of credit and lending in the contemporary financial landscape.
Affirm’s Leadership Team: Role of the Head of Internal Audit
The Head of Internal Audit at Affirm plays a pivotal role within the organization. Reporting directly to the Bank’s Audit Committee, this individual serves as a key member of the Bank’s executive team. Their primary responsibility involves establishing and leading the Bank’s Internal Audit function, providing independent validation to the Board of Directors, Audit Committee, and senior management regarding the effectiveness of governance, risk management, and internal controls. This role is integral to the structural integrity and operational efficiency of Affirm’s financial model.
The Head of Internal Audit is also responsible for developing the Bank’s audit infrastructure during the “de novo” phase and adapting it post-launch to meet the expectations of the FDIC and state regulatory bodies. They oversee the Bank’s deposits and lending sponsorship businesses, working collaboratively with all functional areas such as Risk, Compliance, Operations, and Finance to ensure robust audit coverage, transparency, and continuous improvement.
Key Responsibilities of the Head of Internal Audit
1. Internal Audit Program Development
In their role, the Head of Internal Audit is tasked with establishing a comprehensive, risk-based internal audit program that aligns with the Bank’s strategy and regulatory requirements. They also develop the audit charter, policies, procedures, and methodology to ensure independence and objectivity. Furthermore, they manage third and fourth party risk by partnering with Audit counterparts at Affirm.
2. Audit Execution and Oversight
Conducting audits across key functional areas, evaluating the adequacy and effectiveness of internal controls, risk management, and governance processes are amongst the core responsibilities of this role. The Head of Internal Audit provides independent recommendations for control enhancements, process improvements, and risk mitigation, ensuring a robust and reliable financial structure.
3. Board and Regulatory Reporting
This role also involves reporting directly to the Audit Committee of the Board, providing regular updates on audit results, trends, and emerging risks. The Head of Internal Audit serves as a liaison with external auditors, examiners, and regulators, coordinating responses to findings or requests. They also support the Audit Committee in overseeing risk, control, and audit responsibilities.
4. Risk and Control Advisory
Beyond their audit responsibilities, this role involves advising executive management on control design and efficiency, supporting the integration of risk-based thinking and control discipline across all departments. They also identify opportunities to enhance governance and control maturity during early-stage bank development.
5. De Novo and Pre-Opening Readiness
During the de novo phase and pre-opening readiness, the Head of Internal Audit leads the design and documentation of the Internal Audit framework, establishes audit coverage for pre-opening activities, and develops readiness assessments for FDIC and state regulatory reviews. They also build and train the audit function, enabling it to scale as the Bank grows post-launch.
Attributes and Competencies
Affirm seeks a candidate with a minimum of 10 years of internal audit, risk management, or control experience in a regulated banking environment. The ideal candidate should have a strong understanding of lending-sponsorship banking, consumer deposits, and regulatory compliance, with a demonstrated ability to assess risk, communicate effectively, and deliver practical audit insights. Knowledge of the FDIC examination processes, interagency audit guidance, and experience managing internal and co-sourced audit relationships are also preferred.
Affirm: A Culture of Trust and Empowerment
Affirm’s culture is grounded in its values: People Come First, No Fine Print, It’s On Us, Simplify, and Push the Envelope. As the Head of Internal Audit, you are expected to embody these principles while contributing to Affirm Bank’s reputation as a trusted, transparent, and innovative financial institution.
Affirm offers competitive compensation and benefits packages, with a focus on providing a simple and transparent pay structure. They also offer monthly stipends for health, wellness and tech spending, and benefits including 100% subsidized medical coverage, dental and vision for you and your dependents. In addition, employees may be eligible for equity rewards offered by Affirm Holdings, Inc., the parent company.
Affirm is proud to be a remote-first company, with flexible working arrangements and competitive benefits anchored to their core value of putting people first. Pursuant to the San Francisco Fair Chance Ordinance and Los Angeles Fair Chance Initiative for Hiring Ordinance, Affirm will consider for employment qualified applicants with arrest and conviction records.
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