Model Risk Co-Op

FHLB Des Moines; Des Moines, Northern (IA, KY); Hybrid; USD 25,000 - 36,000; Part time

Benefits offered by this job

Equal Opportunity Employer

Job summary

FHLB Des Moines invites a Model Risk Co-Op to join our MRMG in validating EUCs and financial models, assessing reasonableness, weaknesses, and risks. You will interact with model owners and stakeholders to understand performance and current activities.

We seek students or recent grads in Quantitative fields who can analyze data, generate reports, and communicate findings clearly. This is a Des Moines, IA-based on-site co-op with competitive hourly compensation.

Qualifications

• Pursuing a graduate or undergraduate degree or a recent graduate in a quantitative discipline.
• Understanding of financial market concepts and basic fixed-income analytics.
• Understanding of stochastic processes, time series analysis, PCA, optimization, logistic regression, Monte Carlo simulation.
• Proficiency with Microsoft Office applications (Excel, Word, PowerPoint, Outlook).
• Previous internship or graduate/undergraduate research in model validation, financial modeling, data science or predictive modeling is desirable.
• Proficiency with Python or R is desirable.
• Strong written and oral communication skills.

Responsibilities

• Participate in EUC and Model Validation projects with testing and analysis according to policies and guidelines.
• Prepare validation reports detailing conclusions and recommendations with management and model owners.
• Provide analytical support for other departmental tasks as needed.
• Assist in model/EUC validation activities, including assessing control aspects of models and EUCs.

Skills

Python or R programming

Quantitative finance knowledge

Statistical analysis

Excel proficiency

Written reports

Communication skills

Education

Quantitative Finance/Statistics/Mathematics/Economics degree

Tools

Excel

Word

PowerPoint

Outlook

Job description

At FHLB Des Moines, we work each day to develop an inclusive culture that supports and leverages the complexity of a diverse workforce. This enables us to effectively serve the needs of our members and help them succeed.

At FHLB Des Moines, we work each day to develop an inclusive culture that supports and leverages the complexity of a diverse workforce. This enables us to effectively serve the needs of our members and help them succeed.

The Model Risk Co-Op will play an important role in assessing the Bank's model risk through End User Computing Tool (EUC) validations, model validations, risk reviews, and ongoing analysis. The Co-Op will assist the Model Risk Management Group (MRMG) in validating EUCs and financial models throughout the Bank in order to assess model reasonableness, weaknesses, and risks. The Co-Op will interact with model owners/users across the Bank to understand current model performance, development activities, and emerging risks.

Accountabilities

• Participate in End User Computing Tool (EUC) and Model Validation projects to conduct robust and comprehensive testing and analysis according to the Bank's policies and relevant regulatory guidelines.
• Participate in generating validation reports detailing conclusions of the model/EUC validation and discuss findings and recommendations with management and model owners.
• Provide analytical support for other departmental tasks as needed.
• Assist in other model/EUC validation activities, such as assessing the control aspects of models and model-related EUCs.

Qualifications

• Working towards a graduate or undergraduate degree or a recent graduate with concentration in Quantitative Finance, Statistics, Mathematics, Economics, or other quantitative discipline.
• Understanding of financial market concepts and basic fixed-income analytics.
• Understanding of stochastic processes, time series analysis, principal component analysis, optimization, logistic regression, Monte Carlo simulation.
• Proficiency with Microsoft Office applications (Excel, Word, PowerPoint, Outlook).
• Previous internship or graduate/undergraduate research experience in a related field, such as model validation, financial modeling, data science, machine leaning and predicative modeling is desirable.
• Proficiency with at least one of the programming languages such as Python or R is desirable.
• Strong written and oral communication skills required.
• Ability to write clear technical reports and memos.
• Must be able to communicate and maintain relationships with model owners and other stakeholders.

Compensation Range

Hourly: $22.00 - $22.00 This compensation range represents the Bank’s good faith and reasonable estimate of possible compensation at the time of hire. Offer to be determined by selected applicant’s education, experience, knowledge, skills & abilities, as well as internal equity and alignment with market data.

At FHLB Des Moines, we work to create an inclusive culture. This enables us to effectively serve the needs of our members and help them succeed.

FHLB Des Moines is proud to be an Equal Opportunity Employer.

We prohibit discrimination on the basis of race, color, religion, sex (including pregnancy, sexual orientation or gender identity), national origin, age, disability, veteran status, genetic information (including family medical history), status as a parent or any other characteristic protected by federal, state or local law.

Time and again, our employees say one of the biggest reasons they love working at FHLB Des Moines is the people. That's why we hire the best people - smart, innovative and collaborative. Employees who help make it a great place to work. Here, employees can be inspired, be valued, be supported, be challenged, and be rewarded.