Summer Internship - Model Risk Management

Federal Home Loan Bank of Chicago; Chicago (IL); On-site; USD 39,000 - 58,000; Part time

Benefits offered by this job

401k plan

Pension plan

Medical insurance

Dental insurance

Vision insurance

Lifestyle Spending Account

11 paid holidays

Job summary

The Federal Home Loan Bank of Chicago is seeking a summer intern to join the Model Risk team. This hands-on internship provides real-world exposure to financial services risk management, data analytics, and quantitative modeling in a collaborative office environment.

You'll support validation work, assist with risk governance tasks, and collaborate with multiple teams to ensure effective model risk controls. A GPA of 3.0+ and interest in fixed income/data analysis are required.

Qualifications

• Enrolled in undergraduate/graduate program in a quantitative discipline with GPA at least 3.0
• Interested in risk management and model validation
• Basic understanding in fixed income securities and data analysis (SQL/R/Python a plus)
• Proficient in Microsoft Office suite (Excel, Word, Access, PowerPoints)

Responsibilities

• Support model validation and risk governance through data analytics, modeling and documentation tasks
• Identify and report potential model risks to improve model quality
• Collaborate with other teams to ensure model risk is effectively managed
• Perform quantitative testing and qualitative review to assist in model validation
• Work with MRM risk analysts and other teams; perform ad-hoc analysis for model-related initiatives
• Explain and present testing results to MRM, model owners and stakeholders
• Research new ways to automate/improve modeling processes

Skills

SQL

Python

R

Excel

Data analysis

Education

Undergraduate/Graduate program in Finance Economics Mathematics Statistics

Tools

Microsoft Office

Job description

At the Federal Home Loan Bank of Chicago, employees come first - that's why we offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees.

An internship with The Federal Home Loan Bank of Chicago is not like your average internship. We can offer you a dynamic, collaborative and team-focused environment you will not find anywhere else. You will be engaged in projects that will provide you with real world, hands‑on experience in the exciting world of financial services.

We are currently seeking a summer intern to work in our Model Risk team.

We are a federally chartered corporation and one of 11 Federal Home Loan Banks (FHLBanks) that, with the Office of Finance, comprise the Federal Home Loan Bank System. The FHLBanks were chartered by Congress under the Federal Home Loan Bank Act of 1932 to improve the availability of funds to support home ownership. Each FHLBank is cooperatively owned by member financial institutions in its district and operated as a separate entity with its own management, employees, and board of directors. Our district consists of the states of Illinois and Wisconsin. We are regulated by the Federal Housing Finance Agency, an independent federal agency.

Benefits

• Collaborative, in-office operating model
• Retirement program (401k and Pension)
• Medical, dental and vision insurance
• Lifestyle Spending Account
• Competitive PTO plan
• 11 paid holidays per year

Responsibilities

• Support model validation and risk governance through various technical (e.g. data analytics and quantitative modeling) and administrative (e.g. documentation) tasks
• Identify and report potential model risks to improve the overall quality of models
• Collaborate with other teams within the Bank to ensure model risk being effectively managed
• Perform quantitative testing and qualitative review to assist in model validation
• Work effectively with MRM risk analysts as well as other teams of the Bank and perform ad-hoc analysis to support model-related initiatives
• Explain and present testing results to MRM, model owners and other stakeholders
• Research new ways to automate/improve modeling process

Requirements

• Enrolled in undergraduate/graduate program in a quantitative discipline (e.g. Finance, Economics, Mathematics, Statistics) with GPA at least 3.0
• Interested in risk management and model validation
• Basic understanding in fixed income securities and data analysis (SQL/R/Python a plus)
• Proficient in Microsoft Office suite (Excel, Word, Access, PowerPoints)

Salary Range: $38,800.00 - $58,100.00 The above represents the expected salary range for this job requisition. Ultimately, in determining your pay, we may also consider your experience, and other job-related factors.

In addition to the base salary, we offer a comprehensive benefits package which can be found here: https://hrportal.ehr.com/fhlbc

Our mission at FHLBank Chicago: To partner with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment, and support for their community investment activities. Simply said, we're a bank for banks and other financial institutions, focused on being a strategic partner for our members and working together to reinvest in our communities, from urban centers to rural areas. Created by Congress in 1932, FHLBank Chicago is one of 11 Federal Home Loan Banks, government sponsored in support of mortgage lending and community investment.