Summer Internship - Model Risk Management

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

Benefits offered by this job

401k and Pension

Medical, dental and vision insurance

11 paid holidays

Job summary

The Federal Home Loan Bank of Chicago is seeking a summer intern to join the Model Risk team for hands-on exposure in financial services. You'll assist with model validation, risk governance, and documentation in a collaborative environment.

Daily tasks involve quantitative testing, reporting risks, and working with MRM analysts and stakeholders. Proficiency with SQL, R, Python and MS Office will support data analysis and result presentation.

Qualifications

• Enrolled in undergraduate/graduate program in a quantitative discipline with GPA at least 3.0
• Interest in risk management and model validation
• Basic understanding in fixed income securities and data analysis

Responsibilities

• Support model validation with quantitative testing and documentation to aid governance
• Identify and report potential model risks to improve model quality
• Collaborate with Bank teams to ensure model risk is effectively managed
• Explain testing results to MRM, model owners and stakeholders; present findings

Skills

Data analysis

Model validation interest

Microsoft Office proficiency

Education

Undergraduate/Graduate program in quantitative discipline

Tools

SQL

R

Python

Excel

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.Collaborative, in-office operating modelRetirement program (401k and Pension)Medical, dental and vision insuranceLifestyle Spending AccountCompetitive PTO plan11 paid holidays per yearAn 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.Who are we you ask?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.How you’ll make an impact:Support model validation and risk governance through various technical (e.g. data analytics and quantitative modeling) and administrative (e.g. documentation) tasksIdentify and report potential model risks to improve the overall quality of modelsCollaborate with other teams within the Bank to ensure model risk being effectively managedModel Risk ResponsibilitiesPerform quantitative testing and qualitative review to assist in model validationWork effectively with MRM risk analysts as well as other teams of the Bank and perform ad-hoc analysis to support model-related initiativesExplain and present testing results to MRM, model owners and other stakeholdersResearch new ways to automate/improve modeling processRequirementsEnrolled in undergraduate/graduate program in a quantitative discipline (e.g. Finance, Economics, Mathematics, Statistics) with GPA at least 3.0Interested in risk management and model validationBasic 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 - $58,100.00The 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