Summer Internship - Model Risk Management

Fhlbc; Chicago, Northern (IL, KY); Hybrid; USD 39,000 - 58,000; Full time

Job summary

The Federal Home Loan Bank of Chicago offers a summer internship in our Model Risk team. You’ll gain hands-on experience in financial services, supporting model validation, data analytics, and risk governance on real projects alongside analysts.

This paid internship emphasizes collaboration and practical learning. Ideal candidates are enrolled in an undergraduate or graduate quantitative program with a GPA of 3.0+, familiar with fixed income concepts and data analysis (SQL/R/Python a plus), and

Qualifications

• 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)

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

Skills

Data analysis

Fixed income basics

Risk management interest

Python

SQL

Excel

Education

Undergraduate/Graduate program in quantitative discipline

Tools

SQL

Python

Excel

PowerPoint

Access

Word

Job description

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.

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) 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 consideryour experience, and other job-related factors. In addition to the base salary, we offer a comprehensive benefits package whichcan be found here: https://hrportal.ehr.com/fhlbc