Internship Credit Risk Model Validation - Wholesale Banking

Join ING's Model Risk Management Department as an intern and gain valuable experience in the dynamic field of model risk management. As an intern, you will have the opportunity to work with a diverse and energetic team of highly qualified professionals, contributing to the validation and improvement of risk models used across ING.
 

About the Model Risk Management Department:

The Model Risk Management Department plays a vital role in safeguarding the quality and reliability of models used throughout ING. Models are critical for decision-making processes across various risk domains. The department's mission is to ensure that these models are fit for purpose, comply with regulations, and provide accurate insights for effective risk management.
 

The department is composed of five different tribes:

• The Business Operations and Analytics Tribe validates machine learning, rule-based and pricing models aimed at Analytics, Anti-money laundering and Compliance, Non-Financial Risk and Fraud detection, Collections and Loan Pricing.
• The Credit Risk Tribe focuses on credit risk models, including IFRS9 models, which determine expected loan losses and provisions, internal ratings-based models (e.g., probability-of-default and loss-given-default models), credit approval and other credit operational models.
• The Trading Book Tribe covers trading risk models (e.g., Value-at-Risk), counterparty credit risk models (e.g., potential future exposure and initial margin models) and derivative pricing models.
• Model Risk Oversight (MRO) is responsible for the design and implementation of ING’s global Model Risk Management (MoRM) framework and tooling which scope covers all models used within ING Bank worldwide. Our mission is to ensure our organization effectively controls, monitoring, and reporting on model risk, employing a consistent and comprehensive approach across model life cycle.
• The Banking Book Tribe focuses on interest rate risk, asset & liability management, capital & liquidity adequacy, and client behavioral models (e.g., mortgage prepayment and deposit withdrawal). This tribe is currently not hiring interns.

What you’ll do:

1. Contribute to Model Validation:

• Assist in validating risk models by conducting quantitative analyses under the guidance of experienced professionals.
• Perform data analysis, statistical modelling, and programming tasks to assess model performance and suitability.
• Support the preparation of validation reports, documenting findings, and recommendations.
   

2. Collaborate with Cross-functional Teams:

• Engage in discussions and meetings with model developers, stakeholders, and regulators to understand model requirements and address validation concerns.
• Collaborate with professionals in your tribe and cooperate towards a common goal.
   

3. Stay Informed and Learn:

• Stay up to date with industry best practices, regulatory requirements, and emerging trends in model risk management.
• Actively participate in training sessions, knowledge-sharing activities, and workshops organized within the department.
   

Who are we looking for?

We are looking for enthusiastic colleagues who enjoy performing quantitative analyses, writing & defending high quality validation reports, and have an intrinsic curiosity to continuously expand their knowledge. In particular, as a member of our team, you are:

• Available for 32-36 hours per week
• Enrolled in a Dutch university for the entire duration of the internship.
• Currently pursuing a Master's degree in a quantitative field, such as Econometrics, Mathematics, Physics, or a related discipline.
• Equipped with strong analytical and problem-solving skills, demonstrating a keen interest in quantitative analysis and modeling.
• Comfortable with programming languages such as Python, R, or SAS, enabling you to handle data and conduct analyses efficiently.
• Possessing a good understanding of statistical concepts and quantitative methods, providing a solid foundation for risk modeling.
• Exhibiting excellent written and verbal communication skills in English
• Proactive with the ability to work independently and collaborating effectively within a team environment.
• For Business Operations and Analytics Tribe, one or more of the following is expected:
• Knowledge of Machine Learning models and techniques
• Knowledge of Fairness and explainability
• Knowledge of GenAI and LLM models
• Knowledge of Stress testing process

Why join us?

• Gain hands-on experience in model risk management and validation within a leading global bank.
• Work alongside experienced professionals and learn from their expertise in various risk domains.
• Contribute to the ongoing improvement and enhancement of risk models across ING.
• Explore a wide range of models and risk areas, expanding your knowledge and skill set.
• Embrace a culture of innovation, continuous learning, and professional development.

Next steps

Excited to join our Model Risk Management Department's mission and gaining practical experience in the field of model risk management? Apply today! and help us shape the future of risk management in the banking industry.

In our selection process, we aim to get to know you better and understand your ambition. Share your CV, academic transcripts, and a cover letter where you let us know which model risk tribes you want to join. Please note that the Banking Book Tribe is currently not hiring interns. Are you applying for a thesis intern position? Let us know your research topic in your cover letter!
 

If your application resonates with us, we like to welcome you to our office for a paper MCP test and two rounds of interviews. We’ll test your knowledge on basic math, statistics, and programming in the test and the first interview. In the last interview, we like to understand a bit better who you are beyond your resume. Eager to grow, challenge, and be challenged? Then we like to see your application!

 

Rewards and benefits

This is a great opportunity to train with highly skilled people who are experts in their field. You’ll do a lot and learn a lot – not only about your specialist area and the bank, but also about yourself and whether this type of environment is right for you.

You’ll also benefit from:

• Internship allowance of 700 EUR based on 36 hours work week

• Your own work laptop

• Hybrid working to blend home working for focus and office working for collaboration and co-creation

• Personal growth and challenging work with endless possibilities

• An informal working environment with innovative colleagues
   

During the duration of your internship at ING, it is mandatory to be enrolled at a Dutch university (or EU-university for EU passport holders).
 

About our internships

Every year, more than 350 students join our internship program. While there are no guarantees about your future, many of our former interns move into a permanent role or onto our International Talent Programme (traineeship).

Whatever happens, an internship at ING is the ideal opportunity to meet a wide variety of people, to build up your own network, and to learn about many different aspects of banking – put simply, it’s a great start to your career.