Specific Function
Model Risk Management (MoRM) in a nutshell; Models are an imperfect reflection of reality. Models impact our business and we use models for decision making throughout ING. We need to manage uncertainties and shortcomings in our models, as there are risks involved. Are we sure that the output leads to the right decision? Models are a great asset but come with a risk that needs to be managed. The purpose of the Model Risk Management department is to ensure the models can add business value safely. That's why we've created a cross-domain Model Risk Management Framework helping us identifying, classifying, recording and validating models we use across ING. For example, Credit, Market, KYC, Operational and Pricing models. Together with our stakeholders in e.g. Model Development and COO Risk we try to obtain the best models for ING.
Roles and responsibilities
Conduct timely, high-quality model validations in line with external regulations, internal policies, and model validation frameworks.
Challenge 1st MLoD on their level of model risk
Prepare validation reports and present findings to committees and stakeholders, ensuring transparency and clarity.
Participate in thematic reviews and provide expert advice to internal stakeholders on model risk issues.
Support the development and implementation of innovative validation frameworks and contribute to automation initiatives.
Collaborate with colleagues across chapters and locations to ensure consistency and share best practices.
Maintain constructive relationships with internal teams (Model Development, Risk Management, Audit) and assist with external stakeholder management (regulators, auditors).
Contribute to continuous improvement by suggesting enhancements to validation processes and frameworks.
How to succeed
In particular, as a member of our team, you have
A quantitative background, i.e. a MSc or PhD degree in e.g. (Financial) Econometrics, Financial Mathematics, Quantitative Financial Economics, Mathematics, Statistics, Physics etc. combined with significantly relevant professional experience in a comparable role
Adequate technical and regulatory expertise in quantitative modelling and risk management.
Solid programming experience (preferably in Python and/or R).
Attention to detail and commitment to delivering high-quality work.
Excellent verbal and written communication skills, with the ability to explain complex quantitative and regulatory topics clearly and convincingly to a broad range of stakeholders, including senior management, auditors and regulators.
Ability to challenge 1st MLoD on their Model Risk and to manage multiple priorities in a fast-changing environment.
Continuous improvement mindset and openness to innovation.
Specific Knowledge and Experience
Your prospective model scope is broad and are related to the following main areas:
Behavioral: Modelling of mortgage & other loan prepayments and non-maturity deposits, as well as other embedded options in retail and wholesale products.
Interest rate: Market models (e.g. Hull-White model).
Valuation: Models used for calculating the economic value of a loan or deposit portfolio with embedded options.
Pricing: Models used for product pricing.
Replication: Models used for risk transfer.
Risk measurement: Models used for risk management and reporting (NPVaR, RRaR, NIIaR).
As part of the chapter, you will contribute to further building and developing the team by sharing knowledge, coaching more junior staff and by embracing ING’s Agile way of working.
Above all, you have a genuine passion to continuously improve yourself and our team. As a model validator at ING, you will be empowered to have a true impact on ING’s future model landscape.
Rewards and benefits
We want to make sure that it’s possible for you to strike the right balance between your career and your private life. Find out more about our employment conditions.
The benefits of working with us at ING include
25-28 vacation days depending on contract
Pension scheme
13th month salary
8% Holiday payment
Hybrid working
Personal growth and challenging work with endless possibilities
An informal working environment with innovative colleagues
About us
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Questions?
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