Risk Model Validator

As model validators we safeguard the quality of ING’s models, which are used for all kinds of reporting and decision-making purposes, and which must therefore be correctly designed and implemented. Due to the challenges of validating models, Model Validation teams at ING have been substantially growing and will further grow.

The team

The Model Validation Trading Risk Chapters form an energetic, diverse, and collaborative team currently consisting of about 40 highly qualified professionals of various quantitative backgrounds, located in both Amsterdam and Warsaw. We are responsible for validating Market, Counterparty Credit and Valuation Risk models used by ING in about 40 countries all over the globe. We cover an interesting, broad, and evolving model scope characterized by models that tend to be technically advanced. Our core business consists of independently assessing whether a particular model is fit for the purpose it was designed for, based on the business context, academic theories, empirical evidence, regulations, best practices & technological innovations. Effective challenge is key in our role.

Roles and responsibilities

As a model validator you use the tools of econometrics, quantitative finance, coding as well as knowledge of regulations and business. You perform in-depth analyses and write code to perform quantitative assessments. You summarize your analyses and conclusions in clear, fact-based, and well written reports, which are presented to the relevant Model Approval Committee, and which could be challenged by model developers, internal auditors, and regulators. You share your knowledge and effectively communicate with team members and a wide range of internal and external stakeholders. You also participate in the development of innovative, state-of the-art validation frameworks to tackle the validation of new models.

Your prospective model scope is broad and related to the following areas:

• Counterparty Credit Risk (CCR) modelling. E.g., Potential Future Exposure (PFE), Exposure At Default (EAD), SA-CCR.

• Standard Initial Margin Modelling (SIMM).

• Fair and prudent valuation adjustments. E.g., xVA (CVA, DVA, FVA), IPV adjustment, bid-offer adjustment, Additional Valuation Adjustment (AVA)

• Fundamental Review of the Trading Book (FRTB). E.g., SBM, DRC, BA-CVA, SA-CVA.

How to succeed

We hire smart people like you for your potential. Our biggest expectation is that you’ll stay curious. Keep learning. Take on responsibility. In return, we back you to develop into an even more awesome version of yourself.

Who are we looking for? We are looking to hire a validator with at least intermediate level experience (2 to 3 years) and knowledge of at least CCR models, and preferably also SIMM models. Applications from relevant backgrounds other than model validation, e.g., model development, are welcome. Validators with more experience are also encouraged to apply and explore possibilities. Applications not meeting these criteria will not be considered. Apart from the specific model expertise, the validator has:

• Proficiency in a programming language (preferably Python)

• Strong verbal communication skills. Can effectively present complex work to colleagues, management, regulators and can defend it.

• Strong English writing skills. Can write well written reports with clear conclusions.

Your work environment

• The Trading Risk Chapter is part of the Trading Book Risk Tribe, which consists of three risk validation Chapters, and two pricing validation Chapters.

• The Trading Book Risk Tribe is part of ING’s global Model Risk Management domain, which consists of few Tribes, each specializing in a main risk area.

• Our main stakeholders are within ING’s head office and local risk management departments worldwide, senior management (including the CRO, his management team, the Executive Board and local CROs), internal and external auditors, the ECB and other regulators. To ensure its independence and effective challenge, Model Risk Management reports directly to the CRO.

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. You can find out more about our employment conditions at https://www.ing.jobs/netherlands/Why-ING/benefits.htm

The benefits of working with us at ING include:

●        A salary tailored to your qualities and experience

●        24-27 vacation days depending on contract

●        Pension scheme

●        13th month salary

●        Individual Savings Contribution (BIS), 3.5% of your gross annual salary

●        8% Holiday payment

●        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

About us

With 60,000 employees and operations in approximately 40 countries, there is no shortage of opportunities for people with initiative who want to help people take a step ahead in life and in business. Do you want to work at the cutting edge of what’s possible and at the same time ensure you work with integrity and hold the customer’s interests at heart? Do you want to be surrounded by progressive, inspiring, diverse and supportive colleagues? Then there is no better place to invest your talents than at ING. Join us. Apply today.

Questions?

Contact the recruiter attached to the advertisement for more information. Want to apply directly? Please upload your CV and motivation letter by clicking the “Apply” button.

Please note, multiple interview steps involving various business stakeholders will be part of the selection process.