Model Risk Intern

Federal Home Loan Bank of Indianapolis•Indianapolis, IN

2d•Hybrid

About The Position

The Federal Home Loan Bank of Indianapolis (FHLBank) is hiring a Model Risk Intern for its 2027 Summer Internship Program. This is a 10-week paid internship, scheduled from June to August, with a possible extension beyond August if approved by the student’s institution. Interns join a cohort of 11 across multiple departments and participate in collaborative group activities while working with their assigned teams. The Model Risk team is part of Enterprise Risk Management and assesses the Bank’s model risk through model validations, risk reviews, and ongoing analysis. The team validates financial models throughout the Bank to evaluate their reasonableness, weaknesses, and risks, and works with model owners and users to understand model performance, development activities, and emerging risks. The intern will support model validation, analyze datasets, prepare visualizations and reports, research modeling practices, and contribute to team projects. The role offers hands-on technical experience, professional development, networking, and exposure to the finance and banking industry. Interns must be located in Indianapolis for the program and follow a hybrid schedule of three days in the office and two days remote each week.

Requirements

Be actively enrolled in a graduate degree program.
Major in Financial Engineering/Mathematical Finance, Statistics, Mathematics, Economics, Computer Science, or a similar quantitative discipline.
Communicate effectively, both verbally and in writing.
Work well independently and in team settings.
Be detail-oriented, organized, and eager to solve problems.
Have a strong mathematical, statistical, or machine learning background.
Be proficient in Python or a similar programming language.
Have an understanding of finance and financial models.
Be located in Indianapolis for the duration of the program and commit to a hybrid schedule of three days in office and two days remote each week.

Nice To Haves

Hands-on experience with AI use cases.

Responsibilities

Support the validation of financial and statistical models to ensure accuracy and compliance.
Analyze complex datasets and create visualizations and reports to inform decision-making.
Research emerging trends and best practices in modeling methodologies.
Perform additional tasks and projects as needed to support team objectives.
Collaborate across teams and present analytical results effectively.
Contribute to projects aligned with the intern’s field of study.