Summer Associate Internship (Data Scientist - Model Risk Management)

Navy Federal Credit Union

166d

About The Position

The Model Risk Management (MRM) team serves as a 2nd line of defense, and our mission is to be a trusted partner in modeling and risk management, challenge models and deliver transparency for a common interest across the organization, deliver model risk as a competitive advantage that benefits our members, manage model risk, not eliminate it, and collectively become a modeling 'Center of Excellence' for the enterprise. MRM is responsible for maintaining a governance framework that standardizes model risk activities from model development through retirement. MRM uses control processes to ensure sound model risk management across all model lifecycle activities.

Requirements

• Currently pursuing a degree from an accredited college or university.
• Anticipated graduation date of December 2026 or later.

Responsibilities

• Complete an end-to-end validation of one of Navy Federal’s predictive models.
• Analyze the model’s data, conceptual soundness, key assumptions, limitations, estimation, calibration, and implementation.
• Develop a challenger model against the original model design.
• Identify a list of model risk findings to be presented to the Model Owner for remediation.
• Review model documentation and meet with business owners as needed to gain an understanding of the model.
• Conduct a complete independent model validation, including assessments of model theoretical framework, fitting methods, assumptions, data creation process, model specification, model development and performance testing, ongoing monitoring plan, implementation testing plan, code and calculations, and model documentation.
• Document and quantify the materiality of each finding.
• Develop recommendations for model developers to mitigate the risks identified.

What This Job Offers

• Career Level: Intern
• Education Level: Bachelor's degree
• Number of Employees: 5,001-10,000 employees