Summer Intern - Model Risk Management

The OCC•Chicago, IL

5d•Hybrid

About The Position

The Model Risk Management team analyzes model risk across pricing, margin, clearing fund, stress testing and liquidity models. The intern will collaborate with MRM staff to assess model risk and review associate remediation. This is a 12-week seasonal internship for the summer of 2027, open to undergraduate and graduate students actively enrolled at a college or university. Interns work up to 40 hours per week in a hybrid work environment, and overtime is not permitted. The OCC Internship Program equips students with the real-world skills needed to transition successfully into a career in financial services. As an intern, you will contribute to meaningful projects, applying your skills and knowledge to real challenges facing the business. Your time with us is a real opportunity to make a genuine impact on the future of OCC!

Requirements

Rising senior or second-year graduate student, graduating December 2027 or May/August 2028.
Desired Majors: Financial mathematics, Mathematics, Physics, Finance, Computer Science.
Basic programming skills. Able to read and write code using a programming language (R or Python).
Basic Financial mathematics (derivatives pricing models, stochastic calculus, statistics and probability theory, advanced linear algebra).
Data Analysis, Excel, and PowerPoint.

Responsibilities

Study risk management methods at OCC.
Conduct ad-hoc analysis of current risk management themes using statistical, econometric and/or machine-learning methods.
Design and implement automated reporting of production vs benchmark discrepancies and root cause analysis results.
Review and adapt best practices of option implied volatility modeling, for example, analyze the changes in implied volatility of equity options after earnings announcement.