Summer Intern - Quantitative Risk Management at OCC in Chicago - 125 S Franklin

Job description

• OCC is looking for interns who are eager to learn, humble enough to ask questions, and ready to think critically about complex problems. 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!
• OCC's Summer Internship Program is a 12-week opportunity running either May through August or June through September, and is open to undergraduate and graduate students who are 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 Model Performance Monitoring (MPM) team is responsible for the ongoing monitoring, testing, and governance of the firm's risk models, ensuring model performance remains sound, well-documented, and compliant with regulatory expectations. The team's core functions include:
• Regulatory & Governance Reporting — Preparing and delivering all regulatory and governance materials (e.g., STANS, CST, SEC, PFMI, and XCME reporting; margin backtesting; sensitivity analysis) on time and to a consistent quality standard.
• Model Monitoring Framework — Maintaining and continuously strengthening the MPM framework, including data consistency across inputs, metric backtesting and threshold calibration, exceedance/breach investigation, and remediation of findings.
• Platform Modernization — Migrating and refactoring monitoring workflows onto the Ovation platform, including framework refactoring, environment upgrades, and BUAT testing, to support the firm's long-term technology strategy.
• AI & Process Automation — Leveraging AI tools (including Claude) and modernized codebases (migrating legacy R/MATLAB to Python, Alteryx to Airflow) to automate repetitive processes, improve turnaround time, and free up capacity for higher-value analytical work.
• BAU & Production Support — Ensuring day-to-day operational stability across backtesting, production tools, and job scheduling infrastructure, while supporting Model Risk Management (MRM) observation remediation and annual validation cycles.
• Together, these functions position MPM as the team accountable for the accuracy, reliability, and regulatory readiness of model performance oversight across the firm.

Responsibilities

• Supporting model performance/backtesting exercises using historical portfolio data, under supervision of senior team members
• Contributing to Python scripting (Pandas) for data processing and automation of monitoring workflows
• Assisting with exploratory data analysis and visualization (e.g., Tableau/Dash) of model performance metrics
• Reviewing and helping draft documentation for model monitoring metrics and testing procedures
• Participating in code reviews and team discussions on model monitoring best practices
• Perform model performance testing, including portfolio back-testing using historical data.
• implementation of model monitoring metrics, focusing on requirement coding, and testing quality
• Write and review documentations for model monitoring metrics, prototypes and implementation
• Support the launch of new products by enhancing monitoring capabilities.
• Develop Python scripts with Pandas and object-oriented programming to automate data processing
• Assist analysts in solving their analytics questions/challenges

Requirements

• Rising senior or second-year graduate student, graduating December 2027 or May/August 2028.
• Desired Majors
• Master’s degree or equivalent in a quantitative field such as data analytics, computer science, mathematics, physics, finance/financial engineering.
• Technical Skills/Experience Desired
• [Required] Strong programing skills. Able to read and/or write Python code in a collaborative software development setting.
• [Required] Experience with a source code repository system (preferably Git)
• [Required] Ability to write and optimize complex analytical (SELECT) SQL queries
• [Required] Comfortable supporting business analysts on high-priority projects.
• [Required] Strong problem-solving skills: Be able to accurately identify a problem's source, severity, and impact to determine possible solutions and needed resources.
• [Required] Experience in office technology such as PowerPoint, Confluence, Word, and Excel.
• [Preferred] Exposure to data orchestration tools, such as Airflow
• [Preferred] Experience with Tableau, Dash and Alteryx
• [Preferred] Understanding of applied statistics and hands-on experience applying these concepts
• [Preferred] Strong quantitative skills, ability to demonstrate deep understanding in the following technical areas:
• Financial mathematics (derivatives pricing models, stochastic calculus, statistics and probability theory, advanced linear algebra)
• Econometrics, data analysis (e.g., time series analysis, GARCH, fat-tailed distributions, copula, etc.) and machine learning techniques
• Numerical methods and optimization; Monte Carlo simulation and finite difference techniques
• Risk management methods (value-at-risk, expected shortfall, stress testing, backtesting, scenario analysis)
• Financial products knowledge: good understanding of markets and financial derivatives in equities, interest rate, and commodity products.

Skills

Required

• Python
• Git
• SQL
• PowerPoint
• Confluence
• Word
• Excel
• Problem-solving

Preferred

• Airflow
• Tableau
• Dash
• Alteryx
• Applied statistics
• Financial mathematics
• Econometrics
• Machine learning

Benefits

• A highly collaborative and supportive environment developed to encourage work-life balance and employee wellness. Some of these components include:
• A hybrid work environment, up to 2 days per week of remote work
• Tuition Reimbursement to support your continued education
• Student Loan Repayment Assistance
• Technology Stipend allowing you to use the device of your choice to connect to our network while working remotely
• Generous PTO and Parental leave
• Competitive health benefits including medical, dental and vision
• Read More
• A highly collaborative and supportive environment developed to encourage work-life balance and employee wellness. Some of these components include:
• A hybrid work environment, up to 2 days per week of remote work
• Tuition Reimbursement to support your continued education
• Student Loan Repayment Assistance
• Technology Stipend allowing you to use the device of your choice to connect to our network while working remotely
• Generous PTO and Parental leave
• 401k Employer Match
• Competitive health benefits including medical, dental and vision
• Visit https://www.theocc.com/careers/thriving-together for more information.
• Read More
• The salary range listed for any given position is exclusive of fringe benefits and potential bonuses. If hired at OCC, your final base salary compensation will be determined by factors such as skills, experience and/or education.
• In addition, we believe in the importance of pay equity and consider internal equity of our current team members as part of any final offer.
• We typically do not hire at the maximum of the range in order to allow for future and continued salary growth. We also offer a substantial benefits package as noted on www.theocc.com/careers
• All employees may be eligible for a discretionary bonus. Discretionary bonuses are based on various factors, including, but not limited to, company and individual performance and are not guaranteed.
• $25.00 - $25.00
• Incentive Range
• This position is eligible for an annual discretionary incentive compensation award, for which the target range is listed above (see Incentive Range). The amount of such award, if any, will be based on various factors, including without limitation, both individual and company performance.
• The salary range listed for any given position is exclusive of fringe benefits and potential bonuses. If hired at OCC, your final base salary compensation will be determined by factors such as skills, experience and/or education.
• In addition, we believe in the importance of pay equity and consider internal equity of our current team members as part of any final offer.
• We typically do not hire at the maximum of the range in order to allow for future and continued salary growth. We also offer a substantial benefits package as noted on www.theocc.com/careers
• All employees may be eligible for a discretionary bonus. Discretionary bonuses are based on various factors, including, but not limited to, company and individual performance and are not guaranteed.