Introduction
ING Model Validation, part of Corporate Risk, supports the deputy CRO for Insurance in setting policies and guidelines, advising the board and providing management information on financial insurance risks. Corporate Risk together with the business ensures that all risks run by the company are well understood and managed in order to provide an efficient allocation of capital, profitable growth, required (economic) returns on (economic) capital and predictability in earnings.
Your department and challenge
Model Validation team
Model Validation independently reviews the performance of risk models applied within ING Insurance and delivers high quality validation reports. The risk models are used, amongst other, for risk management and to determine regulatory capital and economic capital in various risk areas covering market risk, credit risk, insurance risk and operational risk. Model Validation also prepares and sets the standards of practice for local model validation. Reporting to DNB on ING Insurance is among the tasks of Model Validation team.
In order to ensure its independency, Model Validation reports directly to the CRO. It is a young, international and dynamic team with short communication lines throughout the organization.
The risk and finance models that must be validated are used:
- to determine the Economic Capital of ING Insurance (covering market risk, credit risk, transfer risk, operational risk and business risk) on different levels of aggregation (e.g Lines of Business, Business Unit);
- for the calculation of consolidated and local solvency requirements under the Solvency II Internal Model approach and the Advanced Measurement Approach (AMA).
- for risk management, risk measurement and risk reporting by Corporate Insurance Risk.
- for hedging activities.
- for market value balance sheet, own funds under Solvency II and for fair value under IFRS.
- for internal and external risk disclosure purposes (e.g. Executive Board, regulators, analysts, Annual Account).
Your main responsibilities
The (Senior) Quantitative Risk Analyst participates in the validation of risk models of ING Group within risk insurance. This means he or she is able to:
- Technical review of the Risk Models of ING Insurance worldwide, covering market risk (interest rate risk, equity risk, real estate risk, currency risk, and credit spread risk), insurance risk and business risk, and risk aggregation.
- Deliver high quality validation reports. These reports encompass both a quantitative and a qualitative assessment of a model, containing a mix of conceptual soundness & developmental evidence, outcome and performance analysis.
The validations are executed at different stages of the Model lifecycle: i.e. when the model is initially developed, when any significant changes are made and on a regular basis.
Your experience and skills
Personal Profile
Our requirements with respect to the qualifications:
- A Master’s degree in econometrics, actuarial sciences, quantitative economics or a related field
- 7-10 years relevant work experience
- Is a first class expert in the area of Risk Insurance
- Is able to maintain and develop expertise on the Risk Insurance
- Is able to operate as an effective and efficient professional
- Takes responsibility for own work, takes initiatives, works according to the planning
- Excellent writing skills in English
- Communication skills
In addition, the following competencies are requested:
- Problem analysis and judgement
- Planning & organizing
- Persuasiveness
- Empathy with the company
What we have to offer you
A challenging and interesting position in a global Insurance company. This is a position for 40 hours per week (alternative hours can be discussed) and is available immediately. The job grade is depending on experience. Location is Amsterdam at the ING Insurance/IM headquarters at ING House.
Application & contact
You can apply online for this position by clicking on ‘Apply for this job’, complete the online application form and submit your English resume and letter of motivation.
For further details regarding the selection procedure and the advertised position you can contact Mrs. Jacquelien Wijdeveld, at telephone number +31 (0)621 563413 or by email at jacq.wijdeveld-huisman@ing.nl
