The Model Risk Management Group (MRMG) Co-op is responsible for a variety of tasks necessary to support a complex analysis of the Fed stress testing models, including code development, data preparation and aggregation, and the execution of analytics and reporting. Other tasks include managing source code within source control systems and general process management. The MRMG Research Assistant has a core competency in statistical programming and data management. While this Research Assistant would benefit from familiarity with statistical modelling and financial risk models, these skills are not required.
This role will provide candidates with exposure to modeling techniques and subject matter experts from across the Federal Reserve System while refining and developing related technical skills.
This position will support the analysis and assessment of model risk associated with the Federal Reserve’s internal stress testing models by providing high quality technical and analytical support to a team of quantitative analysts working on a large quantitative project on behalf of Federal Reserve System management.
This is a 6 months co-op, starting from July to December.
• Design programs to manipulate data, perform statistical tests, run regression analysis, and analyze results. Update and maintain reports summarizing quantitative analyses; maintain statistical software code (primarily R, but also SQL, Python, Stata, Matlab, SAS) in source control (Git).
• Ensure consistent implementation of quantitative tests on a complex project; assess quantitative results for reliability;
• Search for/obtain data and literature by using various on-line and published sources and by contacting potential sources outside of the Bank.
• Determine reliability of data and present the information in a form that can be easily interpreted by the quantitative analyst(s).
• Prepare charts and tables using various spreadsheet and graphic software packages (R, Tableau, Powerpoint, Excel) for publications, presentations, and briefings to executive committees, validation groups, and external parties.
• Prepare written summaries of data analysis and literature reviews for the quantitative analyst(s).
• Proofread, edit, fact-check, summarize, and comment on model documentation and papers.
Other Accountabilities: Perform other duties as assigned.
Knowledge and Experience:
At least three years of progress toward the completion of a Bachelor’s degree in economics, computer science, mathematics, physics, or related field. Experience with statistical programming (especially R, but also possibly Matlab, SAS, or Stata) and understanding of statistics. Strong analytical, communication, and organization skills. Prior intern or research assistant experience preferred. Familiarity with source control systems (such as Git) preferred.
This position requires access to confidential supervisory information, access to which is limited to "Protected Individuals" as defined by regulation of the Board of Governors of the Federal Reserve System. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and lawful permanent resident aliens (also known as "green card holders") who are eligible for and seeking United States citizenship within the requisite timeframes.
The Federal Reserve Bank of Boston is committed to a diverse and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.