Quantitative Risk Analyst Intern Jobs in Illinois

Our client is seeking a Model Risk Analyst to join their team. The Model Risk Analyst (Analyst) within the Model Risk Management Group (MRM) is responsible for various tasks supporting model validation and risk governance. The tasks are both technical (e.g., related to data analytics and quantitative modeling) and administrative (e.g., documentation requirements). By completing these tasks, the analyst will enhance both his/her technical skills and understanding of how financial models are used within the bank.

How You ll Make An Impact:

• Drive Innovation: Lead the charge in enhancing credit and financial models by challenging current methods and proposing innovative enhancements to improve model effectiveness.
• Collaborate and Influence: Work closely with model owners and stakeholders, presenting testing results and providing constructive recommendations to strengthen our risk management practices.
• Automate and Optimize: Recommend new ways to automate and improve the modeling process, ensuring efficiency and accuracy in our financial risk assessments.

What You Can Expect:

• Explain and present testing results to MRM, model owners and other stakeholders;
• Work effectively with other risk analysts within MRM and perform ad-hoc analysis to support model-related initiatives;
• Review model data sources, assumptions, and underlying theory for conceptual soundness;
• Perform sensitivity analysis and attribution analysis to determine the key financial risk factor(s)/input(s) impacting the Model;
• Challenge current methods by considering additional modeling enhancements or different metrics to assess model effectiveness;
• Perform independent benchmarking, back testing and other analysis for applicable models;
• Recommend new ways to automate/improve the modeling process;
• Effectively challenge the model owners by identifying potential model weakness and provide constructive recommendations.

What You ll Bring:

• Graduate Degree (MS/MA/MBA) in a quantitative discipline (e.g., Mathematics, Statistics, Financial Mathematics, Econometrics);
• 0-3 years of modeling or model validation working experience;
• Passionate about risk management and interested in model validation;
• Detail-oriented, a critical thinker and possess excellent communication skills;
• Proficient in Microsoft Office suite (Excel, Word, Access, PowerPoints)
• Knowledge in Statistics (logistic regression) and basic data analysis plus knowledge of SQL/R/Python
• Basic understanding in fixed income securities or mortgage products (CFA/FRM certifications a plus).
• Knowledge of stochastic processes or interest-rate model techniques preferred;
• Experience using machine learning techniques utilizing regression and classification algorithms preferred;
• Familiar with Tableau and level of detail (LOD) preferred

Salary: $75,000 - $125,000 (based on experience) + benefits.

About The Company

Peterson Technology Partners (PTP) is an Equal Opportunity Employer committed to creating a transparent, inclusive, and human-centered hiring experience.

For more than 28 years, PTP has operated as one of the top IT staffing and recruiting firms in the USA built on trust, long-term partnerships, and technical excellence.

Based in the Chicago suburb of Park Ridge, IL, our team of more than 500 employees and consultants is dedicated to:

Helping every client make the best hiring decisions possible

Matching professionals with the right IT jobs and career opportunities

As part of that commitment, we believe in providing clear information about how our hiring technologies work and how your data is used. The following section outlines our AI-assisted interview process and your rights as a candidate.

AI-Assisted Interview Experience (Pete & Gabi Rebecca)

To provide a consistent, fair, and flexible experience for all candidates, we use AI-assisted tools to support parts of the interview process. This includes our proprietary AI platform Pete & Gabi, which includes AI recruiter Rebecca.

These AI hiring tools help us:

• Conduct recorded video interviews
• Transcribe interviews
• Summarize candidate responses
• Generate job-related insights
• Streamline communication and scheduling

Please note that:

The AI does NOT make hiring decisions; all decisions are made by our human recruiters, hiring managers, or client partners.

The AI does not evaluate facial expressions, emotions, or physical traits; it is used only to support fairness, consistency, and efficiency.

If you prefer a non-AI interview format, we will gladly provide an alternative.

Technical or Case Interviews (Role-Dependent):

When applying for certain tech jobs, you may participate in:

• A technical interview
• A coding challenge
• A case study
• A client-specific assessment

We will always explain what to expect in advance so you can prepare with confidence.

Human Review & Selection:

Every candidate's profile including interviews, conversations, and assessments is reviewed by experienced recruiters and hiring leaders.

AI insights may assist with organization and evaluation, but final decisions are always human-driven.

Your Rights as a Candidate:

At PTP, every candidate has the right to:

Request a non-AI interview path

Ask how your data is being used

Request access to transcripts or interview recordings

Request deletion of your AI-recorded interview

Receive clear, timely communication

Our goal is to ensure you feel respected, informed, and supported throughout your experience.

Our Commitment:

For more than 28 years, PTP has focused on putting people first candidates, consultants, employees, and clients.

We're committed to a hiring process that is:

• Transparent
• Compliant
• Equitable
• Powered by innovative technology that enhances not replaces human judgment

Welcome to the future of hiring at Peterson Technology Partners.

We're excited to learn more about you.

Equal Employment Opportunity:

Peterson Technology Partners is an Equal Opportunity Employer. All qualified applicants will receive consideration without regard to race, color, religion, national origin, gender identity, sexual orientation, disability, veteran status, or any other protected characteristic.