Who we are
Financial industry globally is in the middle of creating and transitioning to new interest rate benchmarks that will be used in financial contracts.
Some of the main interest rate benchmarks under the transition that are expected to cease to exist at the end of 2021 are : EURIBOR (Euro Interbank Offered Rate), LIBOR (London Interbank Offered Rate), and EONIA (Euro OverNight Index Average).
IBOR is a term used to collectively refer to these interest rate benchmarks. Just to see the scale of this transition, some say that the IBOR transition is bigger than the transition of Dutch guilder to Euro back in 2002.
As a result of this industry-wide initiative, every financial institute including ING needs to assess their systems, processes and contracts and prepare for such a transition.
In 2019, ING set up a bank-wide IBOR Transition Program to coordinate and facilitate this transition. To help the program, an IBOR Centre of Expertise (CoE) is set up with the purpose to make the complexity of this transition easier to understand for everyone in ING.
IBOR CoE actively monitors the developments in the market and translates the implications of these market developments for internal stakeholders.
Your role in our team
You will be seen as a full member of our team, and as such, we expect you to play an active role in the team activities.
You will be working closely with CoE members, workstream leads in IBOR program, and other experts across the bank to achieve the priorities set in the IBOR program.
The following are some of the tasks you may find yourself being busy with :
The period of internship is 6 months with a 40 hour per week contract. Note that the internship is not for writing thesis, but a work along.
This is what our previous intern has said about her experience working in our team :
Being an intern for 6 months at IBOR CoE has showed me that working at a bank can be the opposite of a boring office job.
There are continuous developments related to IBOR taking place at a fast pace in the market, and as IBOR CoE to scan these and identify and execute next steps that help stakeholders in the bank is important but also exciting work.
The experience of working at IBOR CoE was valuable for me as it gave me the opportunity to put skills and knowledge I have gained in university into practice and experience how a professional workplace operates.
Besides that, I have gained many new skills and knowledge, such as a better understanding of the bank and its industry, reading complex material and identifying what is important for which specific part of the organisation or which stakeholders, explaining and visualizing complex material, but also chasing stakeholders, managing the work that comes your way, working in / as a team and working in an agile way.
If you are a hardworking team player who loves to read and is good at explaining complex matters, I would definitely recommend applying for this internship.
IBOR Transition is a complex topic and working 40 hours a week can be a change if you come from university, but I can ensure you that your IBOR CoE team members will be there to guide you and are open for any comments or answering any of your questions. Denise
Our way of working
In ING, we work in Agile Way of Working (WoW). We believe that in the fast-changing world that we live in, being able to shift quickly and adapt with new demands is key for survival.
To learn more about Agile WoW in ING, see this video : https : / / www.youtube.com / watch?v D3iu2kfZ3w4.
What we offer
What is your profile
The work is fast-paced, demanding and intellectually stimulating. We look for candidates with the following competencies :
Being located near Amsterdam is preferred to be able to meet the team.