ESG Physical Risk Model Developer

Do you want to shape how ESG risks are quantified within a global bank? In this role, you’ll work at the intersection of climate, data and financial risk and join the ESG Risk Modelling team in Milan; building models that help ING better understand and manage the impact of environmental and social change. From developing new methodologies to improving existing tools, your work will directly influence how we assess risk and support more sustainable decision-making.

The role offers the opportunity to work across the full model lifecycle, from methodology definition and data analysis to model development, validation, regulatory interaction and implementation. You will be part of an international environment, working closely with ING's model development teams in Amsterdam and collaborating with stakeholders across Risk Management, Front Office, Model Risk Management and other functions

The team
You will join the ESG Risk Analytics team, part of Integrated Risk, focusing on the quantification and identification of ESG risks across ING. The team works on areas such as scenario analysis, stress testing and model development to translate ESG developments into actionable risk insights.

Following recent growth, the department has evolved into two specialised sub-teams: one focused on frameworks and governance, and one focused on analytics. This role sits in the analytics team, where the focus is on hands-on modelling, building tools and advancing ESG risk methodologies.

You will work in a collaborative, international environment where curiosity and knowledge-sharing are key; and where ESG is still evolving, giving you room to shape how things are done.

Roles and responsibilities
In this role, you will contribute to both building new capabilities and improving existing ESG risk models:

• Developing and enhancing methodologies for ESG risk assessment, including Double Materiality Assessment. This includes the full tool development lifecycle, including methodology definition and implementation, data collection and analysis, development, calibration, documentation, monitoring and production implementation.
• Perform portfolio-level and counterparty-level analyses to support the ongoing use of models and ad hoc initiatives requiring in-depth understanding of methodologies, assumptions and model limitations.
• Contributing to scenario analysis and stress testing to quantify ESG risks.
• Using and applying internal tools, including models assessing physical climate risks (e.g. exposure to natural hazards based on geospatial data) and tools translating ESG risk into a financial impact for ING’s corporate counterparties.
• Translating complex ESG and climate data into meaningful risk insights and model outputs, communicating modelling approaches, results, assumptions and limitations clearly to both technical and non-technical stakeholders, including senior management.
• Coordinate and collaborate with relevant stakeholders across risk, sustainability and business teams.
• Support initiatives arising from regulatory and supervisory requirements, as well as internal and external audit activities.

How to succeed
We hire smart people like you for your potential. Our biggest expectation is that you’ll stay curious. Keep learning. Take on responsibility. In return, we’ll back you to develop into an even more awesome version of yourself.

• Education & experience: bringing a university degree in a quantitative field such as finance, economics, engineering or natural sciences, combined with relevant experience (typically 2+ years) in financial risk, model development or a related domain.
• Strategic thinking & implementation: developing and evolving ESG risk models and methodologies and translating complex data into robust approaches for risk assessment and integration into frameworks such as business strategy.
• Risk expertise: understanding ESG risk drivers, their transmission into different financial risk types, and applying this knowledge in developing models and scenario analysis (e.g. stress testing, climate scenarios).
• Quantitative modelling: applying strong modelling skills and programming (e.g. Python, SAS or similar) to build, maintain and improve ESG and financial risk tools.
• Climate & ESG knowledge: bringing knowledge of climate, nature and ESG developments, or demonstrating the curiosity and ability to quickly build this expertise and apply it to financial risk modelling.
• Advanced data application: strong quantitative, statistical and analytical skills, with experience working with large and complex datasets.
• Stakeholder management: balancing input from different stakeholders across risk, business and sustainability functions, and aligning modelling approaches with regulatory and strategic objectives. Ability to communicate complex technical topics clearly to senior management and non-technical stakeholders
• Communication & collaboration: translating complex ESG and risk concepts into clear methodologies and insights and working effectively in  international and multidisciplinary teams. 
• Problem solving and intellectual curiosity: applying strong problem-solving skills and working independently on complex quantitative challenges, combined with a creative and innovative mindset, intellectual curiosity and a willingness to challenge existing approaches.
• English proficiency: communicating fluency in English, both written and spoken.

Contract Offer:

Working Conditions: Permanent employment contract

Working Hours: Full time (37 hours per week)

Applicable Collective Labour Agreement: National Collective Labour Agreement for employees in the credit sector (NCLA)

Location: Milan (hybrid)

Starting Annual Base Salary: 48.000€

Variable remuneration: in line with the applicable remuneration policies (with a target based on the role, outcomes linked to the Group, Business line/function and individual performance)

Our compensation approach is built on objective, gender-neutral criteria aligned with the role’s core requirements. That said, we believe talent goes beyond any framework: your total reward package will be tailored to reflect your unique experience, skills, and potential, ensuring we fully recognize the value you bring.

The benefits of joining ING

In addition to being a part of a great team, working in a fun and innovative environment, we offer:

• Flexible Smart Working
• Competitive base salaries and performance-based bonuses
• Meal vouchers and corporate restaurant and bar
• Health insurance and Accident insurance
• Pension fund and welfare plan
• Diverse cultures & Innovative mindsets
• International Environnent and Talent Program
• Commitment to sustainability
• Lots of training development opportunities to help you grow
• Lots of moments dedicated to physical and mental well-being
• A special day off when it is your birthday: we call it #doyourbirthday!
• And of course, we can’t forget free water & coffee at the office!

About ING

ING offers many opportunities to build a diverse and rewarding career. You will be joining an international innovative digital bank, the first in Italy to adopt a fully flexible smart working model, and you will be working in a stimulating environment where you can grow both as an individual and as a professional. Our purpose - empowering people to stay a step ahead in life and in business - represents our belief in people’s potential. We don’t judge, coach or to tell people how to live their lives. We empower people and businesses to realize their own vision for a better future.

#doyourthing is our brand direction with us each and every day. It is how we articulate our purpose and our promise to make banking frictionless to the world.

‘do your thing’ is about people being free to live the life they want to live, knowing that they will make their world a little better for it.

Do you think you are "a step ahead"? Apply now!

Our Commitment

Diversity is a fundamental element of our corporate culture, and we are fully committed to creating a safe and inclusive environment, based on mutual respect and the value of diversity, offering equal job opportunities to all qualified candidates.

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