The Workshop
ING Amsterdam, February 28, 2025
Dear Participants,
We are delighted to welcome you to the ING – University of Twente Workshop on Data Analytics and Quantitative Models in Banking and Academia, taking place on February 28, 2024, at the ING headquarters in Amsterdam.
This workshop is a unique opportunity for professionals, academics, and students to come together and explore the latest developments in data analytics, finance, risk management, and artificial intelligence. By bringing together experts from ING and the University of Twente, we aim to strengthen collaboration between industry and academia, bridging the gap between theoretical research and practical application.
Throughout the day, you will engage in insightful presentations covering topics such as Data Analytics, Model Risk Management, Model Validation, Advanced Risk Management, AI in Finance and Business, and Data Science applications. The interactive workshops will provide hands-on experience with quantitative research models.
We encourage you to actively participate, share your ideas, and network with fellow attendees. Your contributions are important in shaping the future of finance and advancing the field of quantitative modeling.
We look forward to an engaging and productive day with all of you.
prof. dr. Jos van Hillegersberg, dr. Joerg Osterrieder, Ms. Anouk Bleumer, Dr. Max Baak
Date: February 28, 2025
Location: ING, Bijlmermeer, 1102 BP Amsterdam, Netherlands, https://www.ing.com/MediaEditPage/Route-description-to-Cedar.htm
Agenda
10:30 – 10:45 | Welcome & Introduction
prof. dr. Jos van Hillegersberg, Professor of Business Information Systems, Scientific Director of JADS.nl
dr. Joerg Osterrieder, Associate Professor of Finance and Artificial Intelligence, University of Twente
Anouk Bleumer, COO Risk consultant, ING
Kristina Fures, Modelling COO Risk, ING
Quantitative Modelling in Banking and Academia
10:45 - 11:00 | Data Analytics and Data Science
dr. Fabian Jansen, Data Science, Wholesale Banking Advance Analytics, ING
Generative Artificial Intelligence and Large Language Models
11:00 - 11:15 | Model Development, Integrated Risk Management
Wilco den Dunnen, Model Development, ING
Economic Capital Models
11:15 - 11:30 | Model Validation
Alvaro Fernandez Toledo, Head of Climate Risk, Model Validation, ING
Global Overview of Credit Risk Models
12:00 – 13:00 | Lunch Break
Workshops - Quantitative Research Models for Finance
13:00 – 14:15 | Parallel Workshop 1 – Quantitative Research Models for Finance
A multi-agent LLM for scenario analysis
dr. Joerg Osterrieder, Associate Professor of Finance and Artificial Intelligence, University of Twente
dr. Max Baak, Chapter Lead Data Science, Wholesale Banking Advance Analytics, ING
Armin Sadighi, MSCA PhD candidate, University of Twente
Dyon Kok, Business Analyst, ING
13:00 – 14:15 | Parallel Workshop 2 – Quantitative Research Models for Finance
Explainable Reinforcement Learning in Finance
dr. Wouter van Heeswijk, Assistant Professor of Business Information Systems, University of Twente
The European AI Act prescribes that AI-driven operations should be transparent, therefore requiring that banks are able to explain AI-driven decisions. Deep Reinforcement Learning is a powerful decision-making paradigm that increasingly finds its way to practice, but the explainability of this class of machine learning is still in its infancy. This presentation gives a quick overview of the state of the art and reflects on the challenges and potential directions for Explainable Reinforcement Learning.
Stijn van der Pol, Business Analyst, ING
13:00 – 14:15 | Parallel Workshop 3 – Quantitative Research Models for Finance
Hands-on exercise to implement credit risk models
Life-cycle of models
Anil Raina, Product Lead for Model Implementation, ING
Jaap Beltman, Business Analyst, ING
Sebastian Goldman, Consulting, ING
14:15 – 14:30 | Coffee break
14:30 – 15:00 | Presentation of Results from the Workshops
dr. Frédérik Bernard, Researcher, University of Twente
Anouk Bleumer, COO Risk consultant, ING
15:00 - 15:15 | AI in Finance + Business
dr. Adriano Barasal Morales, Assistant Professor of Finance, University of Twente
This presentation introduces the field of Spatial Finance, exploring how financial institutions can leverage satellite data to enhance decision-making, particularly in assessing climate risks and supporting sustainable financing practices. Advances in the spatial industry are lowering the costs of capturing and processing geospatial data, while new scientific developments are driving innovative applications in finance.
15:15 - 15:30 | Model Implementation
Kristina Fures, Modelling COO Risk, ING
Overview of Model Implementation
15:30 – 15:45 | Closing and Outlook
Anouk Bleumer, COO Risk consultant, ING
dr. Joerg Osterrieder, Associate Professor of Finance and Artificial Intelligence, University of Twente
15:45 – 16:30 | Coffee & drinks
Imagine...
Imagine a day where professionals and students come together to explore the future of finance at the ING headquarters in Amsterdam. On February 28, 2024, the ING – UT Workshop on Data Analytics and Quantitative Models in Banking and Academia begins with a warm welcome from prof. dr. Jos van Hillegersberg, Professor of Business Information Systems, Scientific Director of JADS.nl, and dr. Joerg Osterrieder, Associate Professor of Finance and Artificial Intelligence at the University of Twente; Ms. Anouk Bleumer, COO Risk Consultant at ING; and the Data Analytics team at ING.
The morning sessions cover key topics in quantitative finance. Dr. Max Baak leads a discussion on Data Analytics and Generative AI. Following that, Ms. Voichita Etesse, Chapter Lead in Credit Risk Models Validation at ING, and Mr. Leon Dusée, Tribe Lead Credit Risk and COO Risk at ING, share insights on Model Validation and Integrated Risk Management.
After a short break, Dr. Joerg Osterrieder discusses AI in Finance and Business, offering perspectives on how artificial intelligence is transforming the industry. Then, Mr. Max Baak, Chapter Lead Data Science at Wholesale Banking Advanced Analytics, ING, and Mr. Fabian Jansen, Senior Data Scientist at the same department, explore Data Science applications in banking.
Following a lunch break, the afternoon is dedicated to interactive workshops. In Parallel Workshop 1, you can join Dr. Joerg Osterrieder, Dr. Max Baak, Mr. Jaap Beltman, and Mr. Dyon Kok, both Business Analysts at ING, to work on data analytics and quantitative research models for finance. Alternatively, in Parallel Workshop 2, collaborate with Dr. Xiaohong Huang, Dr. Frédérik Bernard and Mr. Max Haverkamp and from Cross Model Analytics at ING, and Mr. Sebastian Goldman from Consulting at ING.
After the workshops and a coffee break, Dr. Frédérik Bernard and Ms. Anouk Bleumer lead the Presentation of Results, where you'll have the opportunity to share what you've learned and developed during the sessions. The day concludes with closing remarks from Dr. Max Baak, Mr. Mischa van den Broeck and Dr. Joerg Osterrieder, reflecting on the day's insights and looking ahead to future collaborations.
Join us for coffee and drinks afterward to continue the conversations and network with peers and professionals. It's an opportunity to connect, learn, and contribute to the evolving landscape of finance, risk management, and artificial intelligence. We look forward to welcoming you to this enriching day at ING Amsterdam.
Date: February 28, 2025
Location: ING, Bijlmermeer, 1102 BP Amsterdam, Netherlands
MSCA DIGITAL
The Marie Sklowdoska-Curie Action (MSCA) Industrial Doctoral Network on Digital Finance
The MSCA Industrial Doctoral Network on Digital Finance (2024-2027), funded by Horizon Europe, brings together top universities, research centers, and companies to train PhD students in new financial technologies. Academic partners include the University of Twente, WU Vienna, Poznan University of Economics, Universitatea Babeș-Bolyai, Kaunas University of Technology, RPTU, University of Pavia, University of Naples Federico II, American University of Sharjah, and Bern University of Applied Sciences. Industry and research partners are Fraunhofer, Deutsche Bank, Deutsche Börse Group, Raiffeisen Bank, Swedbank, BIS, EIT Digital, Royalton Partners, Quoniam Asset Management, Cardo AI, and Athena Research. Together, they focus on practical projects to help students build skills and create new solutions for the finance sector.
Event
Joerg Osterrieder and Anouk Bleumer organized and led the workshop, creating the program and enabling discussions on how academic research can be applied to industry challenges.
Starting with an introduction by Jos van Hillegersberg, the event featured presentations from key experts, including:
- Max Baak on Data Analytics and Generative AI applications in banking.
- Wilco den Dunnen on Economic Capital Models and their role in risk management.
- Domenico Soluri on Model Validation and Climate Risk assessments.
- Adriano Barasal Morales, PhD on Spatial Finance and leveraging satellite data for financial decision-making.
In the afternoon, the participant chosen one of three workshops:
- Multi-agent LLM for scenario analysis, led by Joerg Osterrieder and Max Baak.
- Explainable Reinforcement Learning in Finance, addressing the challenges of AI transparency in compliance with the European AI Act, led by Wouter van Heeswijk.
- Hands-on Credit Risk Model Implementation, led by Anil Raina.
The results of these workshops were presented by Frederik Sinan BERNARD and Anouk Bleumer, highlighting practical applications of research in quantitative finance. This workshop marks a significant step toward bridging academia and industry, demonstrating the real-world impact of academic research in financial institutions. Future collaborations under the MSCA Digital Finance - European Industrial Doctoral Network on Digital Finance and COST Fintech and Artificial Intelligence in Finance will continue to strengthen research-driven innovation in banking and finance.
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