It's Who You Know: 5 Networking Resources for Your Internship Woes

source: http://www.quora.com/Deborah-Gould-1/Posts/Its-Who-You-Know-5-Networking-Resources-for-Your-Internship-Woes 

Want an internship? Who doesn't, right? But how do you find the right one?

For many of us college students, internships mean monotonous online applications and accepting silence as a form of rejection. Seriously, how hard is it to send out an automated reply if we don't get the position. Have it just say, "Sorry. We went with another applicant. Good luck to you." That's all we're asking for.

http://www.westhillconsulting-career.com/blog/

Former Director of Student News at Uloop, Karl Hughes, once told us writers that online applications were a less than ideal way of finding internship opportunities. I'm paraphrasing of course, because I don't remember the exact words, but the sentiment was that online applications for random internships usually don't work out for the average person. Instead, he suggested finding positions in places where you knew someone, or at least concentrating on starting a dialogue (either through email, phone, etc.) before applying.

Tufts Career Center says "many students find useful advice about the internship search by speaking with Tufts alumni, faculty, friends, family and others who work in their fields of interest." These are resources not a lot of us take advantage of, but are resources we should further explore.

Having said that, I still apply to random online positions that I find interesting on the off-chance that the employer likes what I have to say enough to get me on the phone or something. I think Hughes would agree that the point of his advice is not "Stop applying to random internships that sound interesting," but it is rather to emphasize a different approach to the process.

Bringing on a familiar face, after all, is easier than hiring whoever it is you gauge from a resume and perhaps a cover letter.

Tufts knows this as a practice common across each step in life, not just internship and job searching:

"We conduct research every day. When you're applying to college, you don't rely on online resources; you talk to teachers, guidance counselors, family members, and students at your target schools. Later, when you're moving off campus, you ask for advice about realtors and apartments. When your family comes to visit, perhaps you get tips about good restaurants in Boston. Each of these scenarios involves collecting useful information. When applied to career search, networking is a process of asking people for information about occupations, employers, and industries. With each person you speak, you learn more about the world of work and where you best fit. People are your primary sources."

There you have it ...

When I think of outlets for networking available to college students I think of the five that I've written about below. Go ahead and keep using LinkedIn, Intern Sushi and even Facebook to find internships because they are still viable options; however, real people are the key to the secrets of the real world. As our title above already stated, it's all about who you know.

1.Alumni

Now that I am a part of the Tufts Alumni Admissions Program, I get how much wisdom we acquire over our four years in college. An alum from your own school, especially, has insight into his/her past (your present) and the future. Chances are, you can find a willing alum out there who can help you along in your internship search. Most schools offer some sort of resource to help connect current students and former students. Some schools organize meet-ups and luncheons to meet alums. Go with a friend if you're nervous ... you'd be surprised how friendly and willing alums are to give their advice and contact information.

It helps when these alums are in your field of interest, of course. As a biopsychology major, for example, I know there are not a whole lot of schools who offer that degree. Sure, you could double major in biology and psychology, but it is different. Talking with some recently graduated seniors who also had that major gave me a pretty specific and informative perspective on my options. Devin Merullo, someone I interviewed for a previous article (go check it out), gave me some good advice on graduate programs and said he'd put in a good word at a Tufts lab I was trying to intern at last year. I didn't get the gig, but it was cool to have that reference.

One could even put classmates into this category since what we do on a daily basis in classes is working together. With Facebook nowadays, we take for granted how connected we all are, but later in life, we may find our former classmates able to help in the same ways an alum might.

2.Professors

Obviously, part of this process is up to your ability to judge people's personalities. Do not confide in alumni whom you knew as an undergrad if you remember that person as a mean human being. Same goes here: don't force a relationship with a professor you do not like. Take the good with the bad. Of course I would never recommend you to pass up an opportunity, but there are few things worse than pretending to be nice to someone you abhor.

With that said ...

You can always hold on to that professor's name and contact information and, down the road, could always whip it out if need be.

If you like a professor, do your best to participate in class and perhaps ask them to be your academic adviser if you haven't selected one yet. My adviser has given me a lot of good advice and an experienced ear to throw ideas off of. When I mentioned I was looking to get more hands-on experience in my sophomore spring, she suggested I help with some research being done in her lab. That semester I worked with one of her graduate students who has now gone on to do pretty well in the field of spatial psychology.

3.FamilyMembers

Maybe you want to be a lawyer and Mom has a friend from high school who just happens to have a private law firm. Maybe Mom can ask her friend if you could intern there one summer. No? At the least, Mom can give her friend your name and vice versa. Maybe Mom's friend has a buddy who actually needs some help around his office ...

These things happen more often than you might think.

Luckier still would be if Mom herself was a lawyer and could open up a few doors for you.

4. University Career Services

Use these places while you can. As a senior, I'm just now realizing the qualities of Tufts' Career Center.

They have free drop-in times every day of the week where you can do pretty much anything during those allotted times with one of the career center employees: a resume check, internship search or just a talk about your future.

They might even give you names of people who have contacted them about opportunities. For networking services specifically, Tufts has multiple programming events for students: Tufts Career Advisory Network, Tufts Career & Internship Fairs, Career & Internship Connection, Campus Events, Social Media Outlets, etc.

Obviously, you have to seek this information out, but part of working on your networking is just that... work. For the professionals hired at your university's career center it is their job to help you along your way after graduation. There is an enlightened self-interest involved here since they do so and care about you mainly so they can bolster their post-graduation employment numbers, but hey, what do you care? If they're going to give you top notch assistance, you should be happy.

5. Past companies

Through Uloop I have made so many connections with fellow writers across the nation. I was able to pursue a three-month internship with Bleacher Report because of Uloop. Not in the "I put it on my resume" way, but because Hughes directly put me in touch with the internship program director over at Bleacher Report. This one may require you to remember your manners at your current job. After all, no one wants to help out that guy who never did his work, never contributed, etc. Be a team player and who knows what doors your peers or employers might fling open for you.

Westhill Consulting and Employment Resume writing tips

source: http://www.smashwords.com/books/view/337558

   

There are hundreds of people that send out their resume every hour, so how can you make yours stand out from the manager’s pile? Use the standard font, who would take a funny font seriously, or who would font that could hurt your eyes. Fonts such as Times New Roman and Georgia are your best bets for making it readable, as well as a 10- to 12-point size. Don’t try to impress them with overwhelming fonts, HR reps just wants a resume they can read and that captures the skill sets they are looking for. Arial and Tahoma are also accepted. Using other font can make your resume looking sloppy, disorganized, crowded and informal. If applying as a creative position such a graphic design, your resume is expected to be creative.

Keep important points at the top, most hiring manager are scanning your resume quickly and may concentrate mainly on the top half. Emphasize your most significant skills and experience first and then work your way down to other relevant information. The following resume subheadings could be included: Contact Info, Summary of Core Qualifications, Relevant Work Experience, Relevant Volunteer and Other Experience, Education and Honors & Awards.

Remember that resume also speaks about your personality as well as it showcase your experience and skills so do not be stiff and show them what you got. Speak with confidence and ease when describing your accomplishments. A boring document is uninteresting, try to come across as friendly and open, professional but personable, and super-knowledgeable in your field to add depth.

Clean up your resume regularly, if you can make it a page, better. Make sure that there are no grammatical and typo errors. A single error could make your resume sit in the trash. Review your resume regularly to make sure to make changes on the updates needed. Outdated resume can take away your chances of getting hired. Sending in a clean resume that gets straight to the point will be your best bet at landing the interview because like said earlier, they only scan a quick look and a clean resume is a big plus.

Westhill Consulting and Employment Resume writing tips

Westhill Consulting Employment and Career : Dos and Don’ts during Interview

DOS http://www.westhillconsulting-career.com/blog/

• Dress smartly, look bright and attentive, and speak clearly and confidently. Don’t forget that in the first few minutes only 7% of the interviewer’s opinion of you is formed by what you say – the rest is judged on how you look, act and sound
•  find out where the venue is beforehand, how to get there and how long it takes
• get your outfit ready the night before
• find out what kind of interview it will be so you can prepare
• examine the person specification and your CV/application form, and think about what type of questions they will ask you 
• Prepare answers for the main questions – for example, why do you want the job, what are your strengths and weaknesses, what are the main tasks in this job?  
• make about three or four points in each answer 
• quote real examples of when you’ve used certain skills – just saying you’ve got a skill isn’t enough 
• take your time when answering the questions: make sure you understand the question and take your time if you need to think § Sell yourself: no one else is going to! Be positive about yourself and your experiences 
• Prepare some questions to ask at the end of the interview – use it as an opportunity to find out more about the role and the company. (Don’t ask about money or perks just yet!) 
• when discussing salary, know your market worth and start by quoting a little higher than this 
• get feedback on your performance, whether you were successful or not 
• turn off your mobile phone: treat the interviewers with respect and give them your undivided attention 
• keep your answers focused on what you can do for the employer, not what they can do for you

DON’TS http://www.westhillconsulting-career.com/

• don’t be late § don’t swear or use slang words § don’t slouch in your seat or do anything that makes you look uninterested § don’t smoke 
• Don’t lie: the interviewer may see through you. Even if you get the job, your employer can dismiss you if they find out that you have not been honest 
• Don’t let your nerves show too much; a few nerves are normal but extreme nerves will affect your performance. Use breathing techniques and try to remember that it’s not a life and death situation – there are plenty of jobs out there! 
• Don’t be arrogant and assume you’ve got the job. Nothing turns off employers more than someone who is disrespectful and over-confident 
• don’t discuss controversial topics such as religion, politics and gender relations § don’t read from notes or your CV — you should be familiar enough with your own history to be able to talk about it unprompted 
• Don’t criticize former employers or colleagues. Interviewers may mark you down as a troublemaker and a gossip 
• Don’t argue with the interviewer, no matter what. Remember to keep things positive!

Source: http://www.westhillconsulting-career.com/blog/2013/07/19/dos-and-donts-during-interview/

About Westhill Consulting And Employment

What is Westhill Consulting & Employment?

Westhill Consulting & Employment is world's largest free online jobs website. The website is funded by UK government until it expanded and now almost every country is being served by Westhill Consulting & Employment. Westhill Consulting & Employment is a free service to assist job seekers into employment and connect employers with quality staff.

Job Services providers of various countries and public employers upload their job vacancies to Westhill Consulting & Employment and search for potentially suitable staff.

Job seekers can search for jobs via the map on the homepage by choosing their, country, state, local area and occupation category. The advanced search function includes more detail in searching criteria.

Everyone is welcome to use Westhill Consulting & Employment to search for vacancies. It's free to register and take advantage of the complete range of services.

Vacancies displayed on Westhill Consulting & Employment come from many different sources.

Our vision

To teach the world of money literacy by making the people realize the importance of work.

Our mission

Westhill Consulting & Employment's is to empower employment. We are determined to systematize the entire world's human capital data and make it meaningful for the society.

Our strategic goal

An exceptional careers organization efficiently connecting education and training with employment.

http://westhillconsulting-career.com/blog

Intelligence chief defends Internet spying program

President Barack Obama gestures during a statment about the Affordable Care Act, Friday, June 7, 2013, in San Jose, Calif. Speaking about the NSA collecting of phone records, the president said`Nobody is listening to your telephone calls,' just numbers and duration.

WASHINGTON (AP) — Eager to quell a domestic furor over U.S. spying, the nation’s top intelligence official stressed Saturday that a previously undisclosed program for tapping into Internet usage is authorized by Congress, falls under strict supervision of a secret court and cannot intentionally target a U.S. citizen. He decried the revelation of that and another intelligence-gathering program as reckless.

For the second time in three days, Director of National Intelligence James Clapper took the rare step of declassifying some details of an intelligence program to respond to media reports about counterterrorism techniques employed by the government.

‘‘Disclosing information about the specific methods the government uses to collect communications can obviously give our enemies a ‘playbook’ of how to avoid detection,’’ he said in a statement.

Clapper said the data collection under the program, first unveiled by the newspapers The Washington Post and The Guardian, was with the approval of the secret Foreign Intelligence Surveillance Act Court and with the knowledge of Internet service providers. He emphasized that the government does not act unilaterally to obtain that data from the servers of those providers.

The National Security Agency filed a criminal report with the Justice Department earlier this week in relation to the leaks, Shawn Turner, a spokesman for the Office of the Director of National Intelligence, said in an email Saturday to The Associated Press.

President Barack Obama defended the counterterrorism methods on Friday and said Americans need to ‘‘make some choices’’ in balancing privacy and security. But the president’s response and Clapper’s unusual public stance underscore the nerve touched by the disclosures and the sensitivity of the Obama administration to any suggestion that it is trampling on the civil liberties of Americans.

Late Thursday, Clapper declassified some details of a phone records collection program employed by the NSA that aims to obtain from phone companies on an ‘‘ongoing, daily basis’’ the records of its customers’ calls. Clapper said that under that court-supervised program, only a small fraction of the records collected ever get examined because most are unrelated to any inquiries into terrorism activities.

His statement and declassification Saturday addressed the Internet scouring program, code-named PRISM, that allowed the NSA and FBI to tap directly into the servers of major U.S. Internet companies such as Google, Apple, Microsoft, Facebook and AOL. Like the phone-records program, PRISM was approved by a judge in a secret court order. Unlike that program, however, PRISM allowed the government to seize actual conversations: emails, video chats, instant messages and more.

Clapper said the program, authorized in the USA Patriot Act, has been in place since 2008, the last year of the George W. Bush administration, and ‘‘has proven vital to keeping the nation and our allies safe.

‘‘It continues to be one of our most important tools for the protection of the nation’s security,’’ he said.

Among the previously classified information about the Internet data collection that Clapper revealed:

—It is an internal government computer system that allows the government to collect foreign intelligence information from electronic communication service providers under court supervision.

—The government does not unilaterally obtain information from the servers of U.S. electronic communication service providers. It requires approval from a FISA Court judge and is conducted with the knowledge of the provider and service providers supply information when they are legally required to do so.

—The program seeks foreign intelligence information concerning foreign targets located outside the United States.

—The government cannot target anyone under the program unless there is an ‘‘appropriate, and documented, foreign intelligence purpose’’ for the acquisition. Those purposes include prevention of terrorism, hostile cyber activities or nuclear proliferation. The foreign target must be reasonably believed to be outside the United States. It cannot intentionally target any U.S. citizen or any person known to be in the U.S.

—The dissemination of information ‘‘incidentally intercepted’’ about a U.S. person is prohibited unless it is ‘‘necessary to understand foreign intelligence or assess its importance, is evidence of a crime, or indicates a threat of death or serious bodily harm.

The Post and the Guardian cited confidential slides and other documents about PRISM for their reports. They named Google, Facebook, Microsoft Corp., Apple Inc., Yahoo Inc., AOL Inc. and Paltalk as companies whose data has been obtained.

Economic Losses from Natural Disasters are Out of Control

New York – The United Nations issued a stark warning on May 15 to the world’s business community that economic losses linked to disasters are “out of control” and will continue to escalate unless disaster risk management becomes a core part of business investment strategies.

UN Secretary-General Ban Ki-moon said, “We have carried out a thorough review of disaster losses at national level and it is clear that direct losses from floods, earthquakes and droughts have been under-estimated by at least 50%. So far this century, direct losses from disasters are in the range of $2.5 trillion.”

The UN Secretary-General was speaking at the launch of a ground-breaking new report from the UN Office for Disaster Risk Reduction (UNISDR), which is built on important new data sets including reviews of national disaster loss data bases in 40 countries, survey responses from 1,300 SMEs in disaster-prone locations in the Americas, and a review of risk management in 14 major corporations including ABB, ARUP, BG Group, Citigroup, General Electric, HCC Group, HIRCO Group, Hitachi Group, InterContinental Hotels Group, Nestlé, NTT East Corporation, Roche, Shapoorhi Pallonji & Co. Ltd., and Walmart.

The “UNISDR 2013 Global Assessment Report on Disaster Risk Reduction (GAR13): Creating Shared Value – the Business Case for Disaster Risk Reduction” highlights how the transformation of the global economy over the last 40 years has led to rapid increases in disaster risk in low, medium and high income countries.

A new global risk model developed by UNISDR and partners, demonstrates that annual average losses from just earthquakes and cyclonic winds can be expected to be in the range of $ 180 billion this century. The report makes a strong case that globalization, the search for lower costs, higher productivity, and just-in-time delivery are driving business into hazard-prone locations with little or no consideration of the consequences on global supply chains.

UNISDR Chief Margareta Wahlström, speaking also at the launch, said, “In a world of on-going population growth, rapid urbanization, climate change and an approach to investment that continually discounts disaster risk, this increased potential for future losses is of major concern.”

“In the wake of the global financial crisis, disaster risk stands as a new multi-trillion dollar class of toxic assets of unrealized liabilities. The catastrophic economic losses from the Japan earthquake/tsunami, floods in Thailand and the destructive Superstorm Sandy show clearly the extent of what is at stake.”

GAR2013 analyses three key global investment sectors – urban development, agribusiness, and coastal tourism – and reveals that prevailing business models in each sector continue to drive disaster risk.

The UNISDR teamed with PwC to conduct some of the research and analysis for the report.

Oz Ozturk, PwC partner and the firm’s global leader for the UNISDR initiative, said, “Working with some of the world’s leading businesses, we have been able to identify critical elements for good practice in reducing risks posed by natural disasters. It is clear from our discussions that senior executives are increasingly aware of the vulnerability of their businesses to disasters and are beginning to prioritize the strengthening of their risk management. For the private sector, the business case for stronger disaster risk management is clear: it reduces uncertainty and builds confidence, cuts costs and creates value.”

The report also identifies encouraging signs of change. Public-private partnerships in risk management have proven their worth during several disasters, including the 2010 and 2011 earthquakes in Christchurch, New Zealand.

GAR2013 surveys 1,300 small and medium-sized businesses in six disaster-prone cities in the Americas and finds that three-quarters have suffered business disruptions related to damaged or destroyed power, telecommunications and water utilities demonstrating the inter-dependence between the private and public sectors when it comes to disaster risk management. Yet only a minority of the companies surveyed – 14.2 percent in the case of companies with fewer than 100 employees – had even a basic approach to crisis management in the form of business continuity planning.

Ms. Wahlström said, “The beginnings of changing attitudes in the private sector now need to transform into a more systematic approach to disaster risk management in partnership with the public sector to make the world a safer place.”

“As we approach 2015, international efforts are intensifying to formulate a new framework for disaster risk reduction to replace the current Hyogo Agreement. Ensuring that the business case for disaster risk reduction is explicitly included in that framework will provide a critical incentive for the constructive engagement by business on which future resilience, competitiveness and sustainability depend.”

“Economic losses from disasters are out of control and can only be reduced in partnership with the private sector, which is responsible for 70% to 85% of all investment worldwide in new buildings, industry and small to medium sized enterprises. The principles of disaster risk reduction must be taught at business schools and become part of the investor’s mind-set.”

Risk of Bank Failures Is Rising in Europe, E.C.B. Warns

FRANKFURT — The European Central Bank warned on Wednesday that the euro zone’s slumping economy and a surge in problem loans were raising the risk of a renewed banking crisis, even as overall stress in the region’s financial markets had receded.

In a sober assessment of the state of the zone’s financial system, the E.C.B. said that a prolonged recession had made it harder for many borrowers to repay their loans, burdening banks that had still not finished repairing the damage caused by the 2008 financial crisis.

 Last year “was not a good year for banks at all,” Vítor Constâncio, the vice president of the E.C.B., said Wednesday.

 While the E.C.B., as customary, did not mention specific banks, it said the most vulnerable were those in countries with high unemployment or falling house prices. That list would include Italy, Spain, Greece and Portugal among others. But ailing banks are also a problem in stronger countries like Germany, where Commerzbank and publicly owned landesbanks, or state banks, are struggling with bad loans to the shipping industry and other problems.

 Germany has drawn criticism for lecturing other countries on excessive government debt, while trying to protect its own banks from greater scrutiny. “They are very virtuous when they look at national accounts but less when they are looking at their own banks,” said Stefano Micossi, an economist who is director general of Assonime, an Italian business group.

 The E.C.B. takes the pulse of the European financial system every six months, but the latest report, running 128 pages, has particular importance as the central bank prepares to become the supreme regulator of euro area lenders. The report also raised concerns about whether banks were systematically underestimating risk, and served as a reminder of the monumental task that lies ahead for the E.C.B. when it assumes its new powers next year.

 A similarly dim snapshot of the state of the euro zone economy was issued Wednesday by the Organization for Economic Cooperation and Development in Paris. It warned of the dangers posed by weakly capitalized banks, a problem it said underlined the need for E.U. leaders to push through with a so-called banking union that would include centralized supervision of lenders.

 The limited ability of European banks to absorb losses and the lack of a full banking union are potential threats to achieving a lasting stability, the O.E.C.D. said. Reduced tensions on financial markets seem to have dampened the desire to push for progress in creating joint banking mechanisms, it added.

 “It is important to strengthen the capital of financial institutions so that they can withstand sovereign debt write-downs if rules prove insufficient to prevent sovereign crises,” the O.E.C.D. report said.

 The O.E.C.D., based in Paris, predicted that gross domestic product in its 34 member countries, all of which have developed economies, would grow 1.2 percent this year, slightly below the 1.4 percent it forecast six months ago.

 Unemployment, especially in Europe, remains a persistent problem contributing to the uneven pace of growth globally, the O.E.C.D. said. It warned European countries that failing to address the issue would undermine the progress made from the fiscal and structural adjustments that many countries have pushed through in recent years.

 The E.C.B., as part of changes designed to avert future financial crises, will begin supervising the euro area banks sometime next year, depending on when changes in E.U. law are approved by the European Parliament. The E.C.B. has already begun preparing to assume the new powers.

 The report issued Wednesday raised the question of whether the E.C.B. would be more willing than national regulators to require banks to confront problems like problem loans or other damaged assets. Many analysts say the euro area still has numerous so-called zombie banks, which are close to bankruptcy but have kept their losses hidden.

 Mr. Micossi of Assonime said he expected the E.C.B. to be an aggressive regulator. But the central bank will need time to hire the necessary staff and will face resistance from national regulators reluctant to give up power.

 “We can expect the E.C.B. in due course to fully play its role,” Mr. Micossi said by telephone from Rome. “My impression is this will not happen very fast, however.”

 “National oversight structures are very resistant, and they will renounce as little power as they can,” he said.

 Over all, the E.C.B. was somewhat more upbeat about the euro area’s financial system than it was in its last review, in December. There is less concern that governments will default on their debt, the E.C.B. said, and banks in countries like Spain and Greece are having an easier time attracting deposits and raising funds.

 “Euro area systemic stress is at its lowest point in two years,” the E.C.B. said in the report.

 But the E.C.B. suggested that one reason for the lower stress was that, with official interest rates at record lows, investors were hunting for better returns and becoming more willing to buy bonds of countries like Italy, Spain and Portugal. Those countries’ borrowing rates could soar again if anything happens to unsettle investors, including political turmoil.

 The central bank and O.E.C.D. reports could also sharpen the debate about what, if anything, policy makers could do to stimulate lending in the most troubled countries.

 Eckhard Wurzel, an economist with the O.E.C.D., predicted that if the 17 euro zone countries maintained their pace at overhauling the weaker economies, and continued to strengthen policies at the E.U. level, including implementing a banking union, a real turnaround could be seen as early as 2015.

 ‘‘We are on the edge of stabilizing the sovereign debt,’’ Mr. Wurzel said. ‘‘But there needs to be more at the E.U. level.’’ Without changes within the wider euro zone, he said, long-term prospects for growth would be unattainable.

 Meanwhile, lending to individuals and businesses in the euro zone continued to decline, according to figures reported separately Wednesday by the central bank.

 The E.C.B. repeated that it was looking at ways to restart the market for asset-backed securities, bundles of loans that are sold to investors. By selling loans they have issued, banks raise money to issue more loans.

 But the E.C.B. repeated calls for governments and bankers to do more. E.C.B. action “cannot — and indeed should not — replace measures in both the public and private sectors to address underlying vulnerabilities in balance sheets of both banks and sovereigns,” the central bank said.

 There has been speculation that the E.C.B. might soon begin charging banks interest to park money at the central bank, in order to induce them to lend the excess cash instead. Mr. Constâncio said Wednesday that the E.C.B. had been intensively analyzing the consequences of a so-called negative deposit rate but had not made a decision.

 There is very little precedent for such a policy, and the effects are difficult to predict. Mr. Constâncio said a negative rate in Denmark caused banks to raise the interest rates they charged customers, to cover the cost of interest paid to the central bank. Such a result would be the opposite of what the E.C.B. is trying to achieve.

 “It’s a very difficult issue to assess,” Mr. Constâncio said.

 One problem for European banks, the E.C.B. said, is that outsiders still have doubts on whether they have been straightforward about how much risk they have on their books.

 “A growing chorus of analysts, investors and regulators have expressed concern about the murkiness of banks’ internal models” for measuring risk, the E.C.B. report said.

 The bank referred to studies showing a huge variance in the way banks estimate potential losses from loans, derivatives or other business activities. The studies suggest that the banks’ methods ‘'might not in all cases be an accurate gauge of the true riskiness of the portfolios of financial institutions.”

 Mr. Constâncio said that when the E.C.B. took over bank supervision, the discrepancies were something it “will have to look into.”

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