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Contract Model Risk Governance Jobs in Illinois (NOW HIRING)

AI Engineer

Chicago, IL · On-site +1

$17.50K/mo

Awareness of financial-industry considerations: data privacy, model risk/governance, auditability, and secure development practices. * Excellent communication skills and the ability to influence and ...

New

Awareness of financial-industry considerations: data privacy, model risk/governance, auditability, and secure development practices. * Excellent communication skills and the ability to influence and ...

Awareness of financial-industry considerations: data privacy, model risk/governance, auditability, and secure development practices. * Excellent communication skills and the ability to influence and ...

Awareness of financial-industry considerations: data privacy, model risk/governance, auditability, and secure development practices. * Excellent communication skills and the ability to influence and ...

Governance & Risk Analyst

Chicago, IL · On-site

$85K - $96K/yr

Experience in performing process, Contract review and project security risk assessments ... Hybrid working model: We are committed to giving our employees a flexible and connected way of ...

Perform model and AI risk governance related activities in line with enterprise risk framework, to ensure PayPal's AI applications are compliant with ever evolving regulatory expectation such as ...

Perform model and AI risk governance related activities in line with enterprise risk framework, to ensure PayPal's AI applications are compliant with ever evolving regulatory expectation such as ...

Perform model and AI risk governance related activities in line with enterprise risk framework, to ensure PayPal's AI applications are compliant with ever evolving regulatory expectation such as ...

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Contract Model Risk Governance information

What are the key skills and qualifications needed to thrive in Contract Model Risk Governance, and why are they important?

To excel in Contract Model Risk Governance, you need a strong background in risk management, quantitative analysis, and familiarity with regulatory requirements, often supported by a degree in finance, mathematics, or a related field. Proficiency with risk management software, model validation tools, and knowledge of frameworks such as SR 11-7 is typically required. Attention to detail, critical thinking, and effective communication are crucial soft skills for evaluating model risk and collaborating with stakeholders. These skills ensure robust oversight of model risk, regulatory compliance, and support sound decision-making within financial institutions.

What are some common challenges faced by professionals in Contract Model Risk Governance roles, and how can they be addressed?

Professionals in Contract Model Risk Governance often encounter challenges such as keeping up with evolving regulatory requirements, ensuring thorough model documentation, and effectively communicating risk findings to both technical and non-technical stakeholders. Balancing the need for detailed model validation with tight project timelines can also be demanding. To address these challenges, it's important to foster strong cross-functional collaboration, stay updated on industry best practices, and develop clear communication strategies for reporting risk and compliance issues.

What is Contract Model Risk Governance?

Contract Model Risk Governance refers to the framework and processes used by organizations to identify, assess, monitor, and mitigate risks associated with the use of models in contracts or contractual obligations. This role ensures that the use of quantitative models in financial and business contracts complies with regulatory standards and internal policies, reducing the likelihood of errors, misinterpretations, or financial losses. Professionals in this field often oversee model validation, implementation, and documentation, and work closely with compliance, risk, and legal teams. Effective governance helps maintain model integrity and supports sound decision-making across the organization.

What is the difference between Contract Model Risk Governance vs Contract Model Validation?

AspectContract Model Risk GovernanceContract Model Validation
Primary FocusOverseeing and managing risks associated with contract models, ensuring compliance and risk mitigationAssessing and testing contract models to ensure accuracy and reliability
ResponsibilitiesEstablishing policies, monitoring risk exposure, and implementing controlsPerforming independent reviews, testing model assumptions, and validating outputs
Work EnvironmentRisk management teams, compliance departments, regulatory interactionsQuantitative teams, model validation units, audit functions

While Contract Model Risk Governance focuses on managing and overseeing risks related to contract models, Contract Model Validation involves the technical assessment and testing of those models to ensure their accuracy and reliability. Both roles are essential in a comprehensive risk management framework within financial institutions and industries relying on contract models.

What are the most commonly searched types of Model Risk Governance jobs in Illinois? The most popular types of Model Risk Governance jobs in Illinois are:
What job categories do people searching Contract Model Risk Governance jobs in Illinois look for? The top searched job categories for Contract Model Risk Governance jobs in Illinois are:
What cities in Illinois are hiring for Contract Model Risk Governance jobs? Cities in Illinois with the most Contract Model Risk Governance job openings:
AI Engineer

AI Engineer

Antares

Chicago, IL • On-site, Remote

$17.50K/mo

Full-time

This job post has expired today. Applications are no longer accepted.


Job description

AI Engineer

Antares Capital is seeking an AI Engineer to join our Data & Analytics Technology team. In this hands-on role, you will design, build, and operate production-grade AI capabilities that power decision-making across the firm—with a focus on Retrieval-Augmented Generation (RAG), vector database–backed retrieval, and the orchestration of multiple Large Language Models (LLMs). You will help shape our AI architecture to be agile, flexible, and built to last—emphasizing modularity, reliability, and secure-by-design practices appropriate for financial services. The ideal candidate brings 3+ years of experience delivering AI/ML solutions (including 2+ years with LLM-based systems), a strong engineering and architecture mindset, and a passion for responsible innovation in a regulated environment.

Responsibilities

  • Design and implement robust RAG pipelines integrating domain datasets, embeddings, and retrieval strategies to deliver accurate, auditable responses.
  • Lead the evaluation and integration of vector databases (e.g., FAISS, Pinecone, Milvus) and tune indexing/embedding strategies for performance and relevance.
  • Architect and orchestrate combinations of LLMs and tools (routing, ensemble prompts, function-calling, guardrails) to optimize quality, latency, and cost.
  • Drive an ontology-driven approach: model and map enterprise data to real-world business concepts (e.g., customers, counterparties, facilities, equipment) rather than siloed technical tables; steward canonical vocabularies, taxonomies, and knowledge graphs.
  • Partner with data and platform teams to establish and evolve a semantic layer that aligns data products with business entities, definitions, and policies; ensure traceability from ontology to physical data stores.
  • Contribute to and extend the AI reference architecture emphasizing modular services, clear interfaces, observability, and change-tolerant design.
  • Develop secure data access patterns (role-based permissions, PII minimization) and implement content filtering, redaction, and safety controls.
  • Build evaluation frameworks (automated tests, offline/online metrics, human-in-the-loop review) and maintain datasets for regression benchmarking.
  • Implement CI/CD and containerization for AI services; instrument telemetry, tracing, and feature flags for safe progressive delivery.
  • Collaborate with product, data, risk, and security teams to translate business needs into pragmatic AI solutions aligned to industry compliance and model risk management.
  • Troubleshoot production issues, conduct post-incident reviews, and drive reliability improvements (SLOs, error budgets, resilience testing).
  • Mentor engineers, review designs/code, and champion engineering excellence and documentation across the AI platform.

Qualifications

  • 5+ years of industry experience building and deploying AI/ML applications, including 2+ years with LLM-based systems (preferably in financial services).
  • Hands-on expertise with RAG: embedding generation, retrievers, prompt construction, context management, and hallucination mitigation.
  • Deep understanding of vector databases and embedding frameworks; ability to tune similarity search (cosine, dot-product) and index parameters.
  • Proven experience with ontology-driven data modeling (business entities, taxonomies, knowledge graphs, semantic modeling) and mapping from physical schemas to conceptual models. Any experience with 3rd party platform (eg: Palantir/Foundry) implementations is a plus.
  • Fluency in Python and production-grade services (microservices, REST/GraphQL, event-driven patterns); strong software engineering fundamentals.
  • Proficiency with big data and machine learning platforms such as Databricks (Spark, Delta Lake, Unity Catalog) and experience operating at scale.
  • Experience with large-scale cloud data/AI solutions, including Microsoft Fabric (OneLake, Lakehouse, semantic models, pipelines) or equivalent enterprise data/AI fabric, and common cloud services (Azure preferred).
  • Grounding LLMs with curated, versioned knowledge sources; experience with data pipelines and ETL/ELT concepts.
  • Strong grasp of evaluation, observability, and MLOps for LLMs (dataset management, A/B testing, drift/quality monitoring, prompt/version governance).
  • Practical experience with CI/CD, Docker/containers, and infrastructure-as-code (Terraform or equivalent).
  • Awareness of financial-industry considerations: data privacy, model risk/governance, auditability, and secure development practices.
  • Excellent communication skills and the ability to influence and collaborate across product, platform, data, and risk/security teams.

The Fine Print

  • Must have unrestricted authorization to work in the United States.
  • Must be willing to comply with pre-employment screening, including but not limited to drug testing, reference verification, and background check.
  • Role may be hybrid/onsite at an Antares office; occasional travel as necessary.

Base Salary Range $175,000 - $240,000