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Contract Model Risk Governance Jobs in Chicago, IL

US Bank

Quantitative Modeler Manager - AML

Chicago, IL · On-site

$56.50 - $73.25/hr

Bank Model Risk Governance standards, and collaborating with Model Risk Validation to address any concerns related to the models throughout the life of the program. * Ongoing model monitoring in ...

U.S. Bancorp

Head of AI Delivery

Chicago, IL · On-site

$218K/yr

Strong knowledge of Responsible AI, model risk, governance, privacy, security, and regulatory expectations in financial services * Ability to operate across complex, matrixed organizations and ...

ElectronX

Head of Risk

Chicago, IL · On-site

$225K - $300K/yr

Experience with enterprise risk governance, Board-level risk reporting, and risk committee leadership. * Expert quantitative skills in risk modeling, VaR, stress testing, scenario analysis, and back ...

ElectronX

Head of Risk

Chicago, IL · On-site

$150 - $250/hr

Experience with enterprise risk governance, Board-level risk reporting, and risk committee leadership. * Expert quantitative skills in risk modeling, VaR, stress testing, scenario analysis, and back ...

U.S. Bank

Head of AI Delivery

Chicago, IL · On-site

$218K/yr

Strong knowledge of Responsible AI, model risk, governance, privacy, security, and regulatory expectations in financial services * Ability to operate across complex, matrixed organizations and ...

Northern Trust

AI Risk & Controls Lead

Chicago, IL

$137K - $233K/yr

Define and enforce model governance standards (documentation, approvals, controls) * Ensure ... Provide risk dashboards and reporting to leadership 🔹 AI Risk & Audit Partnership * Act as ...

Northern Trust

AI Risk & Controls Lead

Chicago, IL · On-site

$137K - $233K/yr

Define and enforce model governance standards (documentation, approvals, controls) * Ensure ... Provide risk dashboards and reporting to leadership AI Risk & Audit Partnership * Act as primary ...

Northern Trust

AI Risk & Controls Lead

Chicago, IL · On-site

$137K - $233K/yr

Define and enforce model governance standards (documentation, approvals, controls) * Ensure ... Provide risk dashboards and reporting to leadership 🔹 AI Risk & Audit Partnership * Act as ...

US Bank

Quantitative Model Analyst - AML

Chicago, IL · On-site

... governance of AML Transaction Monitoring models. The individual will partner closely with model owners, Model Risk Management, internal and external auditors, and senior leadership to evaluate model ...

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All JobsContract Model Risk Governance JobsContract Model Risk Governance Jobs in Chicago, IL

Contract Model Risk Governance information

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$10

$47

$146

How much do contract model risk governance jobs pay per hour?

As of Aug 23, 2026, the average hourly pay for contract model risk governance in Chicago, IL is $47.09, according to ZipRecruiter salary data. Most workers in this role earn between $15.34 and $74.28 per hour, depending on experience, location, and employer.

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 are the key skills and qualifications needed to thrive in contract model risk governance?

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 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 Chicago, IL?

The most popular types of Model Risk Governance jobs in Chicago, IL are:

What are popular job titles related to Contract Model Risk Governance jobs in Chicago, IL?

For Contract Model Risk Governance jobs in Chicago, IL, the most frequently searched job titles are:

What job categories do people searching Contract Model Risk Governance jobs in Chicago, IL look for?

The top searched job categories for Contract Model Risk Governance jobs in Chicago, IL are:

What cities near Chicago, IL are hiring for Contract Model Risk Governance jobs?

Cities near Chicago, IL with the most Contract Model Risk Governance job openings:

Contract Model Risk Governance jobs near you

Officer, Model and AI System Risk Management

Wintrust

Rosemont, IL • On-site

Full-time

Medical, Dental, Vision, Life, Retirement

Re-posted 12 days ago

Wintrust rating

8.0

Company rating: 8.0 out of 10

Based on 20 frontline employees who took The Breakroom Quiz

71st of 171 rated banks

Job description

Wintrust provides community and commercial banking, specialty finance and wealth management services through its 16 bank charters and nine non-bank businesses. Wintrust delivers the sophisticated solutions of a large bank while staying true to the relationship-focused, personalized service of our community banking roots. We serve clients in all 50 states with more than 200 branch banking locations in Illinois, southwestern Florida, northwestern Indiana, west Michigan and southern Wisconsin and commercial banking offices in Chicago, Denver, Milwaukee, Grand Rapids, Mich., and in key branch banking locations throughout Illinois. Our people are the heart of our business and we are proud to rank consistently as a top place to work. Wintrust is a $66 billion financial institution based in Rosemont, Illinois, and listed on the NASDAQ Global Select Market under the symbol "WTFC."
Why join us?
  • An award-winning culture! We are rated a Top Workplace by the Chicago Tribune (past 12 years) and Employee Recommended award by the Globe & Mail (past 6 years).
  • Competitive pay and discretionary or incentive bonus eligible.
  • Comprehensive benefit package including medical, dental, vision, life, a 401k plan with a generous company match and tuition reimbursement to name a few.
  • Promote from within culture.

Why join this team?
  • We foster an inclusive environment for an individual to grow and work independently.
  • Opportunity to interact with management level, experienced professionals - higher visibility.
  • Wintrust has a great culture that comes from the top down.
  • Gain experience and further your career by joining a growing organization.

Position Overview
The Officer, Model and AI System Risk Management will conduct various activities related to enterprise model risk validation and model governance for AI Systems, Machine Learning models, as well as conventional models. This individual is accountable for independently validating the technical and functional soundness of bank-wide models including AI Systems, Machine Learning, CECL, Stress Testing, Anti-Money Laundering, Economic Sanctions, Customer Risk Ratings, Fair Lending, as well as valuation models.
What You'll Do
  • Perform independent and comprehensive validation of bank-wide AI systems/Machine Learning/statistical/econometric/ mathematical and qualitative (expert judgment) models in compliance with SR 26-02/OCC 2026-13, Model Risk Management (MRM) policy, AI policy, and internal procedures.
  • Develop a model validation testing plan commensurate with the model risk tier and perform quantitative and qualitative tests to assess models for conceptual soundness, implementation accuracy, data integrity, and performance accuracy, including back testing, sensitivity analysis, scenario analysis, benchmarking, and governance.
  • Provide effective and meaningful challenges during the following processes of model validation: Review of conceptual soundness; Review adequacy of modeling data; Materiality analysis of model assumptions and limitations; Review of model theoretical framework and design; Review of model performance.
  • Review of Model Documentation to ensure compliance with regulation/policy. Model documentation review should consist, amongst others, the following: Assessing the quality of model documentation; Reviewing documentation of developmental evidence; Review documentation of model governance; Review testing results in the model methodology document.
  • Design and execute a comprehensive and granular program for the following: Data Validation; Model theoretical framework and design; Assumptions and Limitations testing; Model Conceptual soundness; Back-testing; Model Effectiveness Testing, Sensitivity Analysis; Benchmarking for material portfolios; and developing benchmark Machine Learning models.
  • Maintain status updates and facilitate resolution/escalations of issues in a timely fashion.
  • Use MRM Model Validation tool to perform model validation activities.
  • The analyst in collaboration with the VP of Model Risk Management interfaces with key stakeholders throughout validation process to discuss justification and reasoning behind validation and review findings.
  • Manage activities related to model governance and assist VP model risk management in creating reports for the senior management, executive management, risk committees, and regulatory exams.
  • In collaboration with VP, Model Risk Management, determine whether response and remediation plan received from model owners and users in response to a finding adequately address findings. Follow up with model owners to ensure findings are remediated in a timely manner.

Qualifications
  • 2-5 Years of experience related to data science, AI systems, machine learning models, model development, and validation experience related to credit risk (Consumer and Commercial), Liquidity, Compliance (BSA/AML, Fair Lending), CECL.
  • Master's degree or PhD preferred.

Benefits
Medical Insurance • Dental • Vision • Life insurance • Accidental death and dismemberment • Short-term and long-term Disability Insurance • Parental Leave • Employee Assistance Program (EAP) • Traditional and Roth 401(k) with company match • Flexible Spending Account (FSA) • Employee Stock Purchase Plan at 5% discount • Critical Illness Insurance • Accident Insurance • Transportation and Commuting Benefits • Banking Benefits • Pet Insurance
Compensation
The estimated salary range for this role is $85,000-$110,000, along with eligibility to earn an annual bonus. Actual salaries may vary based on several factors, such as a candidate's qualifications, skills and experience.
#LI-ONSITE
From our first day in business, Wintrust has been proud to serve a variety of unique communities and people from all walks of life. To build a company that reflects the communities we serve, we believe that fostering a unique and inclusive workplace where everyone feels valued and empowered to succeed will support our ongoing success. Wintrust Financial Corporation, including community banking and financial services subsidiaries, is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, age, national origin, disability, veteran status, genetic information, and other legally protected categories.

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