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Contract Model Risk Governance Jobs in Chicago, IL

CNA

AI Governance Consulting Director

Chicago, IL · On-site

Consults on methodologies for AI risk monitoring, control effectiveness measurement, model ... Expert knowledge of AI governance, Responsible AI principles, AI risk management, and governance ...

Cna

AI Governance Consulting Director

Chicago, IL · On-site

Consults on methodologies for AI risk monitoring, control effectiveness measurement, model ... Expert knowledge of AI governance, Responsible AI principles, AI risk management, and governance ...

New

CNA

AI Governance Consulting Director

Chicago, IL · On-site

$97 - $189/hr

Consults on methodologies for AI risk monitoring, control effectiveness measurement, model ... Expert knowledge of AI governance, Responsible AI principles, AI risk management, and governance ...

New

DRiV

Insurance Risk Manager

Skokie, IL · On-site

... risk governance. This role will collaborate closely with Treasury, Legal, Finance, Tax, Human ... Review contracts and insurance requirements to ensure appropriate risk transfer provisions.

DRiV

Insurance Risk Manager

Skokie, IL · Hybrid

... risk governance. This role will collaborate closely with Treasury, Legal, Finance, Tax, Human ... Review contracts and insurance requirements to ensure appropriate risk transfer provisions.

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

Contract Model Risk Governance information

See Chicago, IL salary details

$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

AI Governance Consulting Director

CNA

Chicago, IL • On-site

Full-time

Posted 4 days ago

Job description

You have a clear vision of where your career can go. And we have the leadership to help you get there. At CNA, we strive to create a culture in which people know they matter and are part of something important, ensuring the abilities of all employees are used to their fullest potential.
Senior-level individual contributor responsible for advancing CNA's enterprise AI governance program through strategic advisory, governance framework design, risk management, and cross-functional leadership. This role serves as a recognized subject matter expert in Responsible AI, providing thought leadership and technical guidance to ensure AI solutions are developed, deployed, and managed in alignment with enterprise risk tolerance, regulatory expectations, and ethical AI principles. The Consulting Director, AI Governance partners closely with Technology, Security, Legal, Compliance, Data, Risk, and business leaders to establish scalable governance processes, standards, and controls that enable responsible AI innovation across the enterprise. This position operates with a high degree of autonomy and influences outcomes across complex, matrixed environments without direct people management responsibility.
JOB DESCRIPTION:
Essential Duties & Responsibilities
Performs a combination of duties in accordance with departmental guidelines:
  • Serves as the enterprise subject matter expert on AI governance, Responsible AI, AI risk management, and emerging regulatory requirements.
  • Leads the development and maintenance of AI governance policies, standards, guidance documents, and governance review methodologies; ensuring these are aligned with Technology/Security Risk and Enterprise Risk Management frameworks.
  • Improves AI governance processes by introducing repeatable patterns, right-sized review approaches, and technology-enabled automation to streamline reviews, documentation, workflow management, monitoring, and reporting.
  • Collaborates with Technology Risk and Security to embed and update AI-related risks and controls within IT and security governance, risk, and compliance frameworks.
  • Implements updates to AI governance processes to support compliance with evolving regulatory requirements, respond to regulator requests, and enable audit readiness.
  • Advises on complex AI risk scenarios involving Generative AI, machine learning, large language models, agentic systems, data handling practices, model evaluation, accuracy monitoring, explainability, bias mitigation, and ongoing oversight.
  • Provides strategic guidance on integrating AI governance requirements into business planning, technology planning, solution delivery, and operational processes.
  • Advises stakeholders on appropriate governance controls throughout the AI lifecycle, including design, development, deployment, monitoring, and decommissioning activities.
  • Consults on methodologies for AI risk monitoring, control effectiveness measurement, model evaluation, and governance reporting.
  • Develops and delivers executive-level presentations, recommendations, training, and governance communications.
  • Establishes and supports ongoing review of meaningful metrics and reporting mechanisms to assess AI governance program effectiveness and identify opportunities for continuous improvement.
  • Monitors industry and technology developments and recommends enhancements to CNA's AI governance program to address evolving risks and opportunities.
  • Collaborate with Corporate Compliance in their monitoring of AI related regulatory requirements and develops actions plans to maintain compliant with existing or new regulatory requirements
  • May provide oversight and direction to contractors, vendors, consultants, and cross-functional teams supporting governance initiatives.
  • May perform additional duties as assigned.

Reporting Relationship
Typically reports to AVP or above.
Skills, Knowledge & Abilities
  • Expert knowledge of AI governance, Responsible AI principles, AI risk management, and governance frameworks.
  • In-depth understanding of Generative AI, machine learning, large language models, model risk management, data governance, information security, privacy, and regulatory compliance considerations.
  • Proven ability to design, implement, and operationalize governance frameworks, standards, policies, methodologies, and controls within complex organizations.
  • Demonstrated experience developing governance frameworks, risk methodologies, standards, policies, or controls within large organizations.
  • Demonstrated expertise assessing emerging AI risks and translating technical, regulatory, and ethical considerations into practical business recommendations.
  • Proven ability to influence senior leaders, drive alignment, and achieve outcomes across highly matrixed organizations without direct authority.
  • Excellent communication, facilitation, presentation, and stakeholder management skills with experience communicating effectively at executive levels.
  • Strong analytical, conceptual, and problem-solving capabilities.
  • Experience leveraging workflow automation, analytics, dashboards, and reporting solutions to improve governance operations and decision-making.
  • Ability to balance innovation enablement with prudent risk management and regulatory compliance objectives.
  • Strong program management and organizational skills with the ability to manage multiple priorities simultaneously.

Education & Experience
  • Bachelor's degree in Computer Science, Information Systems, Data Science, Risk Management, Business, Law, Compliance, or related discipline required; Master's degree preferred.
  • Typically a minimum of 10 years of experience in AI governance, technology risk, information security, model risk management, data governance, privacy, compliance, or related disciplines.

#LI-Hybrid
#LI-DM1
In certain jurisdictions, CNA is legally required to include a reasonable estimate of the compensation for this role. In District of Columbia, California, Colorado, Connecticut, Illinois, Maryland, Massachusetts, New York and Washington, the national base pay range for this job level is $97,000 to $189,000 annually. Salary determinations are based on various factors, including but not limited to, relevant work experience, skills, certifications and location. CNA offers a comprehensive and competitive benefits package to help our employees - and their family members - achieve their physical, financial, emotional and social wellbeing goals. For a detailed look at CNA's benefits, please visit cnabenefits.com.
CNA utilizes AI-enabled technology during the recruiting process. For more information, please visit our careers page.
CNA is committed to providing reasonable accommodations to qualified individuals with disabilities in the recruitment process. To request an accommodation, please contact leaveadministration@cna.com

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