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Contract Model Risk Governance Jobs in Itasca, IL

Associatedbank

Model Risk Manager

Chicago, IL

Drive effective model risk governance through oversight, monitoring, reporting, and risk assessments. * Partner with business lines to ensure consistent application of model risk standards and ...

Alliant Credit Union

Lead Model Validation

Chicago, IL · Hybrid

$95K - $163K/yr

Support model risk governance activities, new model onboarding, including inventory maintenance, periodic inventory recertification, and inventory reporting to applicable committees per MRM Standard.

Alliant

Lead Model Validation

Chicago, IL · On-site

$95K - $163K/yr

Support model risk governance activities, new model onboarding, including inventory maintenance, periodic inventory recertification, and inventory reporting to applicable committees per MRM Standard.

Wintrust

Risk Management Officer

Rosemont, IL · Hybrid

Review documentation of model governance; Review testing results in the model methodology document ... Manage and update model risk policies, standards, and procedures continually to ensure compliance ...

Wintrust

Risk Management Officer

Rosemont, IL · On-site

Review documentation of model governance; Review testing results in the model methodology document ... Manage and update model risk policies, standards, and procedures continually to ensure compliance ...

US Bank

Quantitative Modeler Manager - AML

Chicago, IL

$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 ...

Brookfield

Risk Analyst

Chicago, IL · On-site

Support governance activities, including preparation of materials and documentation for risk ... Exposure to SOX, Model Risk Management (SR 11-7), AI Risk Management (NIST AI RMF), or IT GRC ...

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 ...

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Contract Model Risk Governance information

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

As of Jul 30, 2026, the average hourly pay for contract model risk governance in Itasca, IL is $44.51, according to ZipRecruiter salary data. Most workers in this role earn between $14.52 and $70.19 per hour, depending on experience, location, and employer.

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 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 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 job categories do people searching Contract Model Risk Governance jobs in Itasca, IL look for? The top searched job categories for Contract Model Risk Governance jobs in Itasca, IL are:
What cities near Itasca, IL are hiring for Contract Model Risk Governance jobs? Cities near Itasca, IL with the most Contract Model Risk Governance job openings:
Contract Model Risk Governance jobs near you
Infographic showing various Contract Model Risk Governance job openings in Itasca, IL as of July 2026, with employment types broken down into 61% Full Time, 21% Part Time, 1% Temporary, and 17% Contract. Highlights an 82% Physical, 2% Hybrid, and 16% Remote job distribution, with an average salary of $92,581 per year, or $44.5 per hour.

Manager, Model Risk Governance

Federal Home Loan Bank of Chicago

Chicago, IL • Hybrid

Full-time

Medical, Dental, Vision, Retirement, PTO

Posted yesterday

New

Job description

At the Federal Home Loan Bank of Chicago, employees come first - that's why we offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees.

  • Collaborative, in-office operating model

  • Retirement program (401k and Pension)

  • Medical, dental and vision insurance

  • Lifestyle Spending Account

  • Competitive PTO plan

  • 11 paid holidays per year

      Who we are

      Our mission at FHLBank Chicago: To partner with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment, and support for their community investment activities.

      Simply said, we're a bank for banks and other financial institutions, focused on being a strategic partner for our members and working together to reinvest in our communities, from urban centers to rural areas. Created by Congress in 1932, FHLBank Chicago is one of 11 Federal Home Loan Banks, government sponsored in support of mortgage lending and community investment.

      What it's like to work here

      At FHLBank Chicago, we bring people together. We are committed to a high performing, engaged workforce, and to supporting the communities we serve across Illinois and Wisconsin. Our Buddy Program pairs new hires with tenured employees to guide their onboarding. Our professional development and training opportunities through upskilling, mentorship programs, and tuition reimbursement allow employees to grow their career with us. Our collaborative, in-office operating model brings teams together to foster innovation, connection, and shared success. To support balance and flexibility, employees are provided with an allocation of remote days to use as needed throughout the year.

      What you'll do

      The Model Risk Analyst (Analyst) within the Model Risk Management Group (MRM) is responsible for various tasks supporting model validation and risk governance. The tasks are both technical (e.g., related to data analytics and quantitative modeling) and administrative (e.g., documentation requirements). By completing these tasks, the analyst will enhance both his/her technical skills and understanding of how financial models are used within the bank.

      How you'll make an impact

      • Strengthens risk management and governance by ensuring models, AI/ML solutions, and end-user computing (EUC) tools comply with regulatory requirements, internal policies, and governance standards.

      • Improves decision-making through strong governance by establishing robust model and EUC governance frameworks, maintaining model inventory, and promoting high-quality data, controls, and transparency across the model lifecycle.

      • Supports strategic objectives by enhancing governance practices, supporting regulatory readiness, and providing senior management with clear insights into model and emerging risks.

      What you can expect

      • Implement and maintain a comprehensive model risk governance framework, including model standards, validation procedures, validation report templates, test scripts, checklists to ensure compliance with regulatory requirements and industry best practices.

      • Stay up-to-date with regulatory guidelines, Model Risk AB 2013-07 and Supplemental AB 2022-03, industry trends related to model risk governance and compliance, and assess their impact on model risk governance and compliance practices.

      • Conduct periodic assessments and reviews to identify potential gaps or weaknesses in model risk governance and compliance practices and recommend appropriate remediation actions.

      • Maintain an up-to-date model inventory.

      • Engage internal or external resources to review EUCs periodically.

      • Collaborate with model validation team to perform model annual review and ensure models adhere to established governance standards and regulatory requirements.

      • Conduct peer reviews for model validation team to ensure validation report adhere to established model governance standards and regulatory requirements.

      • Conduct periodical GRC model surveys (especially performance monitoring processes) and vendor surveys, and work with Model Validation team to provide model risk assessment.

      • Participate in regulatory interactions, including examinations, inquiries, and reporting related to model risk governance and compliance matters.

      • Coordinate with internal audit and compliance teams to support model risk-related audits and examinations, responding to inquiries and providing necessary documentation.

      • Develop and deliver training programs on model risk governance and compliance for relevant stakeholders, including model owners, risk managers, and senior management.

      • Prepare comprehensive reports and presentations summarizing model risk governance and compliance activities, findings, and recommendations for senior management and oversight committee (OROC).

      What you'll bring

      • Bachelors or master's degree in finance, economics, risk management, or a related field.

      • Relevant professional certifications (e.g., FRM, CFA) are a plus.

      • Extensive experience (7-10 years) in risk management, regulatory compliance, or related fields, with a focus on model risk governance and compliance.

      • 0-5 years of management experience required

      • Strong knowledge of regulatory guidelines and industry best practices related to model risk governance and compliance.

      • Familiarity with model risk management frameworks, model validation, and model development processes.

      • Experience in developing and implementing policies, procedures, and controls related to model risk governance and compliance.

      • Strong understanding of regulatory requirements and the ability to interpret and apply them in a practical manner.

      • Advanced understanding of financial regulatory environment, fixed income products and risk management concepts.

      • Excellent problem-solving skills, with the ability to assess and mitigate risk effectively.

      • Excellent communication and interpersonal skills, with the ability to collaborate with cross-functional teams.

      • Familiarity with regulatory reporting and examination processes related to model risk governance and compliance is a plus.

      The Perks

      At FHLBank Chicago, we believe in rewarding our high performing workforce. We offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees. Our retirement program includes a 401(k) and pension plan. Our wellbeing program supports employees at work and in their personal lives: Our PTO plan provides five weeks of vacation for new employees and 11 paid holidays per year; our Lifestyle Spending Account provides an annual stipend for employees to support wellbeing activities; and our central downtown location at the Old Post Office provides easy access to public transportation and breathtaking views from our award-winning rooftop. Visit FHLBCbenefits.com for additional details about our benefits. Step into a brighter future with us.

      Salary Range:

      $151,025.00 - $265,525.00

      The above represents the expected salary range for this job requisition. Ultimately, in determining your pay, we may also consider your experience, and other job-related factors. In addition to the base salary, we offer a comprehensive benefits package which can be found here: https://hrportal.ehr.com/fhlbc

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