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Credit Risk Associate Jobs in Chicago, IL (NOW HIRING)

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Credit Risk Associate information

See Chicago, IL salary details

$51.5K

$112.6K

$188.5K

How much do credit risk associate jobs pay per year?

As of Jun 28, 2026, the average yearly pay for credit risk associate in Chicago, IL is $112,609.00, according to ZipRecruiter salary data. Most workers in this role earn between $77,300.00 and $146,300.00 per year, depending on experience, location, and employer.

What are the key skills and qualifications needed to thrive as a Credit Risk Associate, and why are they important?

To thrive as a Credit Risk Associate, you need strong analytical skills, attention to detail, and a solid understanding of financial statements, typically backed by a degree in finance, economics, or a related field. Familiarity with risk assessment software, credit modeling tools, and proficiency in Excel or similar data analysis programs are essential technical requirements. Strong communication, problem-solving abilities, and sound judgment help you effectively collaborate with stakeholders and make informed recommendations. These skills and qualities are crucial for accurately assessing creditworthiness and minimizing financial risk for the organization.

What does a Credit Risk Associate do?

A Credit Risk Associate is responsible for assessing and managing the risk that a borrower may default on a loan or credit obligation. They analyze financial statements, credit reports, and market data to evaluate the creditworthiness of individuals or companies. Their work helps financial institutions make informed lending decisions, set appropriate credit limits, and comply with regulatory requirements. Credit Risk Associates also monitor existing credit exposures and may recommend strategies to mitigate potential losses.

What is the difference between Credit Risk Associate vs Credit Analyst?

AspectCredit Risk AssociateCredit Analyst
Required CredentialsBachelor's degree, relevant certifications often preferredBachelor's degree, certifications like CFA or credit-specific courses beneficial
Work EnvironmentFinancial institutions, banks, credit agenciesBanks, investment firms, credit rating agencies
Employer & Industry UsageCommonly used in risk management teamsUsed in credit assessment and lending decisions
Comparison Search IntentUnderstanding risk roles in creditAnalyzing creditworthiness of clients

Both roles involve assessing credit-related information, but Credit Risk Associates focus on managing overall risk exposure, while Credit Analysts evaluate individual creditworthiness. The roles often overlap in skills and industry settings, making them closely related but distinct in scope.

How does a Credit Risk Associate typically collaborate with other teams within a financial institution?

Credit Risk Associates work closely with various departments, including front-office lending teams, compliance, and portfolio management. They regularly communicate with relationship managers to gather client information, and partner with data analysts to assess credit models and risk metrics. This collaborative environment ensures that credit decisions are well-informed and compliant with internal policies. Being proactive and communicative is key, as the role often requires balancing risk assessment with business growth objectives.
What are the most commonly searched types of Credit Risk jobs in Chicago, IL? The most popular types of Credit Risk jobs in Chicago, IL are:
What are popular job titles related to Credit Risk Associate jobs in Chicago, IL? For Credit Risk Associate jobs in Chicago, IL, the most frequently searched job titles are:
What job categories do people searching Credit Risk Associate jobs in Chicago, IL look for? The top searched job categories for Credit Risk Associate jobs in Chicago, IL are:
What cities near Chicago, IL are hiring for Credit Risk Associate jobs? Cities near Chicago, IL with the most Credit Risk Associate job openings:
Credit Risk Associate jobs near you
Infographic showing various Credit Risk Associate job openings in Chicago, IL as of June 2026, with employment types broken down into 86% Full Time, 12% Part Time, 1% Temporary, and 1% Contract. Highlights an 95% Physical, 1% Hybrid, and 4% Remote job distribution, with an average salary of $112,609 per year, or $54.1 per hour.
Commercial Loan Workout Officer

Commercial Loan Workout Officer

Centier Bank

Merrillville, IN • On-site

Full-time

Medical, Retirement, PTO

Posted 12 days ago

Job description

Recognizing and valuing diversity strengthens our ability to attract, retain and engage associates and reinforces our relationship within our communities. Our associates are the most valuable asset we have. The collective sum of the individual differences, life experiences, knowledge and talent that our associates invest in their work represents a significant part of not only our culture, but our reputation and company's achievement as well.
A Centier Associate is someone who embodies a servant heart, is unaccepting of anything less than remarkable service, and is self-motivated and driven to deliver exceptional results.
What are our values? Our Corporate values are Caring, Loyalty, Integrity, Friendship, Fun....who wouldn't want to work for an AWARD-WINNING company that's built on these pillars?
What about the perks? Access to our Marathon Health Clinics which provide FREE visits & prescriptions, Generous Paid Time Off benefit, Tuition Reimbursement, 401K match, Associate Stock Ownership Plan, Daycare Reimbursement, FREE Onsite Fitness Center/Fitness Reimbursements, Health and Wellness Programs, the ability to have a voice with our Diversity/Equity/Inclusion Council, Career Growth, Work/Life Balance, AND MORE.
This position will be based out of our Corporate Centre in Merrillville, IN. Onsite expectations would be 4 days per week with the flexibility to work 1 day from home. Department hours are Monday-Friday 8:00-5:00 CST.
Summary: As a member of the Credit Risk Management team within the Credit Administration Division, the Commercial Loan Workout Officer position reports to the Manager of Credit Risk Management.
Essential Duties and Responsibilities:
  • Primary responsibilities the successful management of a portfolio of assigned substandard, special mention, watch, and pass rated commercial loan accounts, and ORE.
  • Will manage a portfolio of distressed loans or relationships up to $1,000,000 and performing loans or relationships up to $1,500,000.
  • Requires the development, negotiation, and documentation of loan renewal and modification agreements, forbearance agreements, and legal strategy in collaboration with bank counsel. Measurements include demonstrated reductions in distressed loans, credit risk, credit losses, and achieved recoveries. The position assists senior commercial workout officers and completes credit risk reviews as assigned.
  • The position works closely and collaborates with all Credit Risk Management staff. The position works directly with those including borrowers, lenders, operations staff, documentation staff, credit analysts, attorneys, property managers, and real estate brokers.
  • Requires completion and maintenance of customary and additionally determined necessary due diligence in compliance with bank policies and guidelines.
  • Some travel is required. Travel requirements are primarily local. Occasional regional travel may be required.

Skills and Abilities:
  • Requires effective organizational, time management, multi-tasking, and problem-solving skills.
  • Excellent written and verbal communication skills are required.
  • Proven experience in collateral analysis along with commercial loan documentation experience required.

Education and Experience
  • Bachelor's degree with concentration in business, finance, or accounting preferred. Additional Bachelor's degree concentrations considered in relation to past and present experience, responsibilities, continuing education, and certifications. Associate degrees with progress toward bachelor's degrees considered similarly.
  • 2 to 3 years of prior commercial workout experience or a combination of prior commercial lending, credit underwriting, portfolio management, financial analysis, documentation, examination, audit, compliance, and SBA experience considered.
  • Individuals in existing roles including commercial loan portfolio managers, commercial credit analysts, commercial small business lenders, SBA lenders, commercial loan reviewers, and commercial loan administrators are encouraged to apply.

Additional Detail
  • This position includes hybrid work potential.
  • Continued education is supported.
  • Opportunities for growth and advancement within Credit Risk Management, Credit Administration, and career pathing among at least commercial lending, credit risk management, audit, and compliance departments are available.

What do I do now?
  • Apply with us!
  • Refer this opening to others!

Disability Accommodation Statement
Centier Bank is an Equal Employment Opportunity/Affirmative Action employer and is committed to providing reasonable accommodations to individuals with disabilities in the employment application process. If you need an accommodation due to a disability to use our online system to apply for a position at Centier Bank, please call us at 219-755-6160 or send us an email at hrcareers@centier.com.
Equal Opportunity Employer/Disability/Veteran
Centier Bank is proud to have an engaged and inclusive culture and to promote and ensure equal employment opportunity in all employment decisions regardless of race, color, gender, national origin, religion, age, disability, sexual orientation, gender identity, military status, veteran status or any other legally protected status.
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