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Credit Risk Manager Jobs in Illinois (NOW HIRING)

Wintrust

Analyst, Counterparty Credit Risk

Rosemont, IL · On-site

$59K - $77K/yr

Wintrust provides community and commercial banking, specialty finance and wealth management ... The fundamental goal of Counterparty Credit Risk Oversight is to ensure Wintrust's credit ...

Wintrust

Analyst, Counterparty Credit Risk

Rosemont, IL · On-site

$59K - $77K/yr

Wintrust provides community and commercial banking, specialty finance and wealth management ... The fundamental goal of Counterparty Credit Risk Oversight is to ensure Wintrust's credit ...

Invenergy

Director, Credit Risk Management

Chicago, IL · On-site

Position Overview The Director, Credit Risk Management will report to the Senior Vice President - Risk Management and Settlements and will have enterprise accountability for the design, governance ...

Adyen

Credit Risk Officer

Chicago, IL · On-site

Beyond day-to-day underwriting and portfolio management, the team owns the development and operation of credit risk frameworks for new and evolving financial products (e.g. Adyen Capital). Working ...

Adyen

Credit Risk Officer

Chicago, IL

Beyond day-to-day underwriting and portfolio management, the team owns the development and operation of credit risk frameworks for new and evolving financial products (e.g. Adyen Capital). Working ...

Alliant Credit Union

Senior Credit Risk Analyst

Chicago, IL · Hybrid

$84K - $131K/yr

Review and monitor credit risk for credit cards, and recommend/implement line management, pricing and authorization strategies. * Prepare data for third-party quarterly mortgage & consumer loan ...

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RWE

Credit Risk Associate

Chicago, IL · On-site

$73K - $100K/yr

Utilize credit risk systems to input, track and manage credit exposures in line with policies and procedures * Collaborate with Legal and Front/Back Office teams to review credit requirements and ...

RWE

Credit Risk Associate

Chicago, IL · On-site

$73K - $100K/yr

Utilize credit risk systems to input, track and manage credit exposures in line with policies and procedures * Collaborate with Legal and Front/Back Office teams to review credit requirements and ...

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All JobsCredit Risk Manager JobsCredit Risk Manager Jobs in Illinois

Credit Risk Manager information

See Illinois salary details

$83.8K

$153.4K

$232.1K

How much do credit risk manager jobs pay per year?

As of Jul 5, 2026, the average yearly pay for credit risk manager in Illinois is $153,408.00, according to ZipRecruiter salary data. Most workers in this role earn between $129,400.00 and $172,000.00 per year, depending on experience, location, and employer.

What are the 5 C's of credit risk management?

The 5 C's of credit risk management are Character, Capacity, Capital, Collateral, and Conditions. These factors help credit risk managers evaluate a borrower's ability and willingness to repay a loan, guiding credit decisions and risk assessments. Understanding these principles is essential for effective credit analysis and maintaining financial stability.

How does a Credit Risk Manager typically collaborate with other departments to assess and mitigate risk?

A Credit Risk Manager frequently works with teams across the organization, such as underwriting, finance, and compliance, to assess borrower creditworthiness and ensure adherence to risk policies. Collaboration often involves developing risk models, reviewing loan portfolios, and communicating risk exposures to senior management. Working closely with these departments enables comprehensive risk assessments and the implementation of effective mitigation strategies. This cross-functional approach fosters a proactive risk culture and ensures that credit decisions align with both regulatory requirements and business objectives.

What Does a Credit Risk Manager Do?

A credit risk manager analyzes credit risk for banks and similar financial institutions. In this role, it’s your job to develop better credit risk policies and procedures to alleviate losses and maintain capital. Additional duties involve examining data, building financial models, creating performance reports, ensuring regulatory compliance, and formulating credit policy. This career requires at least a bachelor’s degree in business administration or a related field. Other important qualifications include excellent analytical, communication, and research skills. Most employers typically prefer candidates who have previous risk management experience.

What is the highest salary for a risk manager?

The highest salary for a Credit Risk Manager can exceed $150,000 annually, especially in large financial institutions or with extensive experience and advanced certifications. Senior risk managers in major markets or with specialized skills may earn even higher compensation, including bonuses and incentives.

What are Credit Risk Managers?

Credit Risk Managers are professionals responsible for assessing and managing the risk of financial losses that may arise from borrowers failing to repay loans or meet contractual obligations. They analyze financial data, credit reports, and market trends to determine the creditworthiness of individuals or businesses. Credit Risk Managers also develop policies and strategies to minimize potential losses and ensure compliance with regulatory standards. Their role is critical in maintaining the financial health and stability of banks, lending institutions, and other organizations involved in credit.

What is the role of a credit risk manager?

A credit risk manager is responsible for assessing and monitoring the creditworthiness of clients and borrowers to minimize financial losses. They analyze financial data, develop risk mitigation strategies, and ensure compliance with lending policies, often using tools like credit scoring models and financial analysis software.

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

To thrive as a Credit Risk Manager, you need strong analytical abilities, deep knowledge of financial principles, and typically a degree in finance, accounting, or a related field. Familiarity with risk modeling software, credit scoring systems, and regulatory frameworks such as Basel III is essential. Strong communication, decision-making, and stakeholder management skills set outstanding professionals apart in this field. These skills are crucial for accurately assessing creditworthiness, minimizing financial losses, and ensuring regulatory compliance within financial institutions.

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

AspectCredit Risk ManagerCredit Analyst
CredentialsBachelor's degree, often certifications like CFA or credit risk certificationsBachelor's degree, finance or related field, sometimes certifications like CFA
Work EnvironmentOversees risk policies, manages teams, strategic planningAnalyzes credit data, assesses borrower risk, prepares reports
Industry UsageUsed in banking, financial services, lending institutionsCommon in banks, credit agencies, financial firms

The Credit Risk Manager focuses on overseeing and managing the overall credit risk policies and teams, while the Credit Analyst conducts detailed credit assessments of individual borrowers. Both roles require similar credentials and are integral to credit decision processes, but they differ in scope and responsibilities.

Does credit risk pay well?

Credit Risk Managers typically earn competitive salaries that vary by industry, experience, and location. They often receive additional benefits and may need certifications such as CFA or FRM, which can influence compensation levels.
More about Credit Risk Manager jobs
What are the most commonly searched types of Credit Risk jobs in Illinois? The most popular types of Credit Risk jobs in Illinois are:
What are popular job titles related to Credit Risk Manager jobs in Illinois? For Credit Risk Manager jobs in Illinois, the most frequently searched job titles are:
What job categories do people searching Credit Risk Manager jobs in Illinois look for? The top searched job categories for Credit Risk Manager jobs in Illinois are:
What cities in Illinois are hiring for Credit Risk Manager jobs? Cities in Illinois with the most Credit Risk Manager job openings:
Credit Risk Manager jobs near you
Infographic showing various Credit Risk Manager job openings in Illinois as of June 2026, with employment types broken down into 75% Full Time, and 25% Part Time. Highlights an 75% In-person, and 25% Hybrid job distribution, with an average salary of $153,408 per year, or $73.8 per hour.
Manager, Credit Risk Strategy - Insurance (Chicago)

Manager, Credit Risk Strategy - Insurance (Chicago)

Madison-Davis, LLC

Chicago, IL • On-site

$150K - $170K/yr

Full-time

Posted 4 days ago

Job description

Manager, Credit Risk Strategy – InsuranceManager, Credit Risk Strategy – Insurance

This range is provided by Madison-Davis, LLC. Your actual pay will be based on your skills and experience — talk with your recruiter to learn more.

Base pay range

$150,000.00/yr - $170,000.00/yr

Job Title: Manager, Credit Risk Strategy – Insurance

Office Status: Hybrid

Overview

An established financial institution is seeking a strategic and hands-on credit risk leader to spearhead the build-out of its insurance company credit risk function. This role offers a rare opportunity to shape policy, enhance frameworks, and lead a high-performing team at a critical time of transformation. If you're eager to leave your mark by developing structure, driving innovation, and influencing credit decisions across a complex portfolio, this role is built for you.

Key Responsibilities

  • Lead the build-out of the insurance credit risk framework, establishing scalable processes and tools aligned with institutional policy.
  • Develop and implement robust methodologies for analyzing insurance company exposures and setting appropriate risk tolerances.
  • Manage and mentor a growing team of credit analysts, setting clear goals and fostering a collaborative, high-performance culture.
  • Oversee deep-dive financial analysis using regulatory (e.g., statutory) and GAAP-based financials, applying insurance-specific risk tools.
  • Evaluate public and private sources (e.g., rating agency reports, SEC filings, earnings calls) to assess current and prospective risk profiles.
  • Drive strategic credit decisions by presenting actionable insights and recommendations to executive leadership and the board.
  • Monitor regulatory changes in insurance reporting and accounting standards, ensuring internal policies remain compliant and forward-looking.
  • Champion the implementation of new risk management systems and data tools to strengthen oversight and reporting.
  • Create a culture of continuous improvement through knowledge-sharing, staff development, and proactive recognition.
  • Serve as a subject matter expert on insurance credit trends, shaping thought leadership within the organization.
Seniority level
  • Seniority levelMid-Senior level
Employment type
  • Employment typeFull-time
Job function
  • Job functionFinance

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