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

FHLBank Chicago

Manager, Markets Credit

Chicago, IL · Hybrid

Manager of Markets Credit At the Federal Home Loan Bank of Chicago, employees come first - that ... This role leads a team of credit risk analysts in developing and maintaining mortgage credit models ...

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Credit Risk Manager information

See Chicago, IL salary details

$89.1K

$163.1K

$246.7K

How much do credit risk manager jobs pay per year?

As of Jun 12, 2026, the average yearly pay for credit risk manager in Chicago, IL is $163,085.00, according to ZipRecruiter salary data. Most workers in this role earn between $137,500.00 and $182,800.00 per year, depending on experience, location, and employer.

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 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 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.

More about Credit Risk Manager jobs
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 Manager jobs in Chicago, IL? For Credit Risk Manager jobs in Chicago, IL, the most frequently searched job titles are:
What job categories do people searching Credit Risk Manager jobs in Chicago, IL look for? The top searched job categories for Credit Risk Manager jobs in Chicago, IL are:
What cities near Chicago, IL are hiring for Credit Risk Manager jobs? Cities near Chicago, IL with the most Credit Risk Manager job openings:
Credit Risk Manager jobs near you

Manager, Markets Credit

FHLBank Chicago

Chicago, IL • Hybrid

Other

Retirement, PTO

Posted 28 days ago

Job description

Manager of Markets Credit

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.

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.

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.

The Manager of Markets Credit will be responsible for overseeing credit risk management of the Bank's Mortgage Partnership Finance (MPF) and investment portfolio. This role leads a team of credit risk analysts in developing and maintaining mortgage credit models, performing scenario analysis and stress testing, and monitoring credit risk trends across the bank's portfolio and the broader market. This position also collaborates closely with internal stakeholders, regulators and vendors to support product initiatives, ensure regulatory compliance, drive model enhancements and enable process innovation. The ideal candidate is a strategic thinker with strong analytical and modeling ability, and proven leadership experience.

How you'll make an impact:

  • Strengthen the Bank's Credit Risk Management by leading the modeling and monitoring of risks across the MPF and Investment portfolios.
  • Enable strategic product and investment decisions by partnering with cross-functional teams to deliver high-impact analytics that support MPF and investment initiatives.
  • Drive operational excellence and innovation by leveraging advanced data analytics, automation, and emerging technologies.

What you can expect:

  • Oversee the analysis and monitoring of credit risk trends and exposures associated with mortgage loan and investment portfolios.
  • Lead the development and ongoing maintenance of credit risk models – such as prepayment, default, and loss models – including assumption setting, model calibration and performance monitoring.
  • Design and enhance analytical models and risk management frameworks to assess the adequacy of credit enhancement.
  • Perform back-testing and benchmarking to evaluate model performance and make recommendations on modeling changes.
  • Direct scenario analysis and stress testing to assess portfolio risks under different macroeconomic scenarios.
  • Work with validators, auditors, and regulators to improve model accuracy and support regulatory compliance.
  • Drive process improvements by leveraging advanced data management, automation and programing tools.
  • Build strong and trustworthy partnerships with internal teams (business, operation, finance, legal, model risk, etc.) and external stakeholders (regulators, vendors, etc)

What you'll bring:

  • Bachelor's degree in Mathematics, Finance, Economics, Statistics, Computer Science, or related fields; Master's level degree desired.
  • CFA and FRM candidates preferred.
  • 7+ years of work experience in finance, data analytics or modeling.
  • 4+ years of people managing experience.
  • Experience with mortgage underwriting and servicing desired.
  • Experience with building predictive statistical models and developing algorithmic solutions desired.
  • Proficiency in SQL Server Management Studio, Python and R.
  • Experience with Business Intelligence tools including Tableau and Alteryx.
  • Experience with mortgage industry and fixed income investment products desired.
  • Strong expertise in credit risk modeling, including statistical analysis, predictive models, and performance monitoring.
  • Proficiency in data analysis and business intelligence tools to effectively assess and communicate risk insights.
  • Familiarity with model governance, regulatory compliance, and risk management frameworks.
  • Ability to lead and develop high-performing analytical teams, including coaching, prioritization, and performance management.
  • Strong critical thinking skills and ability to synthesize complex analytical findings into clear and actionable recommendations.
  • Excellent problem-solving, analytical, verbal/written communication skills.
  • Effective leader with a collaborative approach and strong stakeholder management abilities.

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. Step into a brighter future with us.

Salary Range: $125,825.00 - $221,275.00

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