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Credit Risk Jobs in Chicago, IL (NOW HIRING)

BMO Financial

Credit Risk Model Validation

Chicago, IL · On-site

Audit, Risk & Compliance BMO is seeking an experienced professional to join the Model Risk Management Team as Manager, Credit Risk Model Validation . This role is part of the second-line governance ...

Valley Bank

CRE Credit Risk Manager

Chicago, IL · On-site

Ensures credits are accurately risk rated and are properly monitored and reported. * Prepares all required quarterly reports and analysis including Criticized Loan Monitoring Reports as well as other ...

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Credit Risk information

See Chicago, IL salary details

$51.5K

$112.6K

$188.5K

How much do credit risk jobs pay per year?

As of May 29, 2026, the average yearly pay for credit risk 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 Analyst, and why are they important?

To thrive as a Credit Risk Analyst, you need strong analytical skills, a solid understanding of financial statements, and a background in finance, economics, or a related field, often supported by a relevant degree or certification (such as FRM or CFA). Familiarity with risk assessment tools, financial modeling software, and credit rating systems is typically required. Attention to detail, critical thinking, and effective communication are essential soft skills for interpreting data and presenting risk assessments to stakeholders. These skills and qualities are crucial for making informed decisions that minimize financial losses and ensure sound lending practices.

What are some typical challenges faced by professionals in credit risk roles, and how can they be addressed?

Credit risk professionals often encounter challenges such as assessing the creditworthiness of new and existing clients, keeping up with rapidly changing market conditions, and managing large volumes of data to make informed decisions. To address these, it's important to stay updated on industry trends, develop strong analytical and communication skills, and leverage advanced risk assessment tools. Collaborating closely with colleagues in underwriting, sales, and compliance teams also helps ensure well-rounded risk evaluations and consistent application of policies.

What is credit risk and what does a credit risk professional do?

Credit risk refers to the possibility that a borrower or counterparty will fail to meet their financial obligations, such as repaying a loan or making payments on time. Credit risk professionals analyze financial data, assess the creditworthiness of individuals or companies, and help set lending policies to minimize potential losses for banks or financial institutions. They use various models and tools to evaluate risk, monitor existing loans, and recommend strategies to mitigate exposure. Their work is essential for maintaining the financial health and stability of lending organizations.

What is the difference between Credit Risk vs Credit Analyst?

AspectCredit RiskCredit Analyst
Primary FocusAssessing the likelihood of borrower default to manage overall credit riskAnalyzing credit data to determine creditworthiness of individual applicants
Work EnvironmentRisk management teams, financial institutions, credit departmentsBanking, lending institutions, financial services
Required CredentialsOften requires risk management certifications, finance degreesFinance or accounting degrees, certifications like CFA or credit-specific courses

While both roles involve understanding credit, Credit Risk focuses on managing the overall risk exposure of an organization, whereas a Credit Analyst evaluates individual credit applications to determine approval. Both roles are essential in the lending process but differ in scope and responsibilities.

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 jobs in Chicago, IL? For Credit Risk jobs in Chicago, IL, the most frequently searched job titles are:
What job categories do people searching Credit Risk jobs in Chicago, IL look for? The top searched job categories for Credit Risk jobs in Chicago, IL are:
Credit Risk jobs near you
Infographic showing various Credit Risk job openings in Chicago, IL as of May 2026, with employment types broken down into 88% Full Time, 10% Part Time, 1% Temporary, and 1% Contract. Highlights an 91% Physical, 4% Hybrid, and 5% Remote job distribution, with an average salary of $112,609 per year, or $54.1 per hour.

Manager, Credit Risk & Portfolio Analytics

Artius Solutions

Chicago, IL

Full-time

Posted 17 days ago

Job description

Manager, Credit Risk & Portfolio Analytics
Location: Chicago, IL (Hybrid)
Employment Type: Full-Time
Overview
Our client, a large and well-established financial services organization based in Chicago, is seeking a Manager, Markets Credit to lead credit risk oversight across mortgage-related assets and fixed income investment portfolios.
This role will manage a team responsible for developing and maintaining credit risk models, performing scenario analysis and stress testing, and monitoring portfolio risk trends. The position will also collaborate closely with cross-functional teams to support investment strategies, product development initiatives, and regulatory compliance efforts.
The ideal candidate is a strong analytical leader with experience in credit risk modeling, mortgage or structured finance exposure, and a track record of leading high-performing analytical teams.
Key Responsibilities
Credit Risk Oversight
  • Oversee the monitoring and analysis of credit risk exposures within mortgage-related and investment portfolios.
  • Identify emerging risk trends and provide insights into portfolio performance and risk concentrations.
  • Ensure risk management frameworks support sound portfolio management and investment decision-making.
Credit Modeling & Analytics
  • Lead the development and maintenance of credit risk models including prepayment, default, and loss forecasting models.
  • Manage model assumptions, calibration, validation support, and performance monitoring.
  • Conduct model back-testing and benchmarking to evaluate model effectiveness and recommend improvements.
  • Design analytical tools and risk frameworks to evaluate credit enhancement adequacy and portfolio resilience.
Stress Testing & Scenario Analysis
  • Lead scenario analysis and macroeconomic stress testing across mortgage and investment portfolios.
  • Evaluate portfolio sensitivity to changing market conditions and economic variables.
  • Present findings and recommendations to senior stakeholders.
Regulatory & Governance Collaboration
  • Partner with model validation teams, internal audit, and regulatory stakeholders to ensure models and processes meet governance requirements.
  • Support regulatory reporting and model documentation standards.
Data & Process Innovation
  • Identify opportunities to enhance risk monitoring through advanced analytics, automation, and improved data infrastructure.
  • Lead initiatives that improve analytical efficiency and portfolio risk transparency.
Team Leadership & Stakeholder Collaboration
  • Lead and develop a team of credit risk analysts and quantitative professionals.
  • Provide mentorship, performance management, and guidance on analytical methodologies.
  • Build strong partnerships with internal teams including finance, treasury, operations, legal, and risk management.
Qualifications
Education
  • Bachelor's degree in Mathematics, Finance, Economics, Statistics, Computer Science, or a related quantitative discipline
  • Master's degree preferred
Certifications (Preferred)
  • CFA or FRM designation or candidacy
Experience
  • 5+ years of experience in credit risk modeling, quantitative analytics, or financial risk management
  • 2+ years of people management experience
  • Experience working with mortgage assets, fixed income securities, or structured finance portfolios
Technical Skills
  • Strong experience developing predictive statistical models and analytical frameworks
  • Proficiency with SQL, Python, or R
  • Experience with business intelligence and analytics tools such as Tableau or Alteryx
  • Strong data analysis and modeling capabilities
Risk & Regulatory Knowledge
  • Familiarity with credit risk management frameworks and model governance
  • Experience supporting model validation, regulatory reviews, or audit processes
  • Understanding of mortgage lending, underwriting, or servicing processes is a plus
Leadership & Communication
  • Ability to lead and develop analytical teams
  • Strong stakeholder communication and presentation skills
  • Ability to translate complex analytical findings into actionable insights for business leaders
  • Strong problem-solving and critical thinking skills

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