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Director Model Risk Governance Jobs in Chicago, IL

Northern Trust

AI Risk & Controls Lead

Chicago, IL · On-site

$137K - $233K/yr

  • Medical

  • Dental

  • Vision

  • Life

  • Retirement

  • PTO

Define and enforce model governance standards (documentation, approvals, controls) * Ensure ... Provide risk dashboards and reporting to leadership AI Risk & Audit Partnership * Act as primary ...

Synchrony

AVP, Model Validation

Chicago, IL · On-site

... Risk Management in modeling and validation in the financial services industry including both analytic/modeling/quantitative experience and governance or other credit/financial discipline.

Bank of Montreal

Head, Responsible AI & Governance

Chicago, IL · On-site

$150K - $261K/yr

  • Medical

  • Life

  • Retirement

Demonstrated ability to drive enterprise-wide initiatives and influence without direct authority ... Model Governance * Risk Management * Governance reviews * Strategic advisory * Communication

US Bank

Quantitative Model Analyst - AML

Chicago, IL · On-site

  • Medical

  • Dental

  • Vision

  • Life

  • Retirement

  • PTO

... governance of AML Transaction Monitoring models. The individual will partner closely with model owners, Model Risk Management, internal and external auditors, and senior leadership to evaluate model ...

Bank of Montreal

Manager, Fraud Risk Oversight

Chicago, IL · On-site

  • Medical

  • Life

  • Retirement

Leads the development and maintenance of the governance system and framework. * Supports ... Represents the model validation program / portfolio for internal/external regulatory audits and/or ...

CNA

System Architect Director - AI Innovation

Chicago, IL · On-site

$250K/yr

The SA Director works closely with an Enterprise Architect, Product Management and Release Train ... model risk governance aligned to enterprise standards. * Strong SDLC and hands-on engineering ...

Old National Bank

IST Risk Manager

Chicago, IL · On-site

$199K/yr

  • Medical

  • Dental

  • Vision

  • Retirement

... governance, oversight, and independent challenge across information security and technology risk at Old National Bancorp. Reporting to the Director of Information Security & Technology Risk, this ...

Bank of Montreal

Senior Manager, ONFR Programs

Chicago, IL · On-site

  • Medical

  • Life

  • Retirement

Measures the effectiveness of risk governance system and framework; recommends changes as required ... Represents the model validation program / portfolio for internal/external regulatory audits and/or ...

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All JobsModel Risk Governance JobsDirector Model Risk Governance JobsDirector Model Risk Governance Jobs in Chicago, IL

Director Model Risk Governance information

See Chicago, IL salary details

$55.6K

$147.5K

$267.8K

How much do director model risk governance jobs pay per year?

As of Aug 14, 2026, the average yearly pay for director model risk governance in Chicago, IL is $147,501.00, according to ZipRecruiter salary data. Most workers in this role earn between $108,700.00 and $172,500.00 per year, depending on experience, location, and employer.

What is the difference between Director Model Risk Governance vs Model Risk Analyst?

AspectDirector Model Risk GovernanceModel Risk Analyst
CredentialsAdvanced degrees (e.g., Master’s, PhD), professional certifications (e.g., FRM, CFA)Bachelor’s or Master’s degree, relevant certifications
Work EnvironmentStrategic oversight, policy development, senior stakeholder engagementData analysis, model validation, risk assessment
Employer & Industry UsageFinancial institutions, banks, asset managersFinancial institutions, risk management teams
Search & Comparison IntentUnderstanding leadership roles in model risk governanceEntry to mid-level model risk roles, analysis tasks

The main difference is that the Director Model Risk Governance focuses on strategic oversight, policy setting, and managing model risk at a senior level, while the Model Risk Analyst handles technical validation, data analysis, and risk assessment tasks. The director role involves leadership and decision-making, whereas the analyst role is more technical and operational.

What are the key skills and qualifications needed to thrive as a director model risk governance?

To thrive as a Director of Model Risk Governance, you need deep expertise in quantitative finance, risk management, and model validation, often backed by an advanced degree in a quantitative field and relevant industry experience. Familiarity with risk management frameworks, regulatory standards (e.g., SR 11-7), and proficiency in analytical tools like Python, R, or SAS are typically required. Exceptional leadership, communication, and critical thinking skills help you effectively oversee teams and coordinate with stakeholders across the organization. These competencies are vital to ensure robust model governance, regulatory compliance, and informed risk-based decision-making at the enterprise level.

What is a director model risk governance?

Director Model Risk Governance roles are senior positions responsible for overseeing and managing the risks associated with financial and predictive models within an organization. These professionals establish and implement model risk management frameworks, ensure compliance with regulatory requirements, and oversee model validation processes. They collaborate with model developers, validators, and business units to identify, assess, and mitigate model risks, as well as report on governance effectiveness to senior management. Their work is crucial in maintaining the reliability and integrity of models used for decision-making and regulatory reporting.

What are some common challenges faced by a director model risk governance, and how can they be addressed?

A Director of Model Risk Governance often encounters challenges such as ensuring consistent model validation across diverse business units, keeping up with evolving regulatory requirements, and fostering effective communication between model owners, validators, and senior management. Addressing these challenges typically involves establishing robust model risk frameworks, maintaining clear documentation, and promoting a culture of transparency and collaboration. Regular training sessions and open forums can help bridge knowledge gaps, while leveraging technology can streamline model inventory and validation processes.

What are the most commonly searched types of Model Risk Governance jobs in Chicago, IL?

The most popular types of Model Risk Governance jobs in Chicago, IL are:

What are popular job titles related to Director Model Risk Governance jobs in Chicago, IL?

For Director Model Risk Governance jobs in Chicago, IL, the most frequently searched job titles are:

What job categories do people searching Director Model Risk Governance jobs in Chicago, IL look for?

The top searched job categories for Director Model Risk Governance jobs in Chicago, IL are:

What cities near Chicago, IL are hiring for Director Model Risk Governance jobs?

Cities near Chicago, IL with the most Director Model Risk Governance job openings:

Director Model Risk Governance jobs near you

AI Risk & Controls Lead

Northern Trust

Chicago, IL • On-site

$137K - $233K/yr

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Re-posted 15 days ago

Northern Trust rating

8.2

Company rating: 8.2 out of 10

Based on 27 frontline employees who took The Breakroom Quiz

Job description

About Northern Trust
As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world's most successful individuals, families, corporations and institutions.
Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide.
With more than 135 years of financial experience and over 24,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.
Role Purpose
The AI Risk & Controls Lead is responsible for establishing and operationalising first-line-of-defence (1LOD) controls for AI across the enterprise.
This role ensures that AI solutions are designed, deployed, and managed in line with regulatory, risk, and audit expectations, while enabling responsible innovation at scale.
Key Responsibilities
AI Governance & Control Framework
  • Define and implement AI control frameworks aligned to enterprise risk standards
  • Embed 1LOD controls across AI lifecycle (design → build → deploy → monitor)
  • Partner with Risk, Compliance, and Audit to ensure alignment with enterprise policies
AI Model Management & Oversight
  • Oversee AI model inventory, classification, and lifecycle management
  • Define and enforce model governance standards (documentation, approvals, controls)
  • Ensure traceability of models, datasets, and decision logic
Documentation & Regulatory Readiness
  • Own end-to-end AI documentation standards (models, use cases, controls)
  • Ensure readiness for internal audit, regulatory inspection, and model validation
  • Maintain audit-ready evidence repositories
Controls Monitoring & Reporting
  • Define and track AI control metrics, usage tracking, and compliance indicators
  • Monitor adherence to policies (ethical AI, data usage, model risk)
  • Provide risk dashboards and reporting to leadership
AI Risk & Audit Partnership
  • Act as primary 1LOD interface with 2LOD (Risk) and 3LOD (Audit)
  • Support audits, reviews, and issue remediation
  • Translate regulatory expectations into practical control execution
Enablement & Advisory
  • Advise AI delivery teams (CoPilot, Digital Co-Worker, ACE, etc.) on control requirements
  • Embed controls into AI operating model and delivery pipelines
  • Drive awareness of responsible AI practices across teams
Key Skills & Experience Required
  • Deep experience in:
    • AI governance / AI audit / model risk management
    • Control design and operationalisation (1LOD)
    • AI model lifecycle & documentation practices
  • Experience with:
    • Model inventories, usage tracking, and control frameworks
    • Audit readiness and regulatory expectations
Desirable
  • Financial services / regulated environment experience
  • Understanding of:
    • AI/ML concepts (not necessarily data scientist level)
    • Regulatory landscape (EU AI Act, SR 11-7, model risk frameworks)
Success Measures
  • % of AI use cases onboarded into governance framework
  • Audit findings / control gaps reduction
  • Time to evidence production for audit
  • Coverage of AI model inventory & tracking
  • Adoption of AI control standards across platforms
Salary Range:
$137,400 - 233,600 USD
Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.
Work Authorization
Applicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity (no sponsorship is available for H-1B, L-1, TN, O-1, E-3, H-1B1, F-1, J-1, OPT, CPT or any other employment-based visa).
Working with Us
As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to an inclusive workplace and assisting the communities we serve.
Philanthropy is deeply rooted in Northern Trust's history and is an essential element of our culture. Employees around the world give their time and talent to work for the greater good of their communities.
Reasonable Accommodation
Northern Trust is committed to working with and providing adjustments to individuals with health conditions and disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at MyHRHelp@ntrs.com , or alternatively you can discuss your individual requirements with the recruiter you are working with.

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