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Entry Level Risk Management Analyst Jobs in Illinois

Wintrust

Risk Management Officer

Rosemont, IL · On-site

Provide independent model risk management and support for the VP of Model Risk as follows: Model ... Materiality analysis of model assumptions and limitations; Review of model theoretical framework ...

Wintrust

Risk Management Officer

Rosemont, IL · Hybrid

Provide independent model risk management and support for the VP of Model Risk as follows: Model ... Materiality analysis of model assumptions and limitations; Review of model theoretical framework ...

Advocate Aurora Health

Risk Management Specialist

Cuba, IL · On-site

$35.50 - $53.25/hr

Creates and generates event summary reports that identify trends, analysis, liability exposures for ... Works with non-Hospital risk management departments and the assigned claims administrators, to ...

Medline

Risk Management Engineer

Northfield, IL · On-site

$79K - $119K/yr

Analyze and normalize multiple streams of data to gauge the health of the risk management system. Work with Subject Matter Experts (SMEs) to create a framework for Risk-based dashboards to be used ...

ZS

Governance & Risk Analyst

Chicago, IL · On-site

$85K - $95K/yr

As a management consulting and technology firm focused on improving life and how we live it, we ... Governance & Risk Analyst in the Enterprise will... The GRC Analyst will support the organization ...

Capital One

Senior Auditor - Risk Management

Riverwoods, IL

$84K - $103K/yr

Senior Auditor - Risk Management Capital One's Audit function is a dedicated group of professionals ... This will require leveraging the power of data analytics and furthering your technical expertise ...

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Entry Level Risk Management Analyst information

See Illinois salary details

$35.4K

$79.8K

$133.7K

How much do entry level risk management analyst jobs pay per year?

As of Jul 17, 2026, the average yearly pay for entry level risk management analyst in Illinois is $79,780.00, according to ZipRecruiter salary data. Most workers in this role earn between $60,600.00 and $87,700.00 per year, depending on experience, location, and employer.

What is the difference between Entry Level Risk Management Analyst vs Risk Analyst?

AspectEntry Level Risk Management AnalystRisk Analyst
Required CredentialsBachelor's degree in finance, economics, or related field; some certifications like FRM or CRM are a plusBachelor's degree often required; certifications like FRM or CRM preferred
Work EnvironmentCorporate risk departments, financial institutions, insurance companiesFinancial firms, consulting agencies, insurance companies
Employer & Industry UsageEntry-level role in risk management teams across industriesMid-level role focusing on risk assessment and mitigation strategies

While both roles involve assessing and managing risks, the Entry Level Risk Management Analyst typically focuses on supporting risk assessments under supervision, whereas a Risk Analyst may have more independent responsibilities in analyzing and developing risk mitigation strategies. The entry-level position is ideal for those starting their careers, with similar educational requirements and work environments.

What are the most commonly searched types of Risk Management Analyst jobs in Illinois? The most popular types of Risk Management Analyst jobs in Illinois are:
What are popular job titles related to Entry Level Risk Management Analyst jobs in Illinois? For Entry Level Risk Management Analyst jobs in Illinois, the most frequently searched job titles are:
What job categories do people searching Entry Level Risk Management Analyst jobs in Illinois look for? The top searched job categories for Entry Level Risk Management Analyst jobs in Illinois are:
What cities in Illinois are hiring for Entry Level Risk Management Analyst jobs? Cities in Illinois with the most Entry Level Risk Management Analyst job openings:
Entry Level Risk Management Analyst jobs near you
Infographic showing various Entry Level Risk Management Analyst job openings in Illinois as of July 2026, with employment types broken down into 1% Locum Tenens, 1% Internship, 88% Full Time, 5% Part Time, 1% Temporary, and 4% Contract. Highlights an 82% Physical, 5% Hybrid, and 13% Remote job distribution, with an average salary of $79,780 per year, or $38.4 per hour.
Risk Management Officer

Risk Management Officer

Wintrust

Rosemont, IL • On-site

Full-time

Posted 17 days ago

Wintrust rating

8.0

Company rating: 8.0 out of 10

Based on 20 frontline employees who took The Breakroom Quiz

58th of 149 rated banks

Job description

Wintrust provides community and commercial banking, specialty finance and wealth management services through its 16 bank charters and nine non-bank businesses. Wintrust delivers the sophisticated solutions of a large bank while staying true to the relationship-focused, personalized service of our community banking roots. We serve clients in all 50 states with more than 200 branch banking locations in Illinois, southwestern Florida, northwestern Indiana, west Michigan and southern Wisconsin and commercial banking offices in Chicago, Denver, Milwaukee, Grand Rapids, Mich., and in key branch banking locations throughout Illinois. Our people are the heart of our business and we are proud to rank consistently as a top place to work. Wintrust is a $66 billion financial institution based in Rosemont, Illinois, and listed on the NASDAQ Global Select Market under the symbol "WTFC."
Location:
Job location - Rosemont, IL- Hybrid position with some telecommuting flexibility, but requirement to physically be in Rosemont, IL office three days a week.
Responsibilities:
Provide independent model risk management and support for the VP of Model Risk as follows:
Model Validation
  • Perform independent and comprehensive validation of bank-wide statistical/econometric/ mathematical/qualitative (expert judgment) models for stress testing, asset allocation, valuation and pricing, BSA/AML in compliance with SR 11-7/OCC 2011-12 and Model Risk Management (MRM) policy and procedures.
  • Develop a model validation testing plan commensurate with the model risk tier and perform quantitative and qualitative tests to assess models for conceptual soundness, implementation accuracy, data integrity, and performance accuracy, including back testing, sensitivity analysis, scenario analysis, benchmarking, and governance.
  • Provide effective and meaningful challenge during the following processes of model validation: Review of conceptual soundness; Review adequateness of modeling data; Materiality analysis of model assumptions and limitations; Review of model theoretical framework and design; Review of model performance.
  • Review of Model Documentation to ensure compliance with regulation/policy. Model documentation review should consist, amongst others, the following: Assessing the quality of model documentation; Reviewing documentation of developmental evidence; Review documentation of model governance; Review testing results in the model methodology document.
  • Design and execute a comprehensive and granular program for the following: Data Validation; Model theoretical framework and design; Assumptions and Limitations testing; Model

Conceptual soundness; Back-testing; Model Effectiveness Testing, Sensitivity Analysis; and Benchmarking for material portfolios.
  • Perform ongoing monitoring of all the models in line with the validation calendar and monitor the performance of those models through statistical tests. Evaluate the model adjustments, such as overlays and buffers, wherever applicable.

Ongoing Process Management, Enhancement and Updates
  • Contribute to enhancing current processes for model validation.
  • Manage activities related to model governance and assist VP model risk management in creating reports for the senior management, executive management, risk committees, and regulatory exams.
  • Manage and update model risk policies, standards, and procedures continually to ensure compliance with both management and regulatory requirements. Assist VP- MRM in the growth and maturation of the model risk management framework.
  • Use the MRM Model Validation tool to perform model validation activities. Assists in the annual model certification process and maintain status updates from the model owners. Maintain and update the model inventory. Maintain status updates and facilitate resolution/escalations of issues in a timely fashion.

Stakeholder Management
  • In collaboration with the VP of Model Risk Management, interfaces with key stakeholders throughout the validation process to discuss the justification and reasoning behind validation and review findings.
  • In collaboration with VP, Model Risk Management, determine whether the response and remediation plan received from model owners and users in response to a finding adequately addresses the findings. Follow up with model owners to ensure findings are remediated in a timely manner.

AI and Risk Management Framework.
  • Execute a robust model risk management framework in line with industry best practices and expectations. Assist VP-MRM is executing the AI and Machine Learning risk management framework.

Others
  • Assist in special ad-hoc projects

Requirements:
Master's degree in Applied Economics, Statistics, Mathematics, Data Science or related field plus 2 years of related work experience.
The position requires experience in all of the following:
  • 2 years of experience working with financial products and associated risk management.
  • 2 years of experience with quantitative modeling in the financial industry using financial and economic data.
  • 2 years of experience in data handling skills using advanced statistical and numerical methods.
  • 2 years of experience with MS Office applications such as Word, Excel and PowerPoint to generate high-quality management reports.
  • 2 years of experience working with a changing regulatory environment, such as the OCC2011-12 guidance.
  • 2 years of experience with SAS and Python for statistical modeling and data handling.
  • 2 years of experience with one or more of the following (R, SQL, MATLAB, VBA)

Compensation
The estimated salary for this role is $101,949.99, along with eligibility to earn an annual bonus. Actual salaries may vary based on several factors, such as a candidate's qualifications, skills and experience.
From our first day in business, Wintrust has been proud to serve a variety of unique communities and people from all walks of life. To build a company that reflects the communities we serve, we believe that fostering a unique and inclusive workplace where everyone feels valued and empowered to succeed will support our ongoing success. Wintrust Financial Corporation, including community banking and financial services subsidiaries, is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, age, national origin, disability, veteran status, genetic information, and other legally protected categories.

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