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

Early Warning Services

Sr. IT Risk Manager

Chicago, IL · Hybrid

S. financial system for over thirty years with cutting-edge solutions like Zelle, Paze, and so much ... Essential Functions Risk, Control, and Issue Management * Serves as a subject matter expert ...

Wedbush

Vice President, Market Risk Manager

Chicago, IL

$125K - $200K/yr

We provide innovative financial solutions through our Wealth Management, Capital Markets, Futures ... The primary function of this role is to act as a Market Risk Analytics Manager focusing on futures ...

ElectronX

Head of Risk

Chicago, IL · On-site

$225K - $300K/yr

With offices in Chicago and New York City, ElectronX is building the missing financial infrastructure and risk management tools necessary to smooth the path for U.S. energy production ...

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All JobsFinancial Risk JobsFinancial Risk Manager JobsFinancial Risk Manager Jobs in Chicago, IL

Financial Risk Manager information

See Chicago, IL salary details

$53.1K

$114.9K

$175.1K

How much do financial risk manager jobs pay per year?

As of Jun 9, 2026, the average yearly pay for financial risk manager in Chicago, IL is $114,919.00, according to ZipRecruiter salary data. Most workers in this role earn between $92,700.00 and $132,900.00 per year, depending on experience, location, and employer.

What are some common challenges Financial Risk Managers face when working with cross-functional teams?

Financial Risk Managers often collaborate with departments such as treasury, compliance, and IT to identify and mitigate risks. One common challenge is aligning risk management strategies with diverse departmental goals, which may sometimes conflict with each other. Effective communication and negotiation skills are essential to ensure all stakeholders understand the risk implications of their decisions. Additionally, adapting to rapidly changing regulations and market conditions can create pressure to quickly update risk models and processes.

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

AspectFinancial Risk ManagerCredit Analyst
CertificationsFRM, CFAFitch, CFA
Work EnvironmentFinancial institutions, banks, investment firmsBanks, lending institutions, credit agencies
Primary FocusAssessing and managing overall financial risksEvaluating creditworthiness of borrowers
Industry UsageRisk management departments, trading floorsLoan departments, credit risk units

While both roles involve financial analysis, a Financial Risk Manager focuses on identifying and mitigating broad financial risks across an organization, often requiring advanced certifications like FRM or CFA. A Credit Analyst specializes in assessing individual borrowers' creditworthiness to inform lending decisions. Both roles are vital in financial institutions but serve different strategic purposes.

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

To thrive as a Financial Risk Manager, you need a strong background in finance, quantitative analysis, and risk assessment, typically supported by a relevant degree and certifications like FRM or CFA. Expertise in risk modeling software, statistical tools such as SAS or R, and financial reporting systems is highly valued. Exceptional analytical thinking, attention to detail, and effective communication skills set top performers apart in this role. These skills and qualities are crucial for accurately identifying, assessing, and mitigating financial risks to protect organizational assets and ensure regulatory compliance.

What does a Financial Risk Manager do?

A Financial Risk Manager (FRM) is responsible for identifying, analyzing, and mitigating financial risks within an organization. Their work involves assessing threats related to credit, market, operational, and liquidity risk, and developing strategies to minimize potential losses. FRMs use quantitative analysis, financial modeling, and risk assessment tools to advise decision-makers on risk exposures. They play a vital role in ensuring that a company remains compliant with financial regulations and maintains financial stability.
What are popular job titles related to Financial Risk Manager jobs in Chicago, IL? For Financial Risk Manager jobs in Chicago, IL, the most frequently searched job titles are:
What job categories do people searching Financial Risk Manager jobs in Chicago, IL look for? The top searched job categories for Financial Risk Manager jobs in Chicago, IL are:
What cities near Chicago, IL are hiring for Financial Risk Manager jobs? Cities near Chicago, IL with the most Financial Risk Manager job openings:
Financial Risk Manager jobs near you
Infographic showing various Financial Risk Manager job openings in Chicago, IL as of June 2026, with employment types broken down into 1% As Needed, 79% Full Time, 17% Part Time, 1% Temporary, 1% Contract, and 1% Nights. Highlights an 89% Physical, 5% Hybrid, and 6% Remote job distribution, with an average salary of $114,919 per year, or $55.2 per hour.
Model Risk Analyst

Model Risk Analyst

Federal Home Loan Bank of Chicago

Chicago, IL • Hybrid

Full-time

Medical, Dental, Vision, Retirement, PTO

Posted 3 days ago

Job description

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.

  • Collaborative, in-office operating model

  • Retirement program (401k and Pension)

  • Medical, dental and vision insurance

  • Lifestyle Spending Account

  • Competitive PTO plan

  • 11 paid holidays per year

      Who we are

      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.

      What it's like to work here

      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.

      What you'll do

      The Model Risk Analyst (Analyst) within the Model Risk Management Group (MRM) is responsible for various tasks supporting model validation and risk governance. The tasks are both technical (e.g., related to data analytics and quantitative modeling) and administrative (e.g., documentation requirements). By completing these tasks, the analyst will enhance both his/her technical skills and understanding of how financial models are used within the bank.

      How you'll make an impact

      • Drive Innovation: Lead the charge in enhancing credit and financial models by challenging current methods and proposing innovative enhancements to improve model effectiveness.

      • Collaborate and Influence: Work closely with model owners and stakeholders, presenting testing results and providing constructive recommendations to strengthen our risk management practices.

      • Automate and Optimize: Recommend new ways to automate and improve the modeling process, ensuring efficiency and accuracy in our financial risk assessments.

      What you can expect

      • Explain and present testing results to MRM, model owners and other stakeholders;

      • Work effectively with other risk analysts within MRM and perform ad-hoc analysis to support model-related initiatives;

      • Review model data sources, assumptions, and underlying theory for conceptual soundness;

      • Perform sensitivity analysis and attribution analysis to determine the key financial risk factor(s)/input(s) impacting the Model;

      • Challenge current methods by considering additional modeling enhancements or different metrics to assess model effectiveness;

      • Perform independent benchmarking, back testing and other analysis for applicable models;

      • Recommend new ways to automate/improve the modeling process;

      • Effectively challenge the model owners by identifying potential model weakness and provide constructive recommendations.

      What you'll bring

      • Graduate Degree (MS/MA/MBA) in a quantitative discipline (e.g., Mathematics, Statistics, Financial Mathematics, Econometrics);

      • 0-3 years of modeling or model validation working experience;

      • Passionate about risk management and interested in model validation;

      • Detail-oriented, a critical thinker and possess excellent communication skills;

      • Proficient in Microsoft Office suite (Excel, Word, Access, PowerPoints)

      • Knowledge in Statistics (logistic regression) and basic data analysis plus knowledge of SQL/R/Python

      • Basic understanding in fixed income securities or mortgage products (CFA/FRM certifications a plus).

      • Knowledge of stochastic processes or interest-rate model techniques preferred;

      • Experience using machine learning techniques utilizing regression and classification algorithms preferred;

      • Familiar with Tableau and level of detail (LOD) preferred

      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. Visit FHLBCbenefits.com for additional details about our benefits. Step into a brighter future with us.

      Salary Range:

      $75,325.00 - $125,500.00

      The above represents the expected salary range for this job requisition. Ultimately, in determining your pay, we may also consider your experience, and other job-related factors. In addition to the base salary, we offer a comprehensive benefits package which can be found here: https://hrportal.ehr.com/fhlbc

      Apply