Freelance Portfolio Risk Management Jobs in Chicago, IL

Cboe Clearing US is a registered Derivatives Clearing Organization and a Covered Clearing Agency. We are hiring a Chief Risk Officer to provide strategic leadership and oversight of the financial risk management function for the Clearinghouse. The CRO reports to the President of Cboe Clearing US, the Board of Directors, and the Risk Management Committee. The role partners with second‑ and third‑line functions, clearing members, and market participants to ensure a robust, compliant risk framework that supports future product growth.

• Provide leadership for the growth and direction of the risk management function while collaborating across teams to execute strategic initiatives.
• Design and enhance market, credit, and liquidity risk management frameworks and implement them in accordance with regulatory and company requirements.
• Oversee credit risk management of clearing members, settlement bank, and other counterparties, including onboarding, ongoing due diligence, and Watch List escalations.
• Develop the quantitative risk methodology and requirements for the Clearinghouse margin model, stress testing, and default management as new products are launched.
• Enhance model and financial resource back‑testing, stress‑testing scenarios, and credit modeling to meet regulatory standards.
• Conduct default management planning and testing with clearing members and exchange liquidity providers to ensure adequate resources to manage possible defaults.
• Lead Credit and Margin Committees and provide regular updates to the Board, Risk Management Committee, and other governing bodies.
• Liaise with CFTC, SEC, FINRA, and other regulators during exams, responding to inquiries on new rules or methodologies.
• Implement and manage the Enterprise Risk Management (ERM) program and ensure operations comply with internal policies and applicable regulations.
• Collaborate with second‑ and third‑line departments (Compliance, Information Security, Internal Audit) to develop and deploy ERM tools, practices, and policies.
• Partner with sales and product teams to understand the product roadmap and develop strategies for new products and services.
• Maintain robust business continuity and disaster recovery processes and coordinate operational resiliency testing.
• Stay abreast of emerging risks and regulations applicable to the Clearinghouse.

• 10–15 years of experience in trading, clearing, or capital markets risk management, or risk management technology.
• Hands‑on experience with post‑trade operational workflows, FCM risk management, CCP risk management, or portfolio risk modeling.
• Experience with regulatory relations and operating within legal and regulatory strategic engagement guidelines, including CFTC DCO core principles and SEC CCA requirements.
• Designed and built margin models, stress testing, liquidity, default management, and overall market and credit risk management at a CCP, FCM, broker‑dealer, or similar entity.
• Experience creating and reviewing risk management policies.
• Operating within a governance framework that includes reporting to a Board or Risk Committee.
• Strong critical thinking skills with an interest in designing risk management governance frameworks across markets, funding, and credit.
• Hands‑on orientation with acute attention to detail; strong SQL, Python, and GitHub skills.
• Prior experience creating or implementing ERM programs, with understanding of risk appetite, tolerances, and controls.
• Results‑driven, organized, and able to manage multiple functions simultaneously.
• Proven strategic agility and ability to anticipate future consequences and trends.
• Excellent written and oral communication skills.
• Leadership experience directing risk management staff and ability to mentor teams.
• Bachelor’s degree required; Master’s degree strongly preferred.
• Familiarity with digital assets, options, and prediction markets is a plus.

• Competitive salary and incentive compensation with upside for overachievement.
• Generous paid time off including vacation, personal days, sick days, and community service days.
• Health, dental, and vision benefits, including telemedicine and mental health services.
• 2:1 401(k) match up to 8% immediately upon hire.
• Discounted Employee Stock Purchase Plan.
• Tax‑savings accounts for health, dependent, and transportation.
• Employee referral bonus program.
• Volunteer opportunities.
• Complimentary lunch, snacks, and coffee available in all offices.
• Paid tuition assistance and education opportunities.
• Generous charitable giving company match.
• Paid parental leave and fertility benefits.
• On‑site gyms and discounts to other fitness centers.

We are a proud equal‑opportunity employer and do not discriminate against any employee or applicant for employment based on any legally protected characteristic, including race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, genetic information, or veteran status. The workplace values and respects all individuals.

Base salary range: $259,250 – $320,250 per year. The range is for U.S. locations and is determined by role, level, and location. The role is not eligible for visa sponsorship and requires U.S. legal authorization to work in the United States.