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Head Of Model Risk Management Jobs in Illinois (NOW HIRING)

Wintrust

Risk Management Officer

Rosemont, IL · On-site

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 ...

Wintrust

Risk Management Officer

Rosemont, IL · Hybrid

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 ...

Associatedbank

Model Risk Manager

Chicago, IL · On-site

Lead the development, implementation, and continuous improvement of the Model Risk Management Program and framework. * Drive effective model risk governance through oversight, monitoring, reporting ...

ElectronX

Head of Risk

Chicago, IL · On-site

$225K - $300K/yr

S. ISOs and transition to margin-based trading, we need a Head of Risk who can design the ... Design and oversee margin model validation, stress testing, and back-testing programs. * Manage ...

Alliant Credit Union

Lead Model Validation

Chicago, IL · Hybrid

$95K - $163K/yr

Validate a broad range of models used across credit risk, treasury management (ALM), finance, underwriting, and related areas, includes both traditional statistical models and artificial intelligence ...

US Bank

Quantitative Model Analyst 3 - AML

Chicago, IL · On-site

... 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 behavior ...

U.S. Bank

Head of AI Delivery

Chicago, IL · On-site

$218K/yr

Strong knowledge of Responsible AI, model risk, governance, privacy, security, and regulatory ... Experience managing large, cross-functional teams across business, technology, and risk disciplines ...

US Bank

Head of AI Delivery

Chicago, IL · On-site

$218K/yr

Strong knowledge of Responsible AI, model risk, governance, privacy, security, and regulatory ... Experience managing large, cross-functional teams across business, technology, and risk disciplines ...

Alliant

Lead Model Validation

Chicago, IL · On-site

$95K - $163K/yr

Validate a broad range of models used across credit risk, treasury management (ALM), finance, underwriting, and related areas, includes both traditional statistical models and artificial intelligence ...

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All JobsHead Of Model Risk Management JobsHead Of Model Risk Management Jobs in Illinois

Head Of Model Risk Management information

See Illinois salary details

$52.3K

$138.7K

$251.9K

How much do head of model risk management jobs pay per year?

As of Aug 5, 2026, the average yearly pay for head of model risk management in Illinois is $138,749.00, according to ZipRecruiter salary data. Most workers in this role earn between $102,200.00 and $162,300.00 per year, depending on experience, location, and employer.

What are the key skills and qualifications needed to thrive as a head of model risk management?

To thrive as a Head Of Model Risk Management, you need deep quantitative expertise, advanced knowledge of risk management frameworks, and a strong background in finance or mathematics, often supported by advanced degrees such as a PhD or MSc. Familiarity with statistical software (like Python, R, or SAS), model validation tools, and regulatory compliance systems is typically required. Exceptional leadership, communication, and critical thinking skills are essential for effectively managing teams and presenting complex risk issues to stakeholders. These skills ensure robust oversight of model risk, regulatory compliance, and sound decision-making within financial institutions.

What is the difference between Head Of Model Risk Management vs Model Validation Manager?

AspectHead Of Model Risk ManagementModel Validation Manager
Primary FocusOversees overall model risk framework, governance, and strategyConducts independent validation and testing of models
ResponsibilitiesRisk oversight, policy development, senior stakeholder communicationModel testing, performance assessment, validation reports
CredentialsAdvanced degrees, certifications like FRM, CFA, or CAMS, experience in risk managementQuantitative background, certifications like CFA, FRM, strong modeling expertise
Work EnvironmentStrategic, leadership role within risk management teamsTechnical, analytical role focused on model validation tasks

The Head Of Model Risk Management oversees the entire model risk framework, focusing on strategy and governance, while the Model Validation Manager specializes in testing and validating individual models. Both roles require strong quantitative skills and relevant certifications, but differ in scope and responsibilities.

What are the main challenges faced by a head of model risk management in maintaining regulatory compliance?

A Head of Model Risk Management often faces the challenge of keeping up with evolving regulatory expectations and ensuring that all models used within the organization are compliant. This involves constantly monitoring regulatory updates, coordinating with various departments to implement necessary changes, and maintaining detailed documentation for audit purposes. Additionally, the role requires balancing the need for innovation in modeling techniques with the necessity of robust risk controls and transparent validation processes. Regular communication with risk, compliance, and audit teams is essential to address these challenges effectively.

What does a head of model risk management do?

A Head of Model Risk Management oversees the processes and teams responsible for identifying, assessing, and mitigating risks associated with financial and predictive models used within an organization. This role involves establishing and maintaining model risk frameworks, ensuring regulatory compliance, and leading model validation activities. They also coordinate with other departments to ensure the effective management and governance of all models, providing guidance on best practices and emerging risks. Ultimately, their goal is to minimize model-related losses and support sound decision-making across the business.
What are popular job titles related to Head Of Model Risk Management jobs in Illinois? For Head Of Model Risk Management jobs in Illinois, the most frequently searched job titles are:
What job categories do people searching Head Of Model Risk Management jobs in Illinois look for? The top searched job categories for Head Of Model Risk Management jobs in Illinois are:
What cities in Illinois are hiring for Head Of Model Risk Management jobs? Cities in Illinois with the most Head Of Model Risk Management job openings:
Head Of Model Risk Management jobs near you

Risk Management Officer

Wintrust

Rosemont, IL • On-site

Full-time

Re-posted 6 days ago

Wintrust rating

8.0

Company rating: 8.0 out of 10

Based on 20 frontline employees who took The Breakroom Quiz

72nd of 170 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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