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Head Of Model Risk Management Jobs in Chicago, IL

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 ...

tastytrade

Head of Fraud Risk

Chicago, IL · On-site

$195K - $250K/yr

Head of Business Operations Employment Type: Full-Time Salary : $195,000 - $250,000 As the Head of ... Hire, build, and manage the Fraud Risk team. Define each role's scope, escalation authority, and ...

tastylive

Head of Fraud Risk

Chicago, IL · On-site

$195K - $250K/yr

Head of Business Operations Employment Type: Full-Time Salary : $195,000 - $250,000 As the Head of ... Hire, build, and manage the Fraud Risk team. Define each role's scope, escalation authority, and ...

Hightower

Head of Procurement

Chicago, IL · On-site

$160K - $180K/yr

... Head of Procurement, you will establish the foundational strategy for sourcing, supplier ... management, and risk oversight, along with the core processes, governance, and operating model for ...

hightower

Head of Procurement

Chicago, IL · Hybrid

$160K - $180K/yr

... Head of Procurement, you will establish the foundational strategy for sourcing, supplier ... management, and risk oversight, along with the core processes, governance, and operating model for ...

Synchrony

AVP, Model Validation

Chicago, IL · On-site

Strong knowledge of Regulatory requirements for Model Risk Management with proven track records of delivering Regulatory requirements. * 5+ years of proven experience in Model Risk Management in ...

Bank of America

Sr. Quantitative Finance Manager

Chicago, IL · On-site

$112K - $153K/yr

Maintains and provides oversight of model development and model risk management in respective focus areas to support business requirements and the enterprise's risk appetite * Leads and provides ...

Bank of America

Sr. Quantitative Finance Manager

Chicago, IL · On-site

$112K - $153K/yr

Maintains and provides oversight of model development and model risk management in respective focus areas to support business requirements and the enterprise's risk appetite * Leads and provides ...

CCC Information Services

Head of Compliance

Chicago, IL · On-site

$181.03 - $293/hr

Head of ComplianceSkip to main contentThis website uses cookies to analyze site traffic/performance ... risk management models* Background working closely with Internal Audit, Information Security (GRC ...

inlandgroup

Director of Risk Management

Oak Brook, IL · On-site

The Inland Real Estate Group of Companies, a diversified real estate, investment, and financial ... Inland Risk Management operates as a shared service model, offering the opportunity to collaborate ...

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Showing results 21-40

All JobsHead Of Model Risk Management JobsHead Of Model Risk Management Jobs in Chicago, IL

Head Of Model Risk Management information

See Chicago, IL salary details

$55.6K

$147.5K

$267.8K

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

As of Aug 6, 2026, the average yearly pay for head of model risk management 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 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 Chicago, IL? For Head Of Model Risk Management jobs in Chicago, IL, the most frequently searched job titles are:
What job categories do people searching Head Of Model Risk Management jobs in Chicago, IL look for? The top searched job categories for Head Of Model Risk Management jobs in Chicago, IL are:
What cities near Chicago, IL are hiring for Head Of Model Risk Management jobs? Cities near Chicago, IL with the most Head Of Model Risk Management job openings:
Head Of Model Risk Management jobs near you

Lead Model Validation

Alliant

Chicago, IL • On-site

$95K - $163K/yr

Full-time

Medical, Dental, Vision, Retirement

Posted 29 days ago

Job description

In this hybrid role based at our Chicago Headquarters, you will serve as a contributor within the second line of defense, perform independent model validations and support oversight of the Model Risk Management (MRM) program. 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 (AI) models. Partner with model owners, users, and MRM leadership to assess model soundness, identify model risk, and support compliance with internal policies and regulatory guidance.
Essential Responsibilities
  • Independently execute model validations that are accurate, timely, and compliant with MRM policies, standards, and procedures across credit, market, operational risk, loss forecasting, stress testing, ALM, AML, fraud, pricing, and CECL models.
  • Apply sound analytical judgment to evaluate model input data, conceptual soundness, performance, implementation, and governance.
  • Prepare and document validation reports, including findings, conclusions, and actionable recommendations for model owners and management.
  • Partner with AI Governance stakeholders to assist with review and onboarding on new AI solutions.
  • Assess ongoing performance monitoring results and identify potential model weaknesses, emerging risks, and areas requiring remediation.
  • Support the ongoing enhancement of model validation methods, tools, templates, and practices in alignment with evolving regulatory guidance and industry standards.
  • Review and challenge validation work performed by third-party vendors, including evaluation of methodologies, conclusion quality, and appropriateness of findings.
  • Partner with first-line model owners and users to support effective issue management, remediation planning, and closure of validation findings.
  • Present validation results and risk assessments to MRM leadership and other stakeholders in a professional and constructive manner.
  • Support model risk governance activities, new model onboarding, including inventory maintenance, periodic inventory recertification, and inventory reporting to applicable committees per MRM Standard.
  • Demonstrate discretion, integrity, and professionalism in handling sensitive information and managing differing viewpoints or conflicts.

Education & Years of Experience
  • Minimum - 4 Year Bachelors Degree in Mathematics, Statistics, Economics, Quantitative Finance, Engineering, Computer Science or related
  • Preferred - Graduate Degree in Mathematics, Statistics, Economics, Quantitative Finance, Engineering, Computer Science or related
  • Minimum - 5 Years of Build, test, implement, or validate models within the financial services industry or related
  • Preferred - 7 Years of Build, test, implement, or validate models within the financial services industry or related

In Lieu of Education
  • 8 Years of Build, test, implement, or validate models within the financial services industry or related

Compensation & Benefits:
Typical hiring range: $95,100.00 to $163,100.00 Annually. Actual compensation will be determined using factors such as experience, skills & knowledge.
Benefits: Alliant provides a benefits package including health care, vision, dental, and 401k with employer match including:
  • Annual performance bonus
  • Work from home up to 3 days a week
  • Paid parental leave
  • Employee discount programs
  • Time off including paid personal and sick days
  • 11 paid holidays
  • Education reimbursement

*Note that eligibility and cost of benefits can vary depending on the number of regularly scheduled hours, and job status such as regular full-time, regular part-time, or temporary employment.
Adhere to and ensure compliance of all business transactions with policy and process of the Bank Secrecy Act. Ensures compliance with all applicable state and federal laws, company procedures and policies. Maintains integrity and ethics in all actions and conversations with or regarding credit union members and their accounts; complies with Privacy Act directives.
The responsibilities listed do not contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this position. Duties, responsibilities and activities may change at any time with or without notice.
Equal Opportunity Employer
This employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights notice from the Department of Labor.

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