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Healthcare Risk Manager Jobs in Illinois (NOW HIRING)

Northern Trust

Hedge Fund Risk Manager

Chicago, IL · On-site

$80K - $133K/yr

Role Overview We are seeking an experienced Risk Manager to join our investment team and oversee ... and pension), health and welfare benefits (medical, dental, vision, spending accounts and ...

Wedbush

Vice President, Market Risk Manager

Chicago, IL

$125K - $200K/yr

Comprehensive medical, dental, and vision coverage with multiple health plan options for you and ... care Pre-Tax Commuter Benefits 401(k) plan with discretionary, competitive company matching and ...

Swiss Re

Clinical Risk Manager

Schaumburg, IL · Hybrid

$84K - $140K/yr

... Re's Accident & Health division! About the Role: This position requires a strong clinical ... care. We are a welcoming team of nurses who are passionate about what they do. Diversity and ...

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All JobsHealthcare Risk JobsHealthcare Risk Manager JobsHealthcare Risk Manager Jobs in Illinois

Healthcare Risk Manager information

See Illinois salary details

$49.9K

$108.1K

$164.7K

How much do healthcare risk manager jobs pay per year?

As of Aug 8, 2026, the average yearly pay for healthcare risk manager in Illinois is $108,101.00, according to ZipRecruiter salary data. Most workers in this role earn between $87,200.00 and $125,000.00 per year, depending on experience, location, and employer.

What is the difference between Healthcare Risk Manager vs Healthcare Compliance Officer?

AspectHealthcare Risk ManagerHealthcare Compliance Officer
CertificationsRisk Management Certification, CRCMCHC, CHC-F, or similar compliance certifications
Work EnvironmentHospitals, clinics, insurance companiesHealthcare facilities, regulatory agencies
Primary FocusIdentifying and mitigating risks, patient safetyEnsuring adherence to laws, policies, and regulations
Employer & Industry UsageHealthcare providers, insurance firmsHealthcare organizations, government agencies

While both roles aim to improve healthcare quality and safety, Healthcare Risk Managers focus on risk assessment and mitigation strategies, whereas Healthcare Compliance Officers concentrate on regulatory adherence and policy enforcement. Both positions often collaborate to ensure a safe, compliant healthcare environment.

What are popular job titles related to Healthcare Risk Manager jobs in Illinois? For Healthcare Risk Manager jobs in Illinois, the most frequently searched job titles are:
What job categories do people searching Healthcare Risk Manager jobs in Illinois look for? The top searched job categories for Healthcare Risk Manager jobs in Illinois are:
What cities in Illinois are hiring for Healthcare Risk Manager jobs? Cities in Illinois with the most Healthcare Risk Manager job openings:
Healthcare Risk Manager jobs near you
Infographic showing various Healthcare Risk Manager job openings in Illinois as of July 2026, with employment types broken down into 83% Full Time, 13% Part Time, 3% Temporary, and 1% Contract. Highlights an 82% Physical, 3% Hybrid, and 15% Remote job distribution, with an average salary of $108,101 per year, or $52 per hour.

Hedge Fund Risk Manager

Northern Trust

Chicago, IL • On-site

$80K - $133K/yr

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Re-posted 23 days ago

Northern Trust rating

8.2

Company rating: 8.2 out of 10

Based on 27 frontline employees who took The Breakroom Quiz

Job description

About Northern Trust:
Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.
Northern Trust is proud to provide innovative financial services and guidance to the world's most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.
Role Overview
We are seeking an experienced Risk Manager to join our investment team and oversee risk across a diversified portfolio of external hedge fund managers. This role focuses on portfolio-level risk aggregation, manager-level due diligence, and forward-looking risk analytics to support investment decision-making.
The ideal candidate will act as a strategic partner to the investment team, providing actionable insights on portfolio construction, diversification, and downside risk management.
Essential Duties and Responsibilities
Portfolio Risk Oversight
  • Monitor and aggregate risk exposures across underlying hedge funds by strategy, asset class, and geography
  • Assess market, liquidity, concentration, leverage, and tail risks
  • Ensure alignment with risk budgets and investment objectives
Manager Risk Assessment
  • Conduct risk-focused due diligence on hedge fund managers
  • Evaluate strategy risk, leverage, derivatives use, and drawdowns
  • Challenge portfolio construction and hedging assumptions
Risk Analytics & Reporting
  • Maintain VaR, stress testing, and scenario analysis models
  • Build dashboards and deliver risk reporting to senior stakeholders
  • Provide actionable insights to investment decision-makers
Liquidity & Capital Planning
  • Assess liquidity terms including lockups and gates
  • Monitor portfolio liquidity vs investor redemption terms
  • Run stress scenarios for market dislocation events
Portfolio Construction Support
  • Advise on allocation sizing and diversification
  • Identify hidden correlations and portfolio risks
  • Support investment decisions with forward-looking risk views
Ongoing Monitoring & Surveillance
  • Track risk metrics regularly
  • Identify early warning signals such as style drift or anomalies
  • Participate in ongoing manager monitoring
Qualifications
Necessary Experience and Education
  • 3 - 5 years in hedge fund risk management, fund of funds, asset management, risk management or related roles.
  • Bachelor's degree in Finance, Economics, Mathematics, or related field. CFA or FRM preferred.
Necessary Technical Skills
  • Strong understanding of hedge fund strategies
  • Expertise in VaR, stress testing, and risk modeling
  • Prior experience with MSCI RiskMetrics
  • Proficiency in Excel, Power BI, or SQL
Necessary Core Competencies
  • Strong analytical and quantitative skills
  • Ability to interpret limited transparency data
  • Excellent communication and stakeholder management
  • High attention to detail
Salary Range:
$80,800 - 133,400 USD
Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.
Working with Us:
As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.
Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve! Join a workplace with a greater purpose.
We'd love to learn more about how your interests and experience could be a fit with one of the world's most admired and sustainable companies! Build your career with us and apply today. #MadeForGreater
Reasonable accommodation
Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at MyHRHelp@ntrs.com .
We hope you're excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.
Apply today and talk to us about your flexible working requirements and together we can achieve greater.

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