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Independent Contractor Risk Analyst Jobs in Chicago, IL

William Blair

Senior Risk Analyst

Chicago, IL · On-site

$100K - $115K/yr

The Risk Analyst will identify and analyze potential operational, financial, legal and regulatory ... What sets us apart is that we are an independent partnership, with colleagues who have unique ...

FINRA

Principal Analyst, Risk Monitoring

Chicago, IL · Hybrid

$112K - $211K/yr

... independent judgment. * Intermediate-to-Advanced ability to analyze internal and external data to ... contractors and subcontractors to employ and advance in employment qualified individuals with ...

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Independent Contractor Risk Analyst information

See Chicago, IL salary details

$15

$41

$67

How much do independent contractor risk analyst jobs pay per hour?

As of Sep 9, 2026, the average hourly pay for independent contractor risk analyst in Chicago, IL is $41.71, according to ZipRecruiter salary data. Most workers in this role earn between $30.72 and $50.77 per hour, depending on experience, location, and employer.

What is an independent contractor risk analyst?

An Independent Contractor Risk Analyst is a professional who evaluates and manages risks associated with hiring and working with independent contractors. Their responsibilities include assessing legal, financial, and operational risks, ensuring compliance with labor laws, and advising organizations on best practices for engaging independent contractors. They may also help implement risk mitigation strategies and ensure that contractor relationships are structured correctly to avoid misclassification and potential liabilities. This role is crucial for businesses that rely on flexible workforce arrangements and want to minimize exposure to legal and financial risks.

What are the key skills and qualifications needed to thrive as an independent contractor risk analyst?

To thrive as an Independent Contractor Risk Analyst, you need strong analytical skills, a background in finance or risk management, and often a relevant degree or certification such as FRM or CFA. Familiarity with risk assessment software, data analytics tools (like Excel, SAS, or Python), and compliance systems is typically required. Exceptional communication, attention to detail, and the ability to work independently set top performers apart in this role. These skills ensure accurate risk evaluations and effective recommendations, which are critical for protecting clients' interests and maintaining regulatory compliance.

How does an independent contractor risk analyst typically collaborate with clients and other stakeholders?

As an Independent Contractor Risk Analyst, you will frequently work directly with clients to assess their risk exposure and develop practical mitigation strategies. Collaboration usually involves conducting interviews with key personnel, reviewing documentation, and presenting findings to both technical and non-technical stakeholders. You may also coordinate with legal, finance, and compliance teams to ensure recommendations align with organizational objectives. Strong communication and project management skills are essential for managing multiple client relationships and delivering actionable insights.

What are the most commonly searched types of Risk Analyst jobs in Chicago, IL?

The most popular types of Risk Analyst jobs in Chicago, IL are:

Independent Contractor Risk Analyst jobs near you

Model Risk Analyst

Chicago, IL • On-site

Federal Home Loan Bank of Chicago
Commercial Banking • 201 - 500 employees
Learn more about Federal Home Loan Bank of Chicagoexternal

Full-time

Medical, Dental, Vision, Retirement, PTO

Re-posted 7 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

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