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Insurance Risk Manager Jobs in Oakbrook Terrace, IL

Amazon

Risk Manager III - AMZ19105.3

Chicago, IL · On-site

$142.21K - $163.90K/yr

Risk Manager III - AMZ19105.3 Location: Chicago, IL Multiple Positions Available: 1. Support the execution of governance and compliance activities for AI and machine learning (ML) risk models. 2. ...

RSM

Supervisor, Risk Consulting (Insurance)

Chicago, IL · On-site

... understanding of the insurance industry and trends to effectively communicate leading risk ... Manage budgets and provide accurate analysis of estimates to complete to engagement leader * Master ...

Swiss Re

Clinical Risk Manager

Schaumburg, IL · Hybrid

$84K - $140K/yr

This position is ideal for applicants looking to enter the insurance sector in a nurse consultant ... management notes * Identify high risk associated with individuals and communicate required stop ...

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Insurance Risk Manager information

See Oakbrook Terrace, IL salary details

$83K

$122.2K

$187.1K

How much do insurance risk manager jobs pay per year?

As of May 28, 2026, the average yearly pay for insurance risk manager in Oakbrook Terrace, IL is $122,192.00, according to ZipRecruiter salary data. Most workers in this role earn between $101,600.00 and $138,800.00 per year, depending on experience, location, and employer.

What are the key skills and qualifications needed to thrive as an Insurance Risk Manager, and why are they important?

To thrive as an Insurance Risk Manager, you need expertise in risk assessment, analytical thinking, and a strong understanding of insurance principles, often supported by a relevant degree and certifications like ARM or CPCU. Familiarity with risk modeling software, statistical analysis tools, and regulatory compliance systems is typically required. Strong communication, decision-making, and problem-solving skills help you effectively advise stakeholders and manage complex risk scenarios. These abilities are crucial for identifying, evaluating, and mitigating risks to protect organizational assets and ensure regulatory compliance.

What are the most common challenges Insurance Risk Managers face when working across different departments?

Insurance Risk Managers often collaborate with various departments such as underwriting, claims, and compliance to identify and mitigate potential risks. One common challenge is ensuring clear communication and alignment of risk policies across teams that may have different priorities or levels of risk awareness. Balancing regulatory requirements with business objectives can also be complex, requiring strong negotiation and relationship-building skills. Successfully navigating these challenges helps create a unified risk culture and strengthens the organization's overall resilience.

What does an Insurance Risk Manager do?

An Insurance Risk Manager is responsible for identifying, assessing, and mitigating risks that could negatively impact an organization’s assets, operations, or reputation. They analyze various types of risks—including financial, operational, and compliance risks—and develop strategies to minimize potential losses. Insurance Risk Managers also advise on appropriate insurance coverage, negotiate policies with insurers, and ensure that the company complies with relevant regulations to protect against unforeseen events.

What is the difference between Insurance Risk Manager vs Insurance Underwriter?

AspectInsurance Risk ManagerInsurance Underwriter
CredentialsTypically requires a bachelor's degree in risk management, finance, or related fields; professional certifications like ARM or CPCU are commonUsually holds a bachelor's degree in finance, economics, or related areas; certifications like CPCU or ARe are beneficial
Work EnvironmentWorks in corporate risk management departments, analyzing and mitigating risks for the companyWorks in insurance companies, assessing individual or business applications to determine coverage and premiums
Employer & Industry UsageUsed by insurance companies and large corporations to manage risk exposurePrimarily employed by insurance carriers to evaluate and approve insurance policies

While both roles involve understanding insurance policies, the Insurance Risk Manager focuses on overall risk mitigation strategies within an organization, whereas the Insurance Underwriter evaluates individual insurance applications to determine coverage and pricing.

What job categories do people searching Insurance Risk Manager jobs in Oakbrook Terrace, IL look for? The top searched job categories for Insurance Risk Manager jobs in Oakbrook Terrace, IL are:
What cities near Oakbrook Terrace, IL are hiring for Insurance Risk Manager jobs? Cities near Oakbrook Terrace, IL with the most Insurance Risk Manager job openings:
Insurance Risk Manager jobs near you
Asset and Liability Management Risk Manager - Financial Risk Management

Asset and Liability Management Risk Manager - Financial Risk Management

Western Alliance Bank

Chicago, IL • On-site

$159.75K - $197.33K/yr

Full-time

Medical, Dental, Retirement

Posted 19 days ago

Job description

Job Title:

Asset and Liability Management Risk Manager - Financial Risk Management

Location:

IL - Chicago LPO

What you'll do:

The Market Risk Team within Financial Risk Management (FRM) oversees risk taking activities of Treasury focusing specifically on Interest Rate Risk. The team facilitates effective use of risk appetite to monitor and assess risk-taking activities. The group also plays a key role in keeping senior management appraised of the Company's market risk profile. This is achieved by using risk measures, proactive application of expert judgement, and limit setting. Activities are centered on risk management and analysis, transparency and escalation of risk, supervision, and overall process improvement.

  • You'll provide independent risk oversight, challenge, and assessment of interest rate risk exposure with a strong emphasis on quantitative analysis, use of management judgement, and data validation using quantitative techniques

  • Review scenario design, model configurations, and results produced in the Quantitative Risk Management tool (QRM) (e.g., Economic Value of Equity/Earnings at Risk, forecast runs, Funds Transfer Pricing linkages); independently replicate or sensitivitytest key assumptions using quantitative techniques where direct QRM instance access is not available.

  • Develop robust processes and tools to validate key financial assumptions, such as deposit behaviors, prepayment trends, and pricing strategies, and ensure QRM results are accurately reconciled with source systems and established policy limits.

  • Lead structured challenge sessions and memorialize outcomes in memos/minutes consistent with FRM governance and practices.

  • Produce Second Line of Defense Asset Liability Management/Interest Rate Risk dashboards and narratives for the Asset Liability Committee/Financial Risk Management governance, highlighting drivers of risk and emerging issues.

  • Assist in developing and enhancing the market risk management framework, including the design and implementation of risk metrics, reporting processes, and limit structures

What you'll need:

  • 5+ years in Asset Liability Management/Interest Rate Risk in the Banking Book, with at least 2+ years in Second Line of Defense/Model Risk Management or other independent oversight roles.

  • Bachelor's degree in related field required.

  • Handson QRM proficiency (Asset Liability Management/Interest Rate Risk modules; comfort reading QRM output structures, assumptions, and libraries). Ability to replicate Economic Value of Equity/Earnings at Risk and Net Interest Income sensitivities via Python/R/Structured Query Language when needed.

  • Advanced knowledge and experience with tools like Python, Structured Query Language, or R for data analysis and quality checks is a plus, along with familiarity with version control and an interest in process improvement.

  • Advanced knowledge of Asset Liability Management concepts & policy (betas, decays, prepay, deposit segmentation, Funds Transfer Pricing, hedging), and Interest Rate Risk/Asset Liability Management governance. Knowledge of ALM concepts & policy (betas, decay rates, prepay, deposit segmentation, FTP, hedging), and IRR/ALM governance.

  • Professional certification such as Financial Risk Manager (FRM), Professional Risk Manager (PRM), or Chartered Financial Analyst (CFA) preferred.

  • Advanced speaking and writing communication skills.

Compensation: Salary range for new hires is generally $159,745.00 - $197,331.00 for Chicago, IL. Salary amount is determined by specific job location. In addition, the role may be eligible for annual bonus/incentives earned and restricted stock.

Benefits you'll love:
We offer all the important things you'd want - like competitive salaries, an ownership stake in the company, medical and dental insurance, time off, a great 401k matching program, tuition assistance program, an employee volunteer program, and a wellness program. In addition, you'll have the opportunity to bolster your business knowledge, learning the ins and outs of how successful companies operate and manage their finances, giving you invaluable hands-on experience to help grow your career!

About the company:

Western Alliance Bank, Member FDIC, is a wholly owned subsidiary of Western Alliance Bancorporation. Serving clients nationwide, Western Alliance Bank includes six legacy bank brands - Alliance Association Bank, Alliance Bank of Arizona, Bank of Nevada, Bridge Bank, First Independent Bank and Torrey Pines Bank - that remain part of the company's heritage, as well as AmeriHome Mortgage, a Western Alliance Bank Company.

Western Alliance Bancorporation is committed to equal employment and will consider all qualified applicants without regard to race, sex, color, religion, age, nation origin, marital status, disability, protected veteran status, sexual orientation, gender identity or genetic information. Western Alliance Bancorporation is committed to working with and providing reasonable accommodations for individuals with disabilities. If you are an individual with a disability and require a reasonable accommodation to complete any part of the application process and/or need an alternative method of applying, please email HR@westernalliancebank.com or call 602-386-2488. When contacting us, please provide your contact information and state the nature of your accessibility issue. We will only respond to inquiries concerning requests that involve a reasonable accommodation in the application process.

Western Alliance Bancorporation

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