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Medical Malpractice Risk Management Jobs in Chicago, IL

DV Trading

Credit Risk Manager

Chicago, IL

Lead Counterparty and Credit Risk Management practice at DV Trading by engaging business partners ... Medical, dental, and vision insurance * HSA, FSA, and Dependent Care Options * Employer Paid Group ...

DV Trading

Credit Risk Manager

Chicago, IL · On-site

$150K - $200K/yr

Lead Counterparty and Credit Risk Management practice at DV Trading by engaging business partners ... Medical, dental, and vision insurance * HSA, FSA, and Dependent Care Options * Employer Paid Group ...

DV Trading

Credit Risk Manager

Chicago, IL

$150K - $200K/yr

Lead Counterparty and Credit Risk Management practice at DV Trading by engaging business partners ... Medical, dental, and vision insurance * HSA, FSA, and Dependent Care Options * Employer Paid Group ...

Bank of Montreal

Third Party Risk Manager

Chicago, IL · On-site

$74K - $138K/yr

Business Management In-depth knowledge of Global Third-Party Risk Management processes, lifecycle ... medical conditions), sexual orientation, gender identity, gender expression, transgender status ...

BMO Capital Markets

Third Party Risk Manager

Chicago, IL · On-site

$74K - $138K/yr

Business Management In-depth knowledge of Global Third-Party Risk Management processes, lifecycle ... medical conditions), sexual orientation, gender identity, gender expression, transgender status ...

William Blair

Senior Risk Analyst

Chicago, IL · On-site

$100K - $115K/yr

Apply knowledge of enterprise risk management principles and methodologies to aid business partners ... Our featured benefit offerings include medical, dental and vision coverage, employer paid short ...

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All JobsMedical Malpractice Risk Management JobsMedical Malpractice Risk Management Jobs in Chicago, IL

Medical Malpractice Risk Management information

See Chicago, IL salary details

$53.1K

$114.9K

$175.1K

How much do medical malpractice risk management jobs pay per year?

As of Sep 3, 2026, the average yearly pay for medical malpractice risk management in Chicago, IL is $114,919.00, according to ZipRecruiter salary data. Most workers in this role earn between $92,700.00 and $132,900.00 per year, depending on experience, location, and employer.

What is medical malpractice risk management?

Medical malpractice risk management refers to the strategies and processes healthcare organizations and professionals use to identify, assess, and minimize the risks of legal claims due to medical errors or negligence. It involves implementing policies, staff training, monitoring procedures, and fostering a culture of safety to reduce the likelihood of patient harm. Effective risk management not only helps protect patients but also reduces liability and improves the quality of care provided by healthcare institutions.

How does a medical malpractice risk manager typically collaborate with clinical staff to reduce liability risks?

A Medical Malpractice Risk Manager works closely with physicians, nurses, and administrative teams to identify potential areas of liability and implement preventative strategies. This often involves reviewing incident reports, conducting root cause analyses of adverse events, and providing regular training sessions on best practices. Collaboration is key, as risk managers facilitate open communication and foster a culture of safety, ensuring all staff understand and follow protocols designed to minimize errors and protect both patients and the organization.

What are the key skills and qualifications needed to thrive in medical malpractice risk management, and why are they important?

To excel in Medical Malpractice Risk Management, you need a solid understanding of healthcare regulations, risk assessment, and legal principles, often supported by a degree in healthcare administration, law, or nursing. Familiarity with risk management software, incident reporting systems, and industry certifications such as Certified Professional in Healthcare Risk Management (CPHRM) is highly beneficial. Exceptional analytical thinking, attention to detail, and strong interpersonal communication skills help professionals identify risks and collaborate with clinical staff. These competencies are essential for minimizing legal exposure, improving patient safety, and protecting healthcare organizations from costly claims.

What is the difference between Medical Malpractice Risk Management vs Medical Compliance Specialist?

AspectMedical Malpractice Risk ManagementMedical Compliance Specialist
CredentialsCertifications like RIMS, CPCU, or healthcare risk management credentialsCertifications such as CHC, CCEP, or healthcare compliance certifications
Work EnvironmentHospitals, clinics, insurance companies, healthcare organizationsHealthcare facilities, regulatory agencies, healthcare consulting firms
Primary FocusIdentifying and reducing malpractice risks, incident investigationsEnsuring adherence to healthcare laws, policies, and regulations
Common TasksRisk assessments, staff training, incident analysisPolicy development, compliance audits, staff education

While both roles focus on healthcare quality and safety, Medical Malpractice Risk Management primarily concentrates on minimizing malpractice risks and handling incident investigations. In contrast, Medical Compliance Specialists ensure healthcare providers follow legal and regulatory standards. Both roles require healthcare knowledge and certifications but serve different aspects of healthcare risk and compliance management.

Do medical malpractice risk management professionals make good money?

Medical malpractice risk management professionals typically earn competitive salaries that vary based on experience, location, and employer size. They often hold certifications such as Certified Professional in Healthcare Risk Management (CPHRM) and work in healthcare settings, with median salaries generally ranging from $70,000 to over $100,000 annually. Advanced roles or those in larger institutions tend to offer higher compensation.

Is healthcare risk management a good career?

Healthcare risk management, including medical malpractice risk management, is a growing field that involves identifying and reducing risks to improve patient safety and legal compliance. It often requires knowledge of healthcare regulations, risk assessment skills, and certifications such as the Certified Professional in Healthcare Risk Management (CPHRM). The career offers stability and opportunities for advancement in healthcare organizations.

What are popular job titles related to Medical Malpractice Risk Management jobs in Chicago, IL?

For Medical Malpractice Risk Management jobs in Chicago, IL, the most frequently searched job titles are:

What job categories do people searching Medical Malpractice Risk Management jobs in Chicago, IL look for?

The top searched job categories for Medical Malpractice Risk Management jobs in Chicago, IL are:

What cities near Chicago, IL are hiring for Medical Malpractice Risk Management jobs?

Cities near Chicago, IL with the most Medical Malpractice Risk Management job openings:

Medical Malpractice Risk Management jobs near you
Infographic showing various Medical Malpractice Risk Management job openings in Chicago, IL as of August 2026, with employment types broken down into 1% As Needed, 75% Full Time, 18% Part Time, 5% Contract, and 1% Nights. Highlights an 87% Physical, 1% Hybrid, and 12% Remote job distribution, with an average salary of $114,919 per year, or $55.2 per hour.

Senior Consultant, Third Party Risk Management

Northern Trust

Chicago, IL • On-site

$95K - $162K/yr

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Re-posted 10 hours ago

Key responsibilities

  • Serve as the central owner for third-party engagements and monitor their performance, risk posture, and exposure.

  • Ensure timely completion of third-party risk assessments, reviews, and issue remediation, and maintain documentation of controls and risk decisions.

  • Facilitate reporting to senior management on third-party performance, issues, and risk metrics, and support proactive risk mitigation activities.

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
As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world's most successful individuals, families, corporations and institutions.
Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide.
With more than 135 years of financial experience and over 24,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.
Major Duties
  • Serve as the institution's central owner for the third party across all engagements and business units.
  • Maintain a holistic view of the third party's performance, risk posture, and concentration of exposure to the institution.
  • Develops and cultivates strong relationships with assigned vendors and internal stakeholders.
  • Ensure contractual terms, including risk, compliance, and resiliency provisions, are maintained, and enforced with third parties.
  • Ensure timely completion of third-party risk assessments, periodic reviews, and issue remediation.
  • Facilitate senior management or committee reporting on the third party, including performance against SLAs, material issues, concentration risk, exit strategies.
  • Drives and supports proactive issue identification, mitigation, reporting and remediation by engaging internal stakeholders and third parties.
  • Maintain strong documentation and evidence of controls, risk decisions, and remediations.
  • Track milestones, dependencies, and deliverables across projects and/or an assigned portfolio of relationships.
  • Rationalize supplier redundancy across the enterprise.
  • Accountable for assisting and guiding business partners through various stages of third party lifecycle to ensure quality program execution.
  • Use dashboards and key risk indicators (KRIs) to monitor third-party risk posture and performance and determine areas of focus.
  • Performs ad-hoc business and operational data analytics to support management decision making, identify insights and make recommendations on a broad range of business initiatives.

Skills/Knowledge:
  • Strong consultative skills ranging from structured problem solving, identifying and gathering relevant data, solution and business case development, influencing and communicating the risk posture of third parties.
  • Outstanding communication skills, both written and verbal, with demonstrated ability to develop presentation materials and effectively present to and persuade executive audiences.
  • Strong understanding of 3rd party regulatory requirements and risk treatment exercises.
  • Intellectually curious with the ability to roll up the sleeves to drive change and business outcomes.
  • Strong project management skills with experience leading projects in a highly matrixed agile organization.
  • Data Visualization skills using Tableau, Power BI or equivalent tools is highly desirable.
  • Highly flexible, adaptable to change and comfortable in a dynamic and fast paced work environment.
  • Excellent prioritization skills and comfort dealing with ambiguity.
  • Ability to be flexible with start and end dates as we will work across the Globe.
  • Global outlook with sensitivity and awareness of social and cultural differences.

Experience:
  • An undergraduate degree in Risk or Finance and/or other appropriate academic major or 10 years of experience in Third Party Risk Management at a regulated financial institution.
  • Demonstrated hands-on experience working with vendors/clients in other large financial institutions in a Vendor Management oversight practice.
  • 10 years of experience as a Third Party Relationship Manager for large complex services providers that span multiple line of business.

Salary Range:
$95,600 - 162,400 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.
Work Authorization
Applicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity (no sponsorship is available for H-1B, L-1, TN, O-1, E-3, H-1B1, F-1, J-1, OPT, CPT or any other employment-based visa).
Working with Us
As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to an inclusive workplace and assisting the communities we serve.
Philanthropy is deeply rooted in Northern Trust's history and is an essential element of our culture. Employees around the world give their time and talent to work for the greater good of their communities.
Reasonable Accommodation
Northern Trust is committed to working with and providing adjustments to individuals with health conditions and disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at MyHRHelp@ntrs.com, or alternatively you can discuss your individual requirements with the recruiter you are working with.

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