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Model Risk Governance Manager Jobs in Chicago, IL

Head of Risk

Chicago, IL · On-site

$225K - $300K/yr

Build the risk governance structure including policies, procedures, and escalation frameworks ... Design and oversee margin model validation, stress testing, and back-testing programs. * Manage ...

Support governance activities, including preparation of materials and documentation for risk ... Exposure to SOX, Model Risk Management (SR 11-7), AI Risk Management (NIST AI RMF), or IT GRC ...

AI Risk & Controls Lead

Chicago, IL · On-site

$137K - $233K/yr

AI governance / AI audit / model risk management * Control design and operationalisation (1LOD ... AI model lifecycle & documentation practices * Experience with: * Model inventories, usage tracking ...

AI Risk & Controls Lead

Chicago, IL · On-site

$137K - $233K/yr

AI governance / AI audit / model risk management * Control design and operationalisation (1LOD ... AI model lifecycle & documentation practices * Experience with: * Model inventories, usage tracking ...

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Model Risk Governance Manager information

See Chicago, IL salary details

$44.8K

$106.8K

$172.6K

How much do model risk governance manager jobs pay per year?

As of Jul 13, 2026, the average yearly pay for model risk governance manager in Chicago, IL is $106,830.00, according to ZipRecruiter salary data. Most workers in this role earn between $74,700.00 and $136,000.00 per year, depending on experience, location, and employer.

What is the difference between Model Risk Governance Manager vs Model Risk Analyst?

AspectModel Risk Governance ManagerModel Risk Analyst
Primary FocusOversees model risk policies, governance frameworks, and compliancePerforms detailed model validation, testing, and analysis
ResponsibilitiesDevelops risk management strategies, monitors model risk, ensures regulatory adherenceConducts model performance assessments, documentation, and validation activities
Required CredentialsAdvanced degrees in finance, statistics, or related fields; certifications like FRM or CFA often preferredSimilar credentials; often holds certifications like FRM or CFA
Work EnvironmentStrategic, governance-focused teams within financial institutionsAnalytical teams performing technical validation tasks

The Model Risk Governance Manager focuses on overseeing model risk frameworks and ensuring compliance, while the Model Risk Analyst conducts detailed model validation and testing. Both roles require similar credentials and work within the financial industry, but their responsibilities differ in scope and focus.

What are the most commonly searched types of Model Risk Governance jobs in Chicago, IL? The most popular types of Model Risk Governance jobs in Chicago, IL are:
What are popular job titles related to Model Risk Governance Manager jobs in Chicago, IL? For Model Risk Governance Manager jobs in Chicago, IL, the most frequently searched job titles are:
What job categories do people searching Model Risk Governance Manager jobs in Chicago, IL look for? The top searched job categories for Model Risk Governance Manager jobs in Chicago, IL are:
Director - Risk Governance and Risk Reporting

Director - Risk Governance and Risk Reporting

Northern Trust

Chicago, IL • On-site

$137K - $240K/yr

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Re-posted 13 days ago


Northern Trust rating

8.1

Company rating: 8.1 out of 10

Based on 26 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.
Major Duties :
1. Manages the Technology Risk Governance and Risk Reporting team. Establishes performance standards for the unit. Conducts the performance management process, identifies training and career development
needs.
2. Run monthly Technology Risk committee, including preparation for the meetings / stakeholder engagement, facilitation of meetings, tracking of actions / challenge log items and interactions with other committees / working groups.
3. Run a Technology Risk advisory forum to triage and vet technology risks. Support escalation of material issues and risks to relevant committees and help to drive informed decision making and robust risk mitigation.
4. Facilitate periodic first line Technology risk reporting and integration with central risk management teams for enterprise risk processes.
5. Determines staffing needs, makes hiring and firing decisions, handles
salary administration, and ensures resources are available to
accomplish priorities. Develops and manages diversity programs and
programs for the unit.
6. Participates in developing the business unit strategic plan and
sets goals and priorities based on the direction set for the unit.
Follows through to ensure that objectives are met.
7. Develops unit(s) budget and manages the expenses for the unit.
Knowledge: Requires excellent communication skills, analytical ability, strong judgment and management skills, and the ability to work effectively with client, IT management and staff, vendors and consultants.
Experience: Bachelor degree in Computer Science or a related discipline and at least six, typically eight or more years experience in risk management and governance related to Technology environments or an equivalent combination of education and work experience.
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)
Salary Range:
$137,400 - 240,400 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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