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Model Risk Governance Jobs in Illinois (NOW HIRING)

Antares Capital LP

AI Engineer

Chicago, IL · On-site

Awareness of financial-industry considerations: data privacy, model risk/governance, auditability, and secure development practices. * Excellent communication skills and the ability to influence and ...

Antares Capital

AI Engineer

Chicago, IL · Hybrid

Awareness of financial-industry considerations: data privacy, model risk/governance, auditability, and secure development practices. * Excellent communication skills and the ability to influence and ...

Antares Capital LP

AI Engineer

Chicago, IL · Hybrid

Awareness of financial-industry considerations: data privacy, model risk/governance, auditability, and secure development practices. * Excellent communication skills and the ability to influence and ...

PayPal

Machine Learning Engineer

Chicago, IL · On-site

Perform model and AI risk governance related activities in line with enterprise risk framework, to ensure PayPal's AI applications are compliant with ever evolving regulatory expectation such as ...

PayPal, Inc.

Machine Learning Engineer

Chicago, IL · On-site

Perform model and AI risk governance related activities in line with enterprise risk framework, to ensure PayPal's AI applications are compliant with ever evolving regulatory expectation such as ...

PayPal

Machine Learning Engineer

Chicago, IL · On-site

Perform model and AI risk governance related activities in line with enterprise risk framework, to ensure PayPal's AI applications are compliant with ever evolving regulatory expectation such as ...

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How much do model risk governance jobs pay per hour?

As of May 28, 2026, the average hourly pay for model risk governance in Illinois is $44.30, according to ZipRecruiter salary data. Most workers in this role earn between $14.42 and $69.90 per hour, depending on experience, location, and employer.

What is a Model Risk Governance job?

A Model Risk Governance job involves overseeing the policies, procedures, and frameworks used to manage model risk within an organization. Professionals in this role ensure that models used for decision-making in areas like finance, risk management, and compliance are properly validated, monitored, and updated. They work closely with model developers, risk managers, and regulators to enforce governance standards and mitigate potential risks. Key responsibilities include establishing model validation processes, conducting risk assessments, and ensuring compliance with regulatory requirements.

What are the key skills and qualifications needed to thrive in the Model Risk Governance position, and why are they important?

To excel in Model Risk Governance, you typically need a strong background in quantitative finance, statistics, or a related field, often with advanced degrees such as a master's or Ph.D., and experience in risk management. Familiarity with model validation tools, programming languages like Python or R, and regulatory frameworks such as SR 11-7 or Basel guidelines is highly valued. Strong analytical thinking, communication skills, and the ability to manage multiple stakeholders are key soft skills for this position. These competencies ensure effective oversight of model risk, facilitate regulatory compliance, and enable clear communication of complex technical issues to non-technical stakeholders.

What are some typical challenges faced in a Model Risk Governance role?

Professionals in Model Risk Governance often encounter challenges such as keeping up with evolving regulatory requirements, ensuring comprehensive documentation for models, and maintaining effective communication between technical modelers and business stakeholders. Balancing rigorous model validations with tight project timelines can also be demanding, especially when coordinating input from various teams. Overcoming these hurdles requires a proactive approach to learning, strong organizational skills, and the ability to translate complex quantitative issues into actionable insights for decision-makers. These challenges make the work dynamic and offer significant opportunities to influence critical risk management processes within the organization.
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Model Risk Governance jobs near you
Infographic showing various Model Risk Governance job openings in Illinois as of May 2026, with employment types broken down into 79% Full Time, 11% Part Time, and 10% Contract. Highlights an 68% In-person, 10% Hybrid, and 22% Remote job distribution, with an average salary of $92,141 per year, or $44.3 per hour.
Asset and Liability Management Risk Manager - Financial Risk Management

Asset and Liability Management Risk Manager - Financial Risk Management

Western Alliance Bancorporation

Chicago, IL • On-site

$159.75K - $197.33K/yr

Full-time

Medical, Dental, Retirement

Posted 10 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 sensitivity-test 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.
  • Hands-on 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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