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Model Risk Management Jobs in Chicago, IL (NOW HIRING)

Rothera

Director, Enterprise Risk Management

Chicago, IL · On-site

$175K - $200K/yr

Margin Framework: Assist in development, governance, and validation of margin and risk models used ... Manage auditor relationships, evidence collection, remediation, and ongoing control maturity.

CFS

Manager - Investment Risk Management

Chicago, IL · Hybrid

... and portfolio management? Join us as an Investments & Risk Manager and take on a key role in ... Help conduct research and build financial models for investment opportunities. * Collaborate with ...

inlandgroup

Director of Risk Management

Oak Brook, IL · On-site

Inland Risk Management operates as a shared service model, offering the opportunity to collaborate closely with leaders across the firm and influence risk strategy at an enterprise level. Key ...

Northern Trust

AI Risk & Controls Lead

Chicago, IL

$137K - $233K/yr

Oversee AI model inventory, classification, and lifecycle management * Define and enforce model ... Provide risk dashboards and reporting to leadership 🔹 AI Risk & Audit Partnership * Act as ...

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All JobsModel Risk Management JobsModel Risk Management Jobs in Chicago, IL

Model Risk Management information

See Chicago, IL salary details

$37.6K

$84.9K

$142.3K

How much do model risk management jobs pay per year?

As of Jul 5, 2026, the average yearly pay for model risk management in Chicago, IL is $84,879.00, according to ZipRecruiter salary data. Most workers in this role earn between $64,400.00 and $93,300.00 per year, depending on experience, location, and employer.

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

To excel in Model Risk Management, a professional needs a strong grounding in quantitative finance, statistics, and risk assessment, often backed by advanced degrees in relevant fields. Familiarity with technical tools such as Python, R, SAS, and model validation platforms, along with relevant certifications like FRM or CFA, is highly beneficial. Exceptional communication skills, attention to detail, and critical thinking help individuals stand out when interacting with model developers and risk committees. Mastery of these abilities ensures thorough risk analysis, regulatory compliance, and effective mitigation of financial model risks within the organization.

What are some common challenges faced by professionals in Model Risk Management roles?

Professionals in Model Risk Management commonly encounter challenges such as evolving regulatory requirements, the complexity of advanced financial models, and ensuring effective communication between technical and non-technical stakeholders. Staying current with industry best practices while rigorously validating and documenting models can be demanding but is critical for reducing financial and operational risks. Team members often work cross-functionally, collaborating closely with quants, risk managers, and IT teams to evaluate model performance and implement improvements. Adapting to new analytical tools and maintaining a proactive approach to emerging risks will help you succeed and grow in this dynamic field.

What is a Model Risk Management job?

A Model Risk Management (MRM) job involves identifying, assessing, and mitigating risks associated with financial and analytical models used by an organization. Professionals in this role ensure models are accurate, reliable, and comply with regulatory requirements by conducting validation, testing, and performance monitoring. They work closely with model developers, risk teams, and auditors to manage model lifecycle processes. Strong quantitative, analytical, and regulatory knowledge are key skills for success in this field.

What are the most commonly searched types of Model Risk Management jobs in Chicago, IL? The most popular types of Model Risk Management jobs in Chicago, IL are:
What are popular job titles related to Model Risk Management jobs in Chicago, IL? For Model Risk Management jobs in Chicago, IL, the most frequently searched job titles are:
What job categories do people searching Model Risk Management jobs in Chicago, IL look for? The top searched job categories for Model Risk Management jobs in Chicago, IL are:
What cities near Chicago, IL are hiring for Model Risk Management jobs? Cities near Chicago, IL with the most Model Risk Management job openings:
Model Risk Management jobs near you
Infographic showing various Model Risk Management job openings in Chicago, IL as of June 2026, with employment types broken down into 92% Full Time, 6% Part Time, and 2% Contract. Highlights an 81% In-person, 13% Hybrid, and 6% Remote job distribution, with an average salary of $84,879 per year, or $40.8 per hour.
AI Operational Risk Management Sr. Lead

AI Operational Risk Management Sr. Lead

Sidley Austin LLP

Chicago, IL • On-site

$170K - $200K/yr

Full-time

Posted 5 days ago

Job description

The AI Risk Management Senior Lead is a senior, cross-functional role responsible for owning the firm's AI governance framework, leading the AI Risk Center of Excellence (COE), and ensuring that all AI platforms, tools, and agents in use across the firm are adopted and managed in a safe, ethical, and policy-compliant manner. The ideal candidate brings deep risk management expertise, working knowledge of AI and model governance, and the ability to partner effectively with Legal, Compliance, IT Security, and business stakeholders. Experience in the legal industry is strongly preferred.
Duties and Responsibilities:
  • Own and maintain the tool specific AI governance framework, acceptable use policy (AUP).
  • Serve as coordinator of the AI Risk Center of Excellence (COE), convening Legal, Compliance, IT Security, Data & AI, and business representatives.
  • Lead the distributed AI tool governance pipeline, overseeing the appropriate use of locally developed AI prototypes through intake/prioritization process for full application development
  • Support the assessment new AI capabilities and platform updates released by vendors and determine whether governance controls require adjustment prior to enabling.
  • Review Outside Counsel Guidelines questionnaires and contracts for adherence to our AI policy and expectations.
  • Design and oversee the firm-wide AI training curriculum, including AI literacy assessments, acceptable use acknowledgments, and role-specific guidance for lawyers, partners, and office staff.
  • Collaborate with IT Security to ensure that SSO provisioning, endpoint controls, Netskope DLP policies, and network-layer governance for AI platforms remain current and effective.
  • Maintain the department's AI & data risk register; track, escalate, and resolve AI-related risks across all active tools, agents, and Claude instances.
  • Communicate AI policy changes, risk updates, and governance decisions to department heads, practice group leaders, and firm leadership on a regular cadence.
  • Develop creative solutions and improvements to governance processes, policies, and controls to enhance the safety, fairness, and effectiveness of AI use across the firm.

Education and/or Experience:
Required:
  • Bachelor's degree in a related field
  • Minimum of 5 years of risk management, compliance, or governance experience
  • Demonstrated experience with AI governance or model risk management
  • Familiarity with AI platforms including large language models and enterprise AI deployment
  • Experience developing or administering policies, acceptable use frameworks, or risk assessment processes

Preferred:
  • Master's Degree in a related field
  • Juris Doctor degree
  • Risk management or AI governance certification
  • Experience in the legal industry or at a professional services firm
  • Experience working with legal stakeholders or in legal technology

Other Skills and Abilities:
The following will also be required of the successful candidate:
  • Strong organizational skills
  • Strong attention to detail
  • Good judgment
  • Strong interpersonal communication skills
  • Strong analytical and problem-solving skills
  • Able to work harmoniously and effectively with others
  • Able to preserve confidentiality and exercise discretion
  • Able to work under pressure
  • Able to manage multiple projects with competing deadlines and priorities

#LI-OE1
#LI-Hybrid
Applicants must be authorized to work in the United States without the need for employer sponsorship, now or in the future
The target salary range for this role is:
$170,000 - $200,000 if located in Illinois.
Salaries vary by location and are based on numerous factors, including, but not limited to, the relevant market, skills, experience, and education of the selected candidate. Our compensation package also includes bonus eligibility and a comprehensive benefits program. Benefits information can be found at Sidley.com/Benefits.
To perform this job successfully, an individual must be able to perform the Duties and Responsibilities above satisfactorily and meet the requirements. The requirements listed above are representative of the minimum knowledge, skill, and/or ability required. Reasonable accommodations will be made to enable individuals with disabilities to perform the essential functions of the job. If you need such an accommodation, please email sidleytalentacquisition@sidley.com (current employees should contact Human Resources).
Sidley Austin LLP is an Equal Opportunity Employer.

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