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

US Bank

Audit Project Manager - Model Risk

Chicago, IL

$107K - $140K/yr

Instead, it requires strong audit project management skills to ensure quantitative audits are ... Knowledge of model risk *This role requires working from a U.S. Bank location three (3) or more ...

AbbVie

Risk Management Lead - Hybrid

North Chicago, IL · On-site

Serve as a leader to functional departments in embedding the end to end RBQM model and support sustainability. Partner with cross-functional leaders in the development of risk management strategies ...

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 ...

New

AbbVie

Risk Management Lead - Hybrid

North Chicago, IL · On-site

Serve as a leader to functional departments in embedding the end to end RBQM model and support sustainability. Partner with cross-functional leaders in the development of risk management strategies ...

AbbVie

Risk Management Lead - Hybrid

North Chicago, IL · On-site

$124K/yr

Serve as a leader to functional departments in embedding the end to end RBQM model and support sustainability. Partner with cross-functional leaders in the development of risk management strategies ...

PayPal

Director, Risk Management

Chicago, IL · On-site

$176K - $262K/yr

This job establishes overall business or technical strategy for risk management, influences ... PayPal's balanced hybrid work model offers 3 days in the office for effective in-person ...

US Bank

Quantitative Model Analyst 3 - AML

Chicago, IL · On-site

The individual will partner closely with model owners, Model Risk Management, internal and external auditors, and senior leadership to evaluate model behavior, identify emerging risks, and support ...

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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

$84.8K

$142.2K

How much do model risk management jobs pay per year?

As of Jun 14, 2026, the average yearly pay for model risk management in Chicago, IL is $84,812.00, according to ZipRecruiter salary data. Most workers in this role earn between $64,400.00 and $93,200.00 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 is the salary of model risk validation?

Model risk validation professionals typically earn between $80,000 and $150,000 annually, depending on experience, location, and the size of the organization. Senior roles or those with specialized skills in statistical modeling and regulatory knowledge can earn higher salaries, often exceeding $180,000. Certifications such as FRM or CFA can also influence compensation in this field.

Is model risk management a good career?

Model risk management is a specialized field focused on identifying and mitigating risks associated with financial and statistical models. It offers opportunities for growth, requires strong analytical skills, and often involves certifications like FRM or CFA. The role is in demand within financial institutions, regulatory agencies, and consulting firms, making it a stable career choice for those interested in risk analysis and quantitative methods.

What do model risk managers do?

Model risk managers are responsible for identifying, assessing, and mitigating risks associated with financial and operational models used within an organization. They review model assumptions, validate model performance, and ensure compliance with regulatory standards, often using specialized tools and techniques. Their work helps prevent model errors from leading to financial loss or regulatory issues.

What is the highest paying risk management job?

In risk management, senior roles such as Chief Risk Officer (CRO) or Director of Risk typically have the highest salaries, often exceeding six figures annually. These positions require extensive experience, advanced certifications like FRM or CFA, and strong leadership skills, especially in financial institutions or large corporations.
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 100% Full Time. Highlights an 100% In-person job distribution, with an average salary of $84,812 per year, or $40.8 per hour.
Market Risk Analyst

Market Risk Analyst

Federal Home Loan Bank of Chicago

Chicago, IL • On-site

Full-time

Medical, Dental, Vision, Retirement, PTO

Posted 25 days ago

Job description

At the Federal Home Loan Bank of Chicago, employees come first - that's why we offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees.
  • Collaborative, in-office operating model

  • Retirement program (401k and Pension)

  • Medical, dental and vision insurance

  • Lifestyle Spending Account

  • Competitive PTO plan

  • 11 paid holidays per year

Who we are:
Our mission at FHLBank Chicago: To partner with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment, and support for their community investment activities.
Simply said, we're a bank for banks and other financial institutions, focused on being a strategic partner for our members and working together to reinvest in our communities, from urban centers to rural areas. Created by Congress in 1932, FHLBank Chicago is one of 11 Federal Home Loan Banks, government sponsored in support of mortgage lending and community investment.
What it's like to work here:
At FHLBank Chicago, we bring people together. We are committed to a high performing, engaged workforce, and to supporting the communities we serve across Illinois and Wisconsin. Our Buddy Program pairs new hires with tenured employees to guide their onboarding. Our professional development and training opportunities through upskilling, mentorship programs, and tuition reimbursement allow employees to grow their career with us. Our collaborative, in-office operating model brings teams together to foster innovation, connection, and shared success. To support balance and flexibility, employees are provided with an allocation of remote days to use as needed throughout the year.
What you'll do:
In this role, the Market Risk Analyst will be responsible for modeling related to market risk, including but not limited to structured interest rate models, prepayment models, and fair value models for residential and commercial Mortgage-Backed Securities. You'll collaborate with cross-functional teams to perform model evaluation, version upgrade, and assess market risk related to Derivatives, Bonds, Mortgages and Investments following bank and regulatory model risk guidance. You will also be responsible for providing the accurate & timely measurement, analysis, monitoring, and reporting of market risk for the Bank. The ideal candidate should demonstrate superior analytical thinking and problem-solving skills, along with a desire to learn and develop new concepts.
How you'll make an impact:
  • Monitor Bank's risk exposures and support bank's asset liability management.
  • Develop hands-on experience with prepayment models and key modeling assumptions.
  • Gain exposure to different types of financial securities and provide fair value for the bank's balance sheet.
  • Work in a team-based environment and build strong, trustworthy partnerships with internal stakeholders.

What you can expect:
  • Assist in modeling related to market risk including term structure interest rate models, prepayment models for residential and commercial Mortgage-Backed Securities, and fair value models.
  • Document, review, assess, and update model assumptions and valuation methodologies.
  • Review, maintain and upgrade the risk management systems and perform quantitative analysis to assess changes and enhancements to the pricing models within vendor applications.
  • Research new ways to automate/improve operation and reporting process.
  • Troubleshoot and timely resolve issues impacting regulatory reporting.
  • Collaborate with cross-functional teams to perform model evaluation, version upgrades, and assess market risk, following bank and regulatory model risk guidance.
  • Report and provide in-depth analysis of the risk exposure and attribution analysis of Market Value of Equity change of the bank's balance sheet.
  • Work with other departments across the bank to develop, test, and roll out new products.
  • Handle inquiries from external regulators and auditors.
  • Work on ad hoc projects supporting bank's strategic initiatives.

What you'll bring:
  • 0-3 years' work experience.
  • Graduate degree in financial mathematics, financial engineering, mathematics, economics, or other quantitative or computing fields and/or equivalent work experience.
  • Basic understanding in fixed income securities or mortgage products (CFA/FRM certifications a plus).
  • Proficient in MS Excel and Word.
  • SQL/Access Database experience.
  • Solid understanding in fixed income, mortgages, mortgage-backed securities, derivatives, and option pricing models.
  • Basic understanding in term structure models.
  • Familiar with at least one programming language, python, R, or VBA is preferred.
  • Exposure to vendor or in-house software used for security valuation and risk is preferred.
  • Must quickly develop a comprehensive understanding of the bank's modeling tools used for valuation and risk measurement.
  • Passionate about risk management and interested in market risk analysis.
  • Detail-oriented and possess analytical skills necessary to research, troubleshoot, prepare, and present a variety of reports and analyses in a fast-paced, continually evolving atmosphere.
  • Excellent verbal and written communication skills.
  • Able to work effectively under pressure, either independently or as a member of a team.
  • Must be willing to work with flexibility and dependability - work schedule may include shifts outside the normal business hours.

The Perks:
At FHLBank Chicago, we believe in rewarding our high performing workforce. We offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees. Our retirement program includes a 401(k) and pension plan. Our wellbeing program supports employees at work and in their personal lives: Our PTO plan provides five weeks of vacation for new employees and 11 paid holidays per year; our Lifestyle Spending Account provides an annual stipend for employees to support wellbeing activities; and our central downtown location at the Old Post Office provides easy access to public transportation and breathtaking views from our award-winning rooftop. Step into a brighter future with us.
Salary Range:
$75,325.00 - $125,500.00
The above represents the expected salary range for this job requisition. Ultimately, in determining your pay, we may also consider your experience, and other job-related factors. In addition to the base salary, we offer a comprehensive benefits package which can be found here: https://hrportal.ehr.com/fhlbc

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