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

US Bank

Audit Project Manager - Model Risk

Chicago, IL · On-site

$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 ...

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 ...

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 Naperville, IL

Model Risk Management information

See Naperville, IL salary details

$36.4K

$82.2K

$137.8K

How much do model risk management jobs pay per year?

As of Jun 18, 2026, the average yearly pay for model risk management in Naperville, IL is $82,207.00, according to ZipRecruiter salary data. Most workers in this role earn between $62,400.00 and $90,400.00 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 job categories do people searching Model Risk Management jobs in Naperville, IL look for? The top searched job categories for Model Risk Management jobs in Naperville, IL are:
What cities near Naperville, IL are hiring for Model Risk Management jobs? Cities near Naperville, IL with the most Model Risk Management job openings:
Model Risk Management jobs near you
Infographic showing various Model Risk Management job openings in Naperville, IL as of June 2026, with employment types broken down into 82% Full Time, 15% Part Time, 1% Temporary, and 2% Contract. Highlights an 91% Physical, 2% Hybrid, and 7% Remote job distribution, with an average salary of $82,207 per year, or $39.5 per hour.

Risk Appetite, Strategic and Reputation Risk Manager

Busey

Burr Ridge, IL • On-site

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Posted 11 days ago

Job description

Position Summary

The Risk Appetite, Strategic, and Reputation Risk Manager supports First Busey Corporation's management team and Board of Directors in the timely identification of Top and Emerging Risks, providing leadership with actionable reporting enabling management to proactively identify and manage risk. In this position, you will cultivate positive working relationships with management and the Board of Directors, providing thought leadership on emerging trends and industry best practices. Additionally, this role serves as the subject matter expert on Strategic and Reputation Risk, partnering with the Director of Financial and Model Risk to provide Risk Management's perspective on the Company's Strategic Priorities. This position plays a pivotal role in the maturation of the Company's Risk Management posture, providing you with exposure to the Company's leadership team and the opportunity to further your career in a growing financial institution.Duties & Responsibilities
  • Manages the Company's Risk Appetite Framework, developing a comprehensive repository of Key Risk Indicators (KRIs), Key Performance Indicators (KPI), Early Warning Indicators (EWI), etc. and maintaining an aggregation methodology aligned with regulatory expectations and industry best practices
  • Drives the development and provides thought leadership on the Company's risk appetite statement and risk reporting for the Company's top and emerging risks and advising leaders on risk mitigation strategies, as necessary, related to breached metrics to manage increasing risk exposures or risk exposures outside of the Company's appetite
  • Leads the collection, analysis, and reporting of risk data to senior management, committees, the Board, and external stakeholders, including escalating emerging risks and metric breaches as required
  • Collaborates with Enterprise Risk Management to drive reporting synergies, including identifying correlations and dependencies in disparate data enabling management to proactively manage risk
  • Contributes to the Company's Capital Stress Testing Program, synthesizing Top and Emerging Risks and providing Pro Forma risk appetite reporting to inform leadership's decisioning
  • Manage the Company's Strategic and Reputation Risk framework, including managing the Company's corresponding risk policies, spearheading SLOD effective challenge of the Company's strategic priorities, and partnering with management to develop the Strategic and Reputation Top and Emerging Risk assessment
  • Conducts independent research and participates in industry calls on top and emerging risks as well as strategic and reputation risk topics, staying informed about economic and industry trends and benchmarking for comparative analysis and context
  • Maintains the Company's metric application within Archer, ensuring the application supports the Company's framework as well as developing reporting standards and overseeing the timely reporting of metric results by stakeholders
  • Automates data extraction, report generation, and data analysis to reduce risks in reporting and enable management to better identify risk trends
Education & Experience

Education and Training:

  • Bachelor's degree in accounting, Finance, Economics (or equivalent) required; MBA or equivalent advanced degree preferred.
  • Ten years' experience (preferably) in risk management, auditing, accounting, or finance functions; Financial Services Industry experience required. Experience in quantitative analytics preferred; risk management certifications a plus.
  • Advanced knowledge of Microsoft Office Suite required; Statistical Programming (e.g., R, Python, etc.) and Business Intelligence (BI) tools experience preferred.
  • Analytical Skills - Brings high-level quantitative and analytical skills to effectively challenge First Line of Defense. Problem Solving Skills - Commits to action, even in uncertain situations, by making sound and timely decisions necessary to maintain forward progress.
  • Effective Communication - Communicates ideas and information verbally and in writing to ensure key points are clearly outlined and have the desired impact; creates high-quality presentations and reports that convey information clearly and concisely.
  • Process Management Orientation - Creates and maintains standardized, repeatable processes that are both efficient and effective; keeps an eye on continuous improvement opportunities and utilizes automation whenever possible.
  • Planning and Organizing - Developing, implementing, evaluating, and adjusting project plans to reach goals, while ensuring the optimal use of resources. A natural self-starter with persistence, initiative and a high-energy level work ethic.

Ability to:

  • Effective Collaborator - Builds rapport easily; effectively gains trust through demonstrated ability to bring value to processes by respectfully and thoughtfully challenging concepts and/or established norms.
  • Strategic Thinker - Focused on a holistic, futuristic perspective to enhance synergies in support of stated business performance objectives; can take theories and concepts and put them into practice
  • Synthesizes Data - Distills large quantities of data and information in a way that provides business leaders, management and board members with insights needed to make decisions; can connect data points to build and convey key messages and themes.

Compensation and Benefits

Salary offered is based on factors, including but not limited to, the job duties, required qualifications and relevant experience, and local market trends. The role may be eligible for bonus or incentives based on company and individual performance.

(Base Pay Range: $92,000 - $140,000/year)

Busey provides a competitive Total Rewards package in return for your time, talents, efforts and ultimately, results. Your personal and professional well-being-now and in the years to come-are important to us. Busey's Total Rewards include a competitive benefits package offering 401(k) match, profit sharing, employee stock purchase plan, paid time off, medical, dental, vision, company-paid life insurance and long-term disability, supplemental voluntary life insurance, short-term and long-term disability, wellness incentives and an employee assistance program. In addition, eligible associates may take advantage of pre-tax health savings accounts and flexible spending accounts. Visit BuseyTotal Rewardsfor more information.

Equal Opportunity

Busey values a diverse and inclusive workplace and strives to recruit, develop and retain individuals with exceptional talent. A team with diverse talent, working together, is essential to Busey's commitment of delivering service excellence. Busey is an Equal Opportunity Employer including Disability/Vets. VisitBusey.com/Careersto learn more about Busey's Equal Opportunity Employment.

Unsolicited Resumes

Busey Bank, and its subsidiaries, does not accept any liability for fees for resumes from recruiters or employment agencies ("Agency"), without a binding, written recruitment agreement between Busey and Agency describing the services and specific job openings ("Agreement"). Busey may consider any candidate for whom an Agency has submitted an unsolicited resume and explicitly reserves the right to hire those candidate(s) without any financial obligation to the Agency, unless an Agreement is in place. Any email or verbal contact with any Busey associate is inadequate to create a binding agreement. Agencies without an Agreement are requested not to contact any associates of Busey with recruiting inquiries or resumes. Busey respectfully requests no phone calls or emails.

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