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Model Risk Manager Jobs in Illinois (NOW HIRING)

Early Warning Services

IT Risk Manager

Chicago, IL · Hybrid

Positions located in Scottsdale, San Francisco, Chicago, or New York follow a hybrid work model to ... Overview The Manager, Risk Management is responsible for the building and coordination of a ...

Worldpac

Credit Risk Manager

Oak Brook, IL

The Manager oversees credit risk reviews as well as investigations and is responsible to make ... Predict risks by creating credit scoring models * Maintain the corporate credit policy and ...

Amrize

Risk Manager, Insurance Programs

Chicago, IL · On-site

Advanced proficiency in Microsoft Excel (pivot tables, modeling), PowerPoint, and experience with RMIS (Risk Management Information Systems). Travel Requirements: Approximately 20% travel for site ...

PNC Bank

LOB Risk Manager II

Downers Grove, IL · On-site

Live the Values - Role models our values with transparency and courage. * Enable Change - Takes ... Risk Management Programs, Strategic Planning Competencies Collaborating, Decision Making and ...

Early Warning Services

Sr. IT Risk Manager

Chicago, IL · Hybrid

Positions located in Scottsdale, San Francisco, Chicago, or New York follow a hybrid work model to ... Essential Functions Risk, Control, and Issue Management * Serves as a subject matter expert ...

AbbVie

Risk Management Lead - Hybrid

North Chicago, IL · On-site

$124.50K/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 ...

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Model Risk Manager information

See Illinois salary details

$49.9K

$108.1K

$164.7K

How much do model risk manager jobs pay per year?

As of Jun 3, 2026, the average yearly pay for model risk manager in Illinois is $108,101.00, according to ZipRecruiter salary data. Most workers in this role earn between $87,200.00 and $125,000.00 per year, depending on experience, location, and employer.

What are the key skills and qualifications needed to thrive as a Model Risk Manager, and why are they important?

To thrive as a Model Risk Manager, you need a solid background in quantitative finance, statistics, or mathematics, often supported by an advanced degree and experience in model development or validation. Familiarity with programming languages such as Python or R, risk management frameworks, and regulatory requirements like SR 11-7 or ECB guidelines is typically expected. Strong analytical thinking, attention to detail, and effective communication are crucial soft skills for articulating complex model risks to stakeholders. These competencies are vital for ensuring the accuracy, compliance, and reliability of financial models within an organization.

What are some common challenges a Model Risk Manager faces when validating complex financial models?

Model Risk Managers often encounter challenges such as limited or incomplete data, evolving regulatory requirements, and the need to validate highly complex or proprietary models. They must work closely with model developers, quantitative analysts, and compliance teams to ensure all assumptions and methodologies are sound. Staying up to date with industry best practices and maintaining clear documentation are also crucial, as is effectively communicating findings to both technical and non-technical stakeholders.

What does a Model Risk Manager do?

A Model Risk Manager is responsible for identifying, assessing, and mitigating risks associated with financial and analytical models used by an organization. They ensure that models are accurate, reliable, and compliant with regulatory standards by overseeing validation processes and monitoring model performance. Their role often includes collaborating with model developers, conducting independent reviews, and implementing model governance frameworks to minimize potential losses or errors stemming from model misuse or inaccuracies.

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

AspectModel Risk ManagerQuantitative Analyst
Required CredentialsAdvanced degrees in finance, statistics, or mathematics; certifications like FRM or CFADegree in finance, economics, mathematics, or related fields; often CFA or CQF
Work EnvironmentFocus on risk management teams within financial institutions; regulatory complianceAnalytical roles within trading, investment, or banking divisions; model development
Employer & Industry UsageFinancial institutions, banks, asset managersInvestment firms, hedge funds, banks, financial services

The Model Risk Manager primarily oversees and mitigates risks associated with financial models, ensuring compliance and accuracy. In contrast, Quantitative Analysts develop and implement models to support trading, investment, or risk strategies. While both roles require strong quantitative skills and similar credentials, their focus areas differ—risk management versus model development and analysis.

What are the most commonly searched types of Model Risk jobs in Illinois? The most popular types of Model Risk jobs in Illinois are:
What are popular job titles related to Model Risk Manager jobs in Illinois? For Model Risk Manager jobs in Illinois, the most frequently searched job titles are:
What job categories do people searching Model Risk Manager jobs in Illinois look for? The top searched job categories for Model Risk Manager jobs in Illinois are:
What cities in Illinois are hiring for Model Risk Manager jobs? Cities in Illinois with the most Model Risk Manager job openings:
Model Risk Manager jobs near you
Market Risk Analyst

Market Risk Analyst

Federal Home Loan Bank of Chicago

Chicago, IL • On-site

Full-time

Medical, Dental, Vision, Retirement, PTO

Posted 15 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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