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Model Risk Manager Jobs in Geneva, IL (NOW HIRING)

Northern Trust

Hedge Fund Risk Manager

Chicago, IL · On-site

$80K - $133K/yr

Maintain VaR, stress testing, and scenario analysis models * Build dashboards and deliver risk ... Participate in ongoing manager monitoring Qualifications Necessary Experience and Education * 3 - 5 ...

Northern Trust

Hedge Fund Risk Manager

Chicago, IL · On-site

$80K - $133K/yr

Maintain VaR, stress testing, and scenario analysis models * Build dashboards and deliver risk ... Participate in ongoing manager monitoring Qualifications Necessary Experience and Education * 3 - 5 ...

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 ...

Crowe LLP

Third Party Risk Manager

Chicago, IL · On-site

Manager - Third Party Risk The position will be primarily responsible for managing and leading ... operating model improvements, as client needs arise * Evaluating third-party controls ...

Alliant

Lead Model Validation

Chicago, IL · On-site

$95K - $163K/yr

Validate a broad range of models used across credit risk, treasury management (ALM), finance, underwriting, and related areas, includes both traditional statistical models and artificial intelligence ...

New

Bank of America

Sr. Quantitative Finance Manager

Chicago, IL · On-site

$112K - $153K/yr

Maintains and provides oversight of model development and model risk management in respective focus areas to support business requirements and the enterprise's risk appetite * Leads and provides ...

New

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 ...

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 ...

Northern Trust

AI Risk & Controls Lead

Chicago, IL · On-site

$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 ...

Northern Trust

AI Risk & Controls Lead

Chicago, IL · On-site

$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 primary ...

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Showing results 1-20

All JobsModel Risk JobsModel Risk Manager JobsModel Risk Manager Jobs in Geneva, IL

Model Risk Manager information

See Geneva, IL salary details

$50.3K

$108.9K

$165.9K

How much do model risk manager jobs pay per year?

As of Jul 10, 2026, the average yearly pay for model risk manager in Geneva, IL is $108,876.00, according to ZipRecruiter salary data. Most workers in this role earn between $87,800.00 and $125,900.00 per year, depending on experience, location, and employer.

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 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 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 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 job categories do people searching Model Risk Manager jobs in Geneva, IL look for? The top searched job categories for Model Risk Manager jobs in Geneva, IL are:
What cities near Geneva, IL are hiring for Model Risk Manager jobs? Cities near Geneva, IL with the most Model Risk Manager job openings:
Model Risk Manager jobs near you
Infographic showing various Model Risk Manager job openings in Geneva, IL as of July 2026, with employment types broken down into 100% Full Time. Highlights an 75% In-person, and 25% Remote job distribution, with an average salary of $108,876 per year, or $52.3 per hour.
Hedge Fund Risk Manager

Hedge Fund Risk Manager

Northern Trust

Chicago, IL • On-site

$80K - $133K/yr

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Posted 24 days ago

Northern Trust rating

8.1

Company rating: 8.1 out of 10

Based on 25 frontline employees who took The Breakroom Quiz

Job description

About Northern Trust:
Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.
Northern Trust is proud to provide innovative financial services and guidance to the world's most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.
Role Overview
We are seeking an experienced Risk Manager to join our investment team and oversee risk across a diversified portfolio of external hedge fund managers. This role focuses on portfolio-level risk aggregation, manager-level due diligence, and forward-looking risk analytics to support investment decision-making.
The ideal candidate will act as a strategic partner to the investment team, providing actionable insights on portfolio construction, diversification, and downside risk management.
Essential Duties and Responsibilities
Portfolio Risk Oversight
  • Monitor and aggregate risk exposures across underlying hedge funds by strategy, asset class, and geography
  • Assess market, liquidity, concentration, leverage, and tail risks
  • Ensure alignment with risk budgets and investment objectives
Manager Risk Assessment
  • Conduct risk-focused due diligence on hedge fund managers
  • Evaluate strategy risk, leverage, derivatives use, and drawdowns
  • Challenge portfolio construction and hedging assumptions
Risk Analytics & Reporting
  • Maintain VaR, stress testing, and scenario analysis models
  • Build dashboards and deliver risk reporting to senior stakeholders
  • Provide actionable insights to investment decision-makers
Liquidity & Capital Planning
  • Assess liquidity terms including lockups and gates
  • Monitor portfolio liquidity vs investor redemption terms
  • Run stress scenarios for market dislocation events
Portfolio Construction Support
  • Advise on allocation sizing and diversification
  • Identify hidden correlations and portfolio risks
  • Support investment decisions with forward-looking risk views
Ongoing Monitoring & Surveillance
  • Track risk metrics regularly
  • Identify early warning signals such as style drift or anomalies
  • Participate in ongoing manager monitoring
Qualifications
Necessary Experience and Education
  • 3 - 5 years in hedge fund risk management, fund of funds, asset management, risk management or related roles.
  • Bachelor's degree in Finance, Economics, Mathematics, or related field. CFA or FRM preferred.
Necessary Technical Skills
  • Strong understanding of hedge fund strategies
  • Expertise in VaR, stress testing, and risk modeling
  • Prior experience with MSCI RiskMetrics
  • Proficiency in Excel, Power BI, or SQL
Necessary Core Competencies
  • Strong analytical and quantitative skills
  • Ability to interpret limited transparency data
  • Excellent communication and stakeholder management
  • High attention to detail
Salary Range:
$80,800 - 133,400 USD
Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.
Working with Us:
As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.
Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve! Join a workplace with a greater purpose.
We'd love to learn more about how your interests and experience could be a fit with one of the world's most admired and sustainable companies! Build your career with us and apply today. #MadeForGreater
Reasonable accommodation
Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at MyHRHelp@ntrs.com .
We hope you're excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.
Apply today and talk to us about your flexible working requirements and together we can achieve greater.

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