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

ElectronX

Head of Risk

Chicago, IL · On-site

$225K - $300K/yr

Design and oversee margin model validation, stress testing, and back-testing programs. * Manage counterparty credit risk assessment and ongoing monitoring for clearing members. * Develop position ...

Citizens

Fraud Risk Analytics Manager

Chicago, IL · Hybrid

$105K - $130K/yr

... risk management, and product experiences. The ideal candidate brings deep fraud domain expertise ... Model evaluation and performance monitoring Preferred Qualifications * Experience with fraud ...

Citizens

Fraud Risk Analytics Manager

Chicago, IL · Hybrid

$105K - $130K/yr

... risk management, and product experiences. The ideal candidate brings deep fraud domain expertise ... Model evaluation and performance monitoring Preferred Qualifications * Experience with fraud ...

RSM

SAP Transformation Risk Manager

Chicago, IL · On-site

TheERP Risk and Automation Services (ERAS) Consulting practice,assistswith various consulting ... Model RSM's core values: caring, curious, collaborative, courageous, and critical thinking * Manage ...

Synchrony

AVP, Credit Model Development

Chicago, IL · On-site

Partner with Model Risk Management on model validations, annual reviews, and ongoing assessments. * Analyze model performance and explain model behavior to business stakeholders. * Utilize advanced ...

Geneva Trading

Global Head of Risk Management

Chicago, IL · On-site

$225K - $300K/yr

Model, analyze, and optimize existing and new risk matrices * Drive the development and ... At least 7 years' relevant experience as a Senior Risk Manager in a derivatives trading environment

Bmo

Payment Risk Oversight - Manager

Chicago, IL · Hybrid

$102K - $190K/yr

The Manager, Operational Risk - Payments is a second line of defense role responsible for providing ... Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and ...

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All 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 Jun 21, 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

Head of Risk

ElectronX

Chicago, IL • On-site

$225K - $300K/yr

Full-time

Medical, Dental, Vision, Retirement, PTO

Posted 22 days ago

Job description

Who are we?
ElectronXâ„¢ is the first U.S.-regulated, direct access electricity derivatives market, offering financial products to address volatile short-term price exposure to electricity. With offices in Chicago and New York City, ElectronX is building the missing financial infrastructure and risk management tools necessary to smooth the path for U.S. energy production, diversification and grid expansion in a time of rapidly increasing power demand.
ElectronX is a venture capital-backed startup supported by premier VC partners including Innovation Endeavors, Systemiq Capital, Equinor Ventures, Shell Ventures LLC, DCVC, Amplo, BoxGroup and Lightning Capital.
Who are we looking for?
As a fast-growing company in the highly competitive, quantitative capital markets industry, ElectronX values candidates who are resourceful, curious and adaptable to change. Our cultural focus on innovation requires collaborative and entrepreneurial teammates with the intellectual grit necessary for near- and long-term success.
ElectronX is building a CFTC-regulated Derivatives Clearing Organization from the ground up, and risk management is the backbone of everything we do. As we expand across all U.S. ISOs and transition to margin-based trading, we need a Head of Risk who can design the enterprise risk framework that makes it all possible. This role works in close partnership with and in support of ElectronX's Chief Risk Officer to build and execute that framework.
This isn't a role where you inherit a risk program and maintain it. You're building it. You'll define how ElectronX thinks about risk across every dimension: market, credit, counterparty, operational, and liquidity. You'll set the risk appetite for a fast-growing exchange, stand up the monitoring and surveillance infrastructure, and make sure we're not just compliant but ahead of where regulators are going.
The right person has seen risk management done well at established institutions and knows what to take from that experience and what to leave behind. You want to build a risk function that's modern, quantitative, and designed for the speed and complexity of energy markets.
What will you be doing?
Enterprise Risk Framework
  • Own the end-to-end risk management framework for the exchange and DCO.
  • Define the enterprise risk appetite and tolerance statement.
  • Build the risk governance structure including policies, procedures, and escalation frameworks.
  • Establish risk reporting to the Board, regulators, and senior leadership.
  • Develop and chair the Risk Committee.

Market & Credit Risk
  • Design and oversee margin model validation, stress testing, and back-testing programs.
  • Manage counterparty credit risk assessment and ongoing monitoring for clearing members.
  • Develop position limits, concentration risk policies, and large trader surveillance.
  • Build default fund sizing methodologies and maintain the default waterfall.
  • Own recovery and resolution planning.

Operational & Liquidity Risk
  • Stand up the operational risk program covering technology risk, business continuity, and third-party risk management.
  • Build real-time risk monitoring and surveillance systems that can scale with 24x7 trading.
  • Manage liquidity risk including liquidity stress testing and contingency funding planning.
  • Establish robust financial controls for wire processing, cash reconciliation, and treasury operations.
  • Ensure full compliance with customer funds segregation and protection requirements.

Regulatory
  • Serve as the primary risk liaison with the CFTC and other regulatory bodies.
  • Lead risk-related regulatory filings, rule submissions, and examination readiness.
  • Ensure compliance with CFTC Part 39 requirements around risk management, financial resources, and default procedures.
  • Stay ahead of evolving regulatory expectations and proactively adapt the risk framework.

Team & Stakeholders
  • Build and lead a high-performing risk management team.
  • Collaborate closely with compliance and finance on margin model design and clearing risk integration, and work cross-functionally with engineering, product, and commercial teams to embed risk thinking into business decisions.
  • Manage relationships with regulators, clearing members, and industry risk bodies.
  • Represent ElectronX in industry risk forums and working groups.
What we need from you
Technical Acumen
  • 10+ years in risk management at an exchange, CCP, FCM, or major financial institution.
  • Deep expertise in derivatives risk including margin, default management, and systemic risk.
  • Proven track record building or significantly transforming a risk function, not just maintaining one.
  • Strong regulatory relationship management, ideally with the CFTC or equivalent bodies.
  • Experience with enterprise risk governance, Board-level risk reporting, and risk committee leadership.
  • Expert quantitative skills in risk modeling, VaR, stress testing, scenario analysis, and back-testing.
  • Deep understanding of margin methodologies including SPAN, VaR-based, and historical simulation approaches.
  • Experience with real-time risk monitoring systems and surveillance technology.
  • Ability to translate risk requirements into technical specifications and work effectively with engineering teams.

The Right Mindset
  • Frameworks first: You think in frameworks, not checklists.
  • Practical rigor: You're someone who builds risk programs that are robust enough to satisfy regulators and practical enough that the business actually uses them.
  • Rigor with speed: You balance rigor with speed because you understand that in a startup, waiting for perfection means falling behind.
  • Clear communicator: You're a clear communicator who can make risk concepts accessible to the Board, to engineers, and to commercial teams.
  • Builder mentality: You want to build something from scratch and put your stamp on it.

Nice to Have
  • FRM, PRM, CFA, or equivalent certification.
  • Experience in energy or commodity risk management.
  • Background at a DCO or CCP during a launch or major expansion phase.
  • Knowledge of real-time payments, digital asset risk, or emerging market infrastructure.
  • Established relationships within the clearing and risk management community.
  • Experience with international risk frameworks and cross-border regulatory coordination.
Benefits
  • Health, vision and dental insurance
  • 401(k) match
  • Supplemental health and disability insurance
  • Unlimited vacation
  • Parental leave

Equal Opportunity Statement:
ElectronX is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all employees. We do not discriminate on the basis of race, religion, color, sex, gender identity, sexual orientation, age, non-disqualifying physical or mental disability, national origin, veteran status, or any other basis covered by appropriate law. All employment is decided on the basis of qualifications, merit, and business need.
This position is not eligible for immigration sponsorship.

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