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Model Risk Manager Jobs in Hoffman Estates, IL (NOW HIRING)

Wintrust

Risk Management Officer

Rosemont, IL · On-site

Provide independent model risk management and support for the VP of Model Risk as follows: Model Validation * Perform independent and comprehensive validation of bank-wide statistical/econometric ...

Wintrust

Risk Management Officer

Rosemont, IL · Hybrid

Provide independent model risk management and support for the VP of Model Risk as follows: Model Validation * Perform independent and comprehensive validation of bank-wide statistical/econometric ...

PremiStar

Risk Manager

Deerfield, IL · On-site

Support M&A due diligence, insurance modeling, and post-acquisition integration Claims & Total Cost of Risk Management * Provide executive-level oversight of workers' compensation, auto, general ...

Capital One

Risk Manager

Riverwoods, IL

... model. * Stakeholder Management: Collaborate with first-line of defense contacts and key ... Risk Assessment Support: Ensure the process hierarchy is structured to allow risk owners to ...

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All JobsModel Risk JobsModel Risk Manager JobsModel Risk Manager Jobs in Hoffman Estates, IL

Model Risk Manager information

See Hoffman Estates, IL salary details

$50.6K

$109.5K

$166.9K

How much do model risk manager jobs pay per year?

As of Aug 22, 2026, the average yearly pay for model risk manager in Hoffman Estates, IL is $109,544.00, according to ZipRecruiter salary data. Most workers in this role earn between $88,400.00 and $126,700.00 per year, depending on experience, location, and employer.

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 skills and qualifications are needed to be a model risk manager?

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 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 popular job titles related to Model Risk Manager jobs in Hoffman Estates, IL?

For Model Risk Manager jobs in Hoffman Estates, IL, the most frequently searched job titles are:

What job categories do people searching Model Risk Manager jobs in Hoffman Estates, IL look for?

The top searched job categories for Model Risk Manager jobs in Hoffman Estates, IL are:

What cities near Hoffman Estates, IL are hiring for Model Risk Manager jobs?

Cities near Hoffman Estates, IL with the most Model Risk Manager job openings:

Model Risk Manager jobs near you
Infographic showing various Model Risk Manager job openings in Hoffman Estates, IL as of August 2026, with employment types broken down into 85% Full Time, 13% Part Time, 1% Contract, and 1% Nights. Highlights an 81% Physical, 2% Hybrid, and 17% Remote job distribution, with an average salary of $109,544 per year, or $52.7 per hour.

Manager, Model Risk Governance

Federal Home Loan Bank of Chicago

Chicago, IL • On-site

Full-time

Medical, Dental, Vision, Retirement, PTO

Posted 24 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
You will be responsible for the Model Governance and Compliance, reporting to the Head of Model Risk Management (MRM). You'll oversee and ensure compliance with model risk management policies, procedures, and regulatory requirements. You will also work closely with cross-functional teams to establish and maintain robust model risk governance frameworks. You will have a strong background in risk management, regulatory compliance, and model governance. This role has direct reports.
How you'll make an impact
  • Strengthens risk management and governance by ensuring models, AI/ML solutions, and end-user computing (EUC) tools comply with regulatory requirements, internal policies, and governance standards.
  • Improves decision-making through strong governance by establishing robust model and EUC governance frameworks, maintaining model inventory, and promoting high-quality data, controls, and transparency across the model lifecycle.
  • Supports strategic objectives by enhancing governance practices, supporting regulatory readiness, and providing senior management with clear insights into model and emerging risks.

What you can expect
  • Implement and maintain a comprehensive model risk governance framework, including model standards, validation procedures, validation report templates, test scripts, checklists to ensure compliance with regulatory requirements and industry best practices.
  • Stay up-to-date with regulatory guidelines, Model Risk AB 2013-07 and Supplemental AB 2022-03, industry trends related to model risk governance and compliance, and assess their impact on model risk governance and compliance practices.
  • Conduct periodic assessments and reviews to identify potential gaps or weaknesses in model risk governance and compliance practices and recommend appropriate remediation actions.
  • Maintain an up-to-date model inventory.
  • Engage internal or external resources to review EUCs periodically.
  • Collaborate with model validation team to perform model annual review and ensure models adhere to established governance standards and regulatory requirements.
  • Conduct peer reviews for model validation team to ensure validation report adhere to established model governance standards and regulatory requirements.
  • Conduct periodical GRC model surveys (especially performance monitoring processes) and vendor surveys, and work with Model Validation team to provide model risk assessment.
  • Participate in regulatory interactions, including examinations, inquiries, and reporting related to model risk governance and compliance matters.
  • Coordinate with internal audit and compliance teams to support model risk-related audits and examinations, responding to inquiries and providing necessary documentation.
  • Develop and deliver training programs on model risk governance and compliance for relevant stakeholders, including model owners, risk managers, and senior management.
  • Prepare comprehensive reports and presentations summarizing model risk governance and compliance activities, findings, and recommendations for senior management and oversight committee (OROC).

What you'll bring
  • Bachelors or master's degree in finance, economics, risk management, or a related field.
  • Relevant professional certifications (e.g., FRM, CFA) are a plus.
  • Extensive experience (7-10 years) in risk management, regulatory compliance, or related fields, with a focus on model risk governance and compliance.
  • 0-5 years of management experience required
  • Strong knowledge of regulatory guidelines and industry best practices related to model risk governance and compliance.
  • Familiarity with model risk management frameworks, model validation, and model development processes.
  • Experience in developing and implementing policies, procedures, and controls related to model risk governance and compliance.
  • Strong understanding of regulatory requirements and the ability to interpret and apply them in a practical manner.
  • Advanced understanding of financial regulatory environment, fixed income products and risk management concepts.
  • Excellent problem-solving skills, with the ability to assess and mitigate risk effectively.
  • Excellent communication and interpersonal skills, with the ability to collaborate with cross-functional teams.
  • Familiarity with regulatory reporting and examination processes related to model risk governance and compliance is a plus.

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. Visit FHLBCbenefits.com for additional details about our benefits. Step into a brighter future with us.
Salary Range:
$151,025.00 - $265,525.00
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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