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Operational Risk Analyst Jobs in Chicago, IL (NOW HIRING)

Wedbush

Analyst, Risk Monitoring

Chicago, IL · On-site

$68K - $89K/yr

Our Chicago office is hiring an experienced Supervisor, Risk Monitoring Analyst to join our Risk ... The primary function of this role is to lead after-hours trading operations with a focus on client ...

Wedbush Securities

Analyst, Risk Monitoring

Chicago, IL · On-site

$68K - $89K/yr

Our Chicago office is hiring an experienced Supervisor, Risk Monitoring Analyst to join our Risk ... Escalate risk or operational concerns to the Head of Risk and leadership * Coordinate team ...

Sierra ITS

Risk and Safety Analyst

Oak Brook, IL · On-site

Risk and Safety Analyst Do you get a kick out of helping businesses run safer, smarter, and ... Real pride in helping others, from small businesses to large operations * Enjoy being out in the ...

Associatedbank

Model Risk Manager

Chicago, IL · On-site

... operational risk programs as defined. This position will create and drive policies, program ... analysis, and ongoing monitoring of overall risk profiles. This role will be a liaison with ...

PremiStar

Risk Manager

Deerfield, IL · On-site

The Risk Manager is responsible for leading the organization's enterprise insurance strategy ... Analyze TRIR trends, at-fault auto incidents, and operational loss drivers across the enterprise

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Operational Risk Analyst information

See Chicago, IL salary details

$40.2K

$88.4K

$159.7K

How much do operational risk analyst jobs pay per year?

As of Jun 20, 2026, the average yearly pay for operational risk analyst in Chicago, IL is $88,427.00, according to ZipRecruiter salary data. Most workers in this role earn between $67,500.00 and $107,600.00 per year, depending on experience, location, and employer.

What are some common challenges faced by Operational Risk Analysts, and how can these be effectively managed?

Operational Risk Analysts often face challenges such as identifying emerging risks, effectively communicating findings to stakeholders, and ensuring compliance with evolving regulations. Managing these challenges involves staying up-to-date with industry best practices, developing strong analytical and communication skills, and collaborating closely with other departments like compliance, IT, and internal audit. Building robust risk assessment frameworks and fostering a culture of transparency within the organization are also key to success in this role.

What does an operational risk analyst do?

An operational risk analyst assesses and monitors risks arising from internal processes, systems, people, or external events that could disrupt business operations. They analyze data, develop risk mitigation strategies, and use tools like risk management software to ensure organizational resilience and compliance. Strong analytical skills and knowledge of industry regulations are essential for this role.

What are the 4 pillars of operational risk management?

The four pillars of operational risk management are risk identification, risk assessment, risk mitigation, and risk monitoring. Operational risk analysts focus on these areas to develop strategies that minimize potential losses from internal processes, people, systems, or external events. Mastery of these pillars is essential for effective risk management in organizations.

What are the key skills and qualifications needed to thrive as an Operational Risk Analyst, and why are they important?

To thrive as an Operational Risk Analyst, you need a solid background in risk management, data analysis, and business processes, typically supported by a degree in finance, business, or a related field. Familiarity with risk assessment tools, governance frameworks, and systems like GRC (Governance, Risk, and Compliance) platforms or Excel is commonly required, and certifications such as FRM or CRM are advantageous. Strong analytical thinking, attention to detail, and effective communication skills help you identify risks and collaborate with stakeholders across the organization. These skills ensure accurate risk identification and mitigation, safeguarding the organization's assets and reputation.

How much do operational risk analysts make?

Operational risk analysts typically earn a median annual salary of around $70,000 to $100,000, depending on experience, location, and industry. Entry-level positions may start lower, while experienced analysts with certifications like FRM or ORM can earn higher salaries and bonuses. The role often requires strong analytical skills and knowledge of risk management tools.

What is a risk operations analyst?

A risk operations analyst is a professional responsible for identifying, assessing, and monitoring operational risks within an organization. They analyze data, develop risk mitigation strategies, and often use tools like risk management software to ensure business processes are compliant and secure.

What is the difference between Operational Risk Analyst vs Credit Risk Analyst?

AspectOperational Risk AnalystCredit Risk Analyst
Required CredentialsBachelor's degree in finance, risk management, or related field; certifications like FRM or CRMBachelor's degree in finance, economics, or related; certifications like CFA or FRM
Work EnvironmentFinancial institutions, banks, insurance companies; focus on internal processesBanking, lending institutions; focus on borrower creditworthiness
Employer & Industry UsageUsed across banking, insurance, and investment firms for risk mitigationPrimarily in banking and lending sectors for credit assessment
Common Search & Comparison IntentUnderstanding risk management roles within financial firmsAssessing credit risk and loan approval processes

Operational Risk Analysts focus on internal processes and operational hazards within financial institutions, while Credit Risk Analysts evaluate the creditworthiness of borrowers. Both roles require similar credentials and are vital in risk management but serve different aspects of financial risk assessment.

What are the most commonly searched types of Operational Risk Analyst jobs in Chicago, IL? The most popular types of Operational Risk Analyst jobs in Chicago, IL are:
What are popular job titles related to Operational Risk Analyst jobs in Chicago, IL? For Operational Risk Analyst jobs in Chicago, IL, the most frequently searched job titles are:
What job categories do people searching Operational Risk Analyst jobs in Chicago, IL look for? The top searched job categories for Operational Risk Analyst jobs in Chicago, IL are:
Operational Risk Analyst jobs near you
Risk Management Analyst- Workers Compensation

Risk Management Analyst- Workers Compensation

Ulta Beauty

Bolingbrook, IL • On-site

$66K - $84K/yr

Full-time

Medical, Dental, Vision, Life, PTO

Posted 17 days ago

Ulta Beauty rating

6.0

Company rating: 6.0 out of 10

Based on 997 frontline employees who took The Breakroom Quiz

12th of 23 rated health and beauty retailers

Job description

OVERVIEW
Realize new levels of autonomy and professional ownership. At Ulta Beauty, our Legal, Risk & Governance team provides clarity and continuity in ways that have made our growth a seamless venture, with keen insights that have opened up new and previously unexplored areas of opportunity. Through superior leadership and work that continually challenges, you'll have the chance to help set strategic direction through ethical and collaborative thought and practice.
THE IMPACT YOU CAN HAVE
The Risk Management Analyst supports the organization's workers' compensation, general liability, and Captive Insurance programs by analyzing loss data, monitoring claim performance, and collaborating with internal teams and third-party administrators to reduce the total cost of risk. This role is crucial in translating complex claims and actuarial data into actionable insights for leadership, ensuring alignment with retail and distribution operations, legal strategy, and financial goals. Additionally, the Risk Management Analyst will assist with insurance procurement and administration, as well as risk management financial budgeting, tracking, and reporting to support effective decision-making across the organization.
YOU'LL ACCOMPLISH THESE GOALS BY:
  • Analyze workers' compensation and general liability claims data to identify loss drivers, trends, and emerging risks across retail and distribution locations.
  • Monitor claim severity, frequency, litigated claim ratios, and reserve adequacy; escalate concerns and recommend corrective actions as necessary.
  • Prepare loss summaries, dashboards, and executive-level reports for risk, finance, legal, and operations leadership.
  • Support the management of the casualty insurance program, including deductible, self-insured retention, and captive structures.
  • Support the procurement and administration of insurance policies by coordinating with brokers, underwriters, and internal stakeholders to gather necessary data, complete applications, and maintain accurate policy records.
  • Lead risk management financial budgeting, tracking, and reporting, ensuring costs are accurately projected, monitored, and communicated to leadership for effective decision-making.
  • Track total cost of risk metrics, pure loss rates, and key performance indicators in comparison to retail peers and industry benchmarks.
  • Partner with actuarial, finance, and brokerage teams during renewals, forecasts, and budget planning processes.
  • Collaborate with in-house claims team, third-party administrators (TPAs), insurance carriers, and defense counsel to ensure timely reporting, effective claim handling, and adherence to best practices.
  • Review TPA performance metrics, including three-point contact, early investigation, litigation management, and closure rates.
  • Support initiatives aimed at reducing attorney involvement through early intervention, mediation, and employee engagement strategies.
  • Work closely with Legal, People Success, Safety/EH&S, and Store Operations teams to improve incident timely reporting, claim outcomes, and return-to-work results.
  • Assist in developing training materials and guidance for field leadership on incident reporting and claims awareness.
  • Provide data-driven insights to inform policy decisions, safety initiatives, and risk mitigation strategies.
  • Ensure accurate documentation and data integrity across claims systems, insurance platforms, and internal reporting tools.
  • Assist with audits, carrier data calls, and regulatory reporting as needed.
ADDITIONAL RESPONSIBILITIES:
  • Identify the likelihood and impact of events that could cause financial or operational setbacks.
  • Help define calculated risks that align with business objectives.
  • Assist with adherence to regulatory and industry standards.
  • Identify risk-related inefficiencies and areas for improvement.
  • Promote awareness and accountability across the organization.
  • Create and modify procedures and documents related to risk processes.
  • Develop partnerships with the claims management team.
  • Track and report on target budgets.
  • Provide direct information to claimants as needed.
  • Manage insurance data for reporting purposes.
  • Generate statistical data and construct probability tables to forecast risk and liability for payment of future claims.
THE ESSENTIALS OF SUCCESS
  • 5 - 7+ years in risk analysis
  • Experience with retail corporation(s) preferred
  • Demonstrated ability to think critically and make decisions under uncertainty
  • Strong communication and presentation skills
  • Ability to work collaboratively and cross-functionally in a fast-paced environment
#LI-JR1
#LI-Hybrid
The pay range for this position is $66,200.00 - $84,500.00 / Year with the opportunity for eligible associates to earn additional compensation pursuant to the Company's bonus plan. Exact pay will be based on factors including, but not limited to relevant education, qualifications, certifications, experience, level, shift, geographic location, and business and organizational needs. Full-time positions are eligible for paid time off, health, dental, vision, life and disability benefits. Part-time positions are eligible for dental, vision, life, and disability benefits. For additional information concerning our benefits, visit our Benefits and Career Development page: https://learn.bswift.com/ulta
ABOUT
At Ulta Beauty (NASDAQ: ULTA), the possibilities are beautiful. Ulta Beauty is the largest North American beauty retailer and the premier beauty destination for cosmetics, fragrance, skin care products, hair care products and salon services. We bring possibilities to life through the power of beauty each and every day in our stores and online with more than 25,000 products from approximately 500 well-established and emerging beauty brands across all categories and price points, including Ulta Beauty's own private label. Ulta Beauty also offers a full-service salon in every store featuring-hair, skin, brow, and make-up services.
We will consider for employment all qualified applicants, including those with arrest records, conviction records, or other criminal histories, in a manner consistent with the requirements of any applicable state and local laws, including the City of Los Angeles' Fair Chance Initiative for Hiring Ordinance, the San Francisco Fair Chance Ordinance, and the New York City Fair Chance Act.

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