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

Arrive Logistics

Risk Manager

Chicago, IL · On-site

Partner closely with Operations, Compliance, Legal, and Finance to integrate risk management smoothly into daily workflows. Qualifications * Bachelor's degree or equivalent from an accredited ...

Arrive Logistics

Risk Manager

Chicago, IL · On-site +1

$105K - $132K/yr

Partner closely with Operations, Compliance, Legal, and Finance to integrate risk management smoothly into daily workflows. Qualifications * Bachelor's degree or equivalent from an accredited ...

Early Warning Services

IT Risk Manager

Chicago, IL · Hybrid

Typically, a minimum of 8 or more years of progressive audit, operational risk or other risk management experience or other proven related business experience. * Good understanding of risk management ...

Epitec

Risk Manager - US

Chicago, IL · On-site

$78 - $82/hr

The ideal candidate will have a strong background in commercial insurance, liability claims management, and risk mitigation within manufacturing or industrial operations. Key Responsibilities

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All JobsOperational Risk Management JobsOperational Risk Management Jobs in Chicago, IL

Operational Risk Management information

See Chicago, IL salary details

$48.5K

$124.4K

$244.3K

How much do operational risk management jobs pay per year?

As of Aug 14, 2026, the average yearly pay for operational risk management in Chicago, IL is $124,439.00, according to ZipRecruiter salary data. Most workers in this role earn between $75,800.00 and $163,900.00 per year, depending on experience, location, and employer.

Is operational risk management a good career?

Operational risk management is a valuable career that involves identifying, assessing, and mitigating risks within an organization’s operations. It requires strong analytical skills, knowledge of industry regulations, and often certifications like ORM or FRM. The field offers opportunities for advancement in financial services, manufacturing, and other sectors with a focus on compliance and risk mitigation.

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

AspectOperational Risk ManagementRisk Analyst
CredentialsCertifications like FRM, CRM, or RIMS; relevant degrees in finance, risk management, or businessSimilar certifications; degrees in finance, economics, or related fields
Work EnvironmentCorporate offices, financial institutions, or industries with risk management departmentsFinancial firms, consulting agencies, or corporate risk teams
Employer & Industry UsageUsed across banking, insurance, and large corporations to manage operational risksCommonly employed in finance, insurance, and consulting to analyze risk data

Operational Risk Management focuses on identifying, assessing, and mitigating risks related to daily business operations. Risk Analysts analyze data to evaluate potential risks and support decision-making. While both roles require similar credentials and work environments, Operational Risk Managers oversee comprehensive risk strategies, whereas Risk Analysts focus on data analysis and risk assessment.

What are the key skills and qualifications needed to thrive as an operational risk manager, and why are they important?

To thrive as an Operational Risk Manager, you need strong analytical abilities, knowledge of risk assessment frameworks, and typically a degree in finance, business, or a related field. Familiarity with risk management software, regulatory compliance systems, and certifications like FRM or ORM are commonly required. Exceptional communication, problem-solving, and stakeholder management skills help you influence business processes and foster a risk-aware culture. These skills ensure the effective identification, mitigation, and communication of risks, safeguarding organizational assets and compliance.

What is operational risk management?

Operational risk management is the process of identifying, assessing, and controlling risks that arise from an organization’s day-to-day operations. These risks can include system failures, human errors, fraud, or external events that could disrupt business processes. Effective operational risk management helps organizations minimize losses and ensure business continuity by implementing controls, monitoring processes, and developing contingency plans. It is an essential component of overall risk management in industries such as finance, healthcare, and manufacturing.

What are common challenges faced by professionals in operational risk management, and how can they be addressed?

Professionals in Operational Risk Management often face challenges such as identifying emerging risks, ensuring regulatory compliance, and fostering a risk-aware culture across departments. These challenges can be addressed by staying updated on industry regulations, implementing robust risk assessment tools, and promoting open communication with business units. Regular training and collaboration with other risk management functions also help in proactively managing potential operational threats and ensuring organizational resilience.

What are the most commonly searched types of Operational Risk Management jobs in Chicago, IL?

The most popular types of Operational Risk Management jobs in Chicago, IL are:

What are popular job titles related to Operational Risk Management jobs in Chicago, IL?

For Operational Risk Management jobs in Chicago, IL, the most frequently searched job titles are:

What job categories do people searching Operational Risk Management jobs in Chicago, IL look for?

The top searched job categories for Operational Risk Management jobs in Chicago, IL are:

Operational Risk Management jobs near you
Infographic showing various Operational Risk Management job openings in Chicago, IL as of August 2026, with employment types broken down into 1% As Needed, 82% Full Time, 14% Part Time, and 3% Contract. Highlights an 92% Physical, 3% Hybrid, and 5% Remote job distribution, with an average salary of $124,439 per year, or $59.8 per hour.

Manager, Fraud Risk Oversight

Bank of Montreal

Chicago, IL • On-site

Full-time

Medical, Life, Retirement

Posted 16 days ago

Job description

Application Deadline:
08/30/2026
Address:
320 S Canal Street
Job Family Group:
Audit, Risk & Compliance
Provides oversight, monitoring and reporting on operational risks for a designated portfolio. Develops and monitors the operational management framework that includes the governance framework & practices leveraged across BMO to manage operational risks. Provides policies & standards, methodologies and controls that increase transparency, accuracy and consistency across groups. Works with stakeholders to implement the methodology, metrics and program standards for the assigned portfolio to ensure compliance as well as effective monitoring, timely reporting and identification of action plans.
  • Acts as a trusted advisor to assigned business/group.
  • Guides/assists in the identification and classification of issues; recommends action plans.
  • Influences and negotiates to achieve business objectives.
  • Recommends and implements solutions based on analysis of issues and implications for the business.
  • Assists in the development of strategic plans.
  • Identifies emerging issues and trends to inform decision-making.
  • Researches existing or emerging requirements & related best practices to assist and develops recommendations for changes/enhancements.
  • Assists with the interpretation of new or changing regulations and assessing impacts to the governance frameworks.
  • Helps determine business priorities and best sequence for execution of business/group strategy.
  • Conducts independent analysis and assessment to resolve strategic issues.
  • Leads the development and maintenance of the governance system and framework.
  • Supports development and execution of strategic initiatives in collaboration with internal and external stakeholders.
  • Represents the model validation program / portfolio for internal/external regulatory audits and/or examinations.
  • Ensures alignment between stakeholders.
  • Coordinates the management of databases; ensures alignment and integration of data in adherence with data governance standards.
  • Builds change management plans of varying scope and type; leads or participates in a variety of change management activities including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.
  • Leads or participates in defining the communication plan designed to positively influence or change behaviour; develops tailored messaging; and identifies appropriate distribution channels.
  • Leads and integrates the monitoring, measurement & reporting on the status of the operational risk governance program to internal & external stakeholders.
  • Leads the management of governance meetings and maintenance of governing body mandates, oversight and approval guidelines.
  • May provide specialized support for other internal and external regulatory requirements.
  • Provides input into the planning and implementation of ongoing operational programs in support of the operational risk framework.
  • Leads/participates in the design, implementation and management of core business/group processes.
  • Administers and maintains operational risk program activities in adherence to all policies, procedures and established processes.
  • Identifies potential risk situations/ impacts, and make recommendations or escalates to the manager, as per guidelines.
  • Develops and maintains in-depth knowledge of business and related risk management requirements and legislative/ regulatory directives and guidance.
  • Builds effective relationships with internal/external stakeholders e.g. business stakeholders and Corporate Support Areas (CSAs) in providing 'second line of defense' operational risk management support.
  • Analyzes data and information to provide insights and recommendations; includes identification of risk impacts for new processes and workflows related to initiatives.
  • Monitors and tracks performance; addresses any issues.
  • Coordinates and monitors the review and sign-off of attestations and reporting.
  • Maintains tools and templates for operational risk programs (e.g., Risk Control Self Assessment (RCSA), Sarbanes-Oxley (SOX) or regulatory compliance), as required.
  • Focus is primarily on business/group within BMO; may have broader, enterprise-wide focus.
  • Provides specialized consulting, analytical and technical support.
  • Exercises judgment to identify, diagnose, and solve problems within given rules.
  • Works independently and regularly handles non-routine situations.
  • Broader work or accountabilities may be assigned as needed.
    Qualifications:
  • Typically between 5 - 7 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
  • In-depth knowledge operational risk management practices.
  • In-depth knowledge of the designated business / product portfolio.
  • In-depth knowledge of regulatory requirements.
  • In-depth knowledge of quantitative techniques and economic capital methodologies.
  • In-depth knowledge & experience with risk policy frameworks; quality control / testing frameworks.
  • Deep knowledge and technical proficiency gained through extensive education and business experience.
  • Verbal & written communication skills - In-depth.
  • Collaboration & team skills - In-depth.
  • Analytical and problem solving skills - In-depth.
  • Influence skills - In-depth.
  • Data driven decision making - In-depth.

Salary:
$74,000.00 - $138,000.00
Pay Type:
Salaried
The above represents BMO Financial Group's pay range and type.
Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group's expected target for the first year in this position.
BMO Financial Group's total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards
About Us
At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.
As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one - for yourself and our customers. We'll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we'll help you gain valuable experience, and broaden your skillset.
To find out more visit us at http://jobs.bmo.com/us/en
BMO is proud to be an equal employment opportunity employer. We evaluate applicants without regard to race, religion, color, national origin, sex (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity, gender expression, transgender status, sexual stereotypes, age, status as a protected veteran, status as an individual with a disability, or any other legally protected characteristics. We also consider applicants with criminal histories, consistent with applicable federal, state and local law.
BMO is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation because of a disability for any part of the employment process, please send an e-mail to BMOCareers.Support@bmo.com and let us know the nature of your request and your contact information.
Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.
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About BMO

Sourced by ZipRecruiter

BMO, or Bank of Montreal, is one of the biggest multinational banking and financial services corporations in North America. Developed in 1817, BMO's American headquarters are located ideally in Chicago, Illinois while its main world headquarters are situated in Montreal. The bank operates in a multitude of sectors including personal and commercial banking, wealth management and investment banking products and solutions. Over the years, BMO has been recognized for its commitment to doing what's right for its customers, employees, and society.

Industry

Banking and credit intermediation

Company size

5,001 - 10,000 Employees

Headquarters location

Chicago, IL, US

Social media

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