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

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Operational Risk Management information

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$48.5K

$124.4K

$244.3K

How much do operational risk management jobs pay per year?

As of Sep 4, 2026, the average yearly pay for operational risk management in Chicago, IL is $124,438.00, 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.

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 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 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.

Is operational risk management a good career?

Operational risk management is a valuable career that involves identifying 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 assessment.

What does an operational risk management do?

Operational risk management involves identifying, assessing, and mitigating risks that could disrupt an organization's daily operations. Professionals in this field develop strategies to prevent losses from process failures, fraud, or system outages, often using tools like risk assessments and control frameworks. They ensure compliance with regulations and improve overall operational 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, 83% Full Time, 14% Part Time, and 2% Contract. Highlights an 90% Physical, 2% Hybrid, and 8% Remote job distribution, with an average salary of $124,438 per year, or $59.8 per hour.

Associate Principal, Operational Risk Management and Controls

The Options Clearing Corporation

Chicago, IL • On-site

Full-time

Medical, Dental, Vision, Retirement, PTO

Re-posted 3 days ago

Job description

To be considered for this position, applications and resumes are accepted only through our careers site by directly applying to the posted job. We do not accept unsolicited resumes or sales solicitations from staffing agencies. Any OCC employee wishing to submit a referral must do so through their Workday account. Any resume submitted outside of an active job posting will not be considered for employment.
What You'll Do:
This role will provide critical support to the Director of Operational Risk to evaluate IT and Security risks by assisting with risk assessments and applying aspects of the risk management framework across the process, risk, and control universe. Additionally, this role will help with the risk assessment program activities, coordinate with other functions (e.g. IT, Security, TPRM, Legal, Compliance, and Internal Audit) and facilitate appropriate ORM governance to ensure alignment to OCC strategy and short-term objectives.
The Operational Risk Management (ORM) department identifies, measures, monitors, and reports risks and exposures across the organization through the Risk Management Framework, and specifically through several risk programs, including but not limited to: Enterprise Risk Assessments (ERA) , Risk Event Analysis, Scenario Analysis, Key Risk Indicators, and Risk Reporting. The ORM team is a dedicated group of professionals focused on developing and executing second line of defense oversight responsibilities for OCC.
Primary Duties and Responsibilities:
To perform this job successfully, an individual must be able to perform each primary duty satisfactorily.
  • Collaborate with IT, Security, TPRM, Legal, Compliance, and Internal Audit to ensure that ORM contributes to strengthening the overall effective management of IT and Security risk across the organization.
  • Lead the OCC's risk identification and assessment process (Risk Intake) for IT, Security and business risks, and verify the consistency and reliability of the associated frameworks and systems.
  • Drive adherence to methodologies, guidance, and standards applicable to risk identification and assessment frameworks.
  • Maintain risk inventories, taxonomies, and other elements supporting IT & Security risk management and compliance activities
  • Lead and execute the IT and Security risk assessment process, while aligning to the risk and control universe, and regulatory requirements and expectations.
  • Ensure issues are properly reported to business areas and remediated appropriately to reduce outstanding risk or performance breakdowns
  • Generate reports of Archer data for various stakeholders, including regulators.
  • Help automate IT & Security risk oversight.
  • Communicate results of risk assessments to governance committees, business owners, and various levels of leadership.
  • Collaborate on the enhancement and maintenance of ORM program methodologies, policies, procedures, and job aides, including the development of new program activities.
  • Track and update ORM team internal findings, external exam issues, and business area self-identified issues resulting from Enterprise Risk Assessment.

Supervisory Responsibilities
None
Are the essental duties of this job required to be performed in an OCC office location? Yes - Chicago office 3 days/week
Qualifications:
The requirements listed are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the primary functions.
  • [Required] Advanced understanding of IT risk, Security risk, and intermediate understanding of Operational risk
  • [Required] Ability to act as a trusted advisor and provide effective challenge
  • [Required] Creative, independent thinker, with a willingness to develop and drive new ideas
  • [Required] Excellent written, verbal and presentation skills
  • [Required] Must be team-oriented and be able to collaborate effectively in department and cross-departmental efforts
  • [Required] Ability to work under pressure and with tight deadlines
  • [Preferred] Familiarity with Financial Market Utilities; securities and derivatives markets
  • [Preferred] Ability to work in a highly regulated environment, including with the SEC, CFTC, and Federal Reserve; Familiarity with the Covered Clearing Agency regulations

Technical Skills & Background
  • [Required] Proficient in Microsoft Word, Excel, Access, and PowerPoint
  • [Required] Experience with eGRC systems (e.g., Archer)

Education & Training
  • [Required] Bachelor's Degree in Finance, Business, Information Systems, Computer Science (or equivalent) preferred
  • [Required] 3+ years of experience in enterprise risk, technology risk, security risk, or risk consultancy, specifically with focus on assessing IT and Security risk
  • [Preferred] Consulting experience

Certificates or Licenses:
  • [Preferred] Certification such as: CPA, CISSP, Security+, CSX-P, CET, CISA or CISM

About Us
The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures and securities lending transactions. As a Systemically Important Financial Market Utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System. OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms. More information about OCC is available at www.theocc.com.
Benefits
A highly collaborative and supportive environment developed to encourage work-life balance and employee wellness. Some of these components include:
  • A hybrid work environment, up to 2 days per week of remote work
  • Tuition Reimbursement to support your continued education
  • Student Loan Repayment Assistance
  • Technology Stipend allowing you to use the device of your choice to connect to our network while working remotely
  • Generous PTO and Parental leave
  • 401k Employer Match
  • Competitive health benefits including medical, dental and vision

Visit https://www.theocc.com/careers/thriving-together for more information.
Compensation
  • The salary range listed for any given position is exclusive of fringe benefits and potential bonuses. If hired at OCC, your final base salary compensation will be determined by factors such as skills, experience and/or education.
  • In addition, we believe in the importance of pay equity and consider internal equity of our current team members as part of any final offer.
  • We typically do not hire at the maximum of the range in order to allow for future and continued salary growth. We also offer a substantial benefits package as noted on www.theocc.com/careers
  • All employees may be eligible for a discretionary bonus. Discretionary bonuses are based on various factors, including, but not limited to, company and individual performance and are not guaranteed.

Salary Range
$98,100.00 - $142,000.00
Incentive Range
8% to 15%
This position is eligible for an annual discretionary incentive compensation award, for which the target range is listed above (see Incentive Range). The amount of such award, if any, will be based on various factors, including without limitation, both individual and company performance.
Step 1
When you find a position you're interested in, click the 'Apply' button. Please complete the application and attach your resume.
Step 2
You will receive an email notification to confirm that we've received your application.
Step 3
If you are called in for an interview, a representative from OCC will contact you to set up a date, time, and location.
For more information about OCC, please click here.
OCC is an Equal Opportunity Employer

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