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Operational Risk Manager Jobs in Illinois (NOW HIRING)

Capital One

Principal Risk Manager

Chicago, IL

Principal Risk Manager The Principal Risk Specialist is responsible for performing business ... They will also evaluate current operations across the business to identify areas for enhancements.

Capital One

Principal Risk Manager

Riverwoods, IL · On-site

Principal Risk Manager The Principal Risk Specialist is responsible for performing business ... They will also evaluate current operations across the business to identify areas for enhancements.

Crowe LLP

Third Party Risk Manager

Chicago, IL · On-site

... operational risk, privacy, and broader TPRM practices. The position will work within a Crowe team ... Managing and overseeing assessment teams, project timelines, and client deliverables across ...

Chubb

Director, Enterprise Risk Management

Chicago, IL

$98K - $167K/yr

... CIA), Operations Risk Manager (ORM) or related certifications * Demonstrated expertise in a Risk, Audit or Compliance role relating to an insurance business * Clear understanding of Company ...

Early Warning Services

IT Risk Manager

Chicago, IL · Hybrid

Build and manage the business line's centralized LOD1 function; act as business-line liaison to Enterprise Risk Management, Operational Risk Management, and Compliance in support of the company ...

Sunrise

... Risk Management capacity Must have at least 2 years of experience in a supervisory role Must ... operations, employee, and carrier. Monitors the length of accommodation and follows up on the ...

Endeavor Health

Clinical Risk Manager

Wilmette, IL · On-site

$42.54 - $65.94/hr

The Clinical Risk Manager is responsible for the review, investigation and prioritization of ... Colla borates with Performance Improvement team and Operational Leaders to identify key quality and ...

Endeavor Health

Clinical Risk Manager

Glenview, IL · On-site

$42.54 - $65.94/hr

The Clinical Risk Manager is responsible for the review, investigation and prioritization of ... Colla borates with Performance Improvement team and Operational Leaders to identify key quality and ...

Deloitte

Financial Risk Manager

Chicago, IL

Learn how to identify, evaluate, and prioritize business, operational, regulatory, and technology ... Credit Risk, Liquidity Risk, Market Risk, Capital Management/Stress Testing * Knowledge of ...

Endeavor Health

Clinical Risk Manager

Evanston, IL · On-site

$42.54 - $65.94/hr

The Clinical Risk Manager is responsible for the review, investigation and prioritization of ... Colla borates with Performance Improvement team and Operational Leaders to identify key quality and ...

Endeavor Health

Clinical Risk Manager

Highwood, IL · On-site

$42.54 - $65.94/hr

The Clinical Risk Manager is responsible for the review, investigation and prioritization of ... Colla borates with Performance Improvement team and Operational Leaders to identify key quality and ...

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All JobsOperational Risk Manager JobsOperational Risk Manager Jobs in Illinois

Operational Risk Manager information

See Illinois salary details

$45.5K

$117K

$229.7K

How much do operational risk manager jobs pay per year?

As of Jun 29, 2026, the average yearly pay for operational risk manager in Illinois is $116,967.00, according to ZipRecruiter salary data. Most workers in this role earn between $71,200.00 and $154,100.00 per year, depending on experience, location, and employer.

What Does an Operational Risk Manager Do?

An operational risk manager works to identify and limit the risk associated with a company’s operations. As an operational risk manager, your responsibilities involve assessing business operations, identifying issues, and creating reports on your findings. You then help develop policies and implement changes to lessen operational risks. Other duties include continually monitoring the business to find potential new threats and ensuring company compliance with laws and regulations.

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. An Operational Risk Manager uses these pillars to develop strategies that minimize potential losses from internal processes, people, systems, or external events, often utilizing tools like risk dashboards and frameworks such as Basel II. Mastery of these pillars helps ensure organizational resilience and compliance.

What does an operational risk manager do?

An operational risk manager identifies, assesses, and mitigates risks that could disrupt a company's operations, such as process failures, fraud, or system outages. They develop risk management frameworks, monitor key risk indicators, and ensure compliance with regulations to protect the organization’s assets and reputation.

Do risk managers make good money?

Operational Risk Managers typically earn competitive salaries that vary by industry, experience, and location. According to industry data, the median annual salary ranges from $80,000 to over $130,000, with additional compensation such as bonuses and benefits. Certifications like FRM or ORM can enhance earning potential in this field.

What are some common challenges faced by Operational Risk Managers in maintaining effective risk controls across different departments?

Operational Risk Managers often encounter challenges in ensuring consistent risk controls due to varying processes, priorities, and risk appetites across departments. Communication gaps and resistance to change can make it difficult to implement standardized procedures. Successfully overcoming these challenges involves building strong cross-functional relationships, conducting regular training, and fostering a risk-aware culture to ensure alignment on risk management practices throughout the organization.

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 a solid understanding of risk assessment, regulatory compliance, and internal controls, typically supported by a degree in finance, business, or a related field. Familiarity with risk management frameworks, GRC (governance, risk, and compliance) systems, and certifications such as FRM or ORM are highly valued. Strong analytical thinking, attention to detail, and effective communication skills set top performers apart in this role. These competencies are crucial for identifying, mitigating, and communicating operational risks, ensuring organizational stability and regulatory adherence.

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

AspectOperational Risk ManagerRisk Analyst
CertificationsCFA, FRM, or similarCFA, FRM, or similar
Work EnvironmentFinancial institutions, banks, insurance companiesFinancial firms, consulting, corporate risk teams
ResponsibilitiesIdentify, assess, and mitigate operational risks; develop risk frameworksAnalyze risk data, support risk assessments, prepare reports

The Operational Risk Manager focuses on managing and mitigating operational risks within organizations, often holding certifications like CFA or FRM. In contrast, Risk Analysts primarily analyze risk data and support risk management processes. Both roles are vital in financial sectors and share similar credentials, but the Operational Risk Manager has a broader responsibility for risk mitigation strategies.

What are the 5 steps of orm?

In operational risk management (ORM), the five key steps are: identifying risks, assessing their likelihood and impact, implementing controls to mitigate risks, monitoring the effectiveness of these controls, and reviewing and improving the risk management process regularly. These steps help operational risk managers proactively manage potential threats to an organization’s operations.
More about Operational Risk Manager jobs
What are the most commonly searched types of Operational Risk jobs in Illinois? The most popular types of Operational Risk jobs in Illinois are:
What are popular job titles related to Operational Risk Manager jobs in Illinois? For Operational Risk Manager jobs in Illinois, the most frequently searched job titles are:
What job categories do people searching Operational Risk Manager jobs in Illinois look for? The top searched job categories for Operational Risk Manager jobs in Illinois are:
What cities in Illinois are hiring for Operational Risk Manager jobs? Cities in Illinois with the most Operational Risk Manager job openings:
Operational Risk Manager jobs near you
Manager, Subcontractor Prequalification & Risk

Manager, Subcontractor Prequalification & Risk

Pepper Construction

Barrington, IL • On-site

$115K/yr

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Posted 9 days ago

Key responsibilities

  • Lead subcontractor prequalification and annual requalification processes.

  • Analyze financial statements, cash flow, backlog, and credit risk.

  • Recommend approval limits, conditions, and risk mitigation strategies.

Job description

Pepper Construction leads the construction industry with an energy and ambition uncommon today. We pursue innovative methods and technologies that bring our clients' visions to life, pairing them with a practical approach and nearly 100 years of expertise. This combination delivers the precision, quality, and confidence that comes from partnering with a team dedicated to exceptional performance.
With offices in Illinois, Wisconsin, Indiana, and Ohio, Pepper Construction is a national general contracting and construction management firm that primarily serves the private sector. Pepper Construction provides clients the experience and resources of a national company, combined with the hands-on approach of a local company.
Pepper is looking for a Manager, Subcontractor Prequalification & Financial Risk, based in our Barrington, IL location.
The Manager, Subcontractor Prequalification & Financial Risk leads the financial evaluation and approval of subcontractors, clients and vendors to support informed contracting decisions and mitigate project risk. This role independently assesses subcontractor financial health, recommends approval limits, and partners closely with operations, accounting, risk management, and leadership. The position owns and continuously improves the prequalification process while ensuring compliance, consistency, and financial integrity.
Key Responsibilities
  • Lead subcontractor prequalification and annual requalification processes
  • Analyze financial statements, cash flow, backlog, and credit risk
  • Recommend approval limits, conditions, and risk mitigation strategies
  • Serve as the subject matter expert on subcontractor financial risk
  • Partner with operations and leadership to identify risk, evaluate risk tolerance and develop mitigation strategies
  • Maintain consistent, fair, and compliant prequalification standards
  • Prepare executive-level reports on subcontractor financial exposure

Qualifications
  • Bachelor's degree in Accounting or Finance
  • 5+ years of financial analysis, accounting, or risk management experience
  • Strong independent financial judgment and risk-based decision-making
  • Advanced Excel skills and experience with accounting or ERP systems
  • Construction industry experience and professional certification (CPA/CMA) preferred

The annual salary midpoint for this role is $115,000. We consider many factors when determining the actual hiring salary. These factors may include location, transferable skills, work experience, licensure and certification, business needs, internal equity, and market demands.
Pepper Construction is dedicated to offering our employees a comprehensive and best-in-class benefits package that prioritizes their physical, financial, and emotional well-being. We offer medical, dental, vision, life, and disability insurance plans, a generous 401k match, and a student loan repayment benefit. In addition to paid time off for company holidays, vacation, and personal days, Pepper offers fully paid medical and parental leave, mental health services, and more.
For additional information, visit www.pepperconstruction.com
Pepper Construction is an Equal Employment Opportunity employer.
Please Note: Pepper Construction does not sponsor visas.

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