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Operational Risk Manager Jobs in Chicago, IL (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.

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.

Associatedbank

Model Risk Manager

Chicago, IL

... Operational Risk Management. * Advanced knowledge of risk management frameworks, controls, and regulatory requirements. * Experience developing, implementing, and overseeing enterprise risk ...

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 ...

Capital One

Lead Risk Specialist

Chicago, IL · On-site

$101K/yr

Audit-Ready Operations: Foster a culture of proactive risk awareness, helping manage horizontal routines to ensure the business is continuously audit-ready. * Cross-Functional Collaboration: Partner ...

New

Sidley

AI Operational Risk Management Sr. Lead

Chicago, IL · Hybrid

$170K - $200K/yr

The AI Risk Management Senior Lead is a senior, cross-functional role responsible for owning the firm's AI governance framework, leading the AI Risk Center of Excellence (COE), and ensuring that all ...

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Operational Risk Manager information

See Chicago, IL salary details

$48.4K

$124.3K

$244.1K

How much do operational risk manager jobs pay per year?

As of Jul 10, 2026, the average yearly pay for operational risk manager in Chicago, IL is $124,344.00, according to ZipRecruiter salary data. Most workers in this role earn between $75,700.00 and $163,800.00 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 is essential for effective risk oversight and compliance.

What does an operational risk manager do?

An operational risk manager identifies, assesses, and monitors risks that could disrupt a company's operations, such as process failures, fraud, or system outages. They develop strategies to mitigate these risks, ensure compliance with regulations, and often use risk management tools and data analysis to support decision-making.

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 certifications like FRM or ORM enhancing earning potential.

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 three C's of operational risk management?

The three C's of operational risk management are Culture, Controls, and Communication. These elements help organizations identify, assess, and mitigate risks effectively, which is essential for an Operational Risk Manager to ensure operational resilience and compliance. Developing strong controls and fostering a risk-aware culture are key skills in this role.

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.

More about Operational Risk Manager jobs
What are the most commonly searched types of Operational Risk jobs in Chicago, IL? The most popular types of Operational Risk jobs in Chicago, IL are:
What are popular job titles related to Operational Risk Manager jobs in Chicago, IL? For Operational Risk Manager jobs in Chicago, IL, the most frequently searched job titles are:
What job categories do people searching Operational Risk Manager jobs in Chicago, IL look for? The top searched job categories for Operational Risk Manager jobs in Chicago, IL are:
What cities near Chicago, IL are hiring for Operational Risk Manager jobs? Cities near Chicago, IL with the most Operational Risk Manager job openings:
Operational Risk Manager jobs near you

Manager, Subcontractor Prequalification & Risk

pepperconstruction

Barrington, IL

Other

Re-posted 23 days ago

Job description

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

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