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Operational Risk Manager Jobs in Crystal Lake, IL

Cherry Bekaert

Risk Advisory Senior Manager

Elgin, IL · On-site +1

$119K - $215K/yr

Lead and manage risk advisory and internal audit engagements, delivering high-quality, client ... Serve as a trusted advisor to clients by understanding business risks, operational challenges, and ...

Baxter

Senior Risk Engineer

Round Lake, IL · On-site

We strive for efficient and effective operations, and we hold each other accountable for delivering ... Lead risk management activities following ISO 14971 and corporate procedures concerning risk ...

Level 10, LLC

Finance

Hoffman Estates, IL · On-site

Risk Management: Identifying, assessing, and mitigating financial risks (e.g., market risk, credit risk, operational risk) that could impact the organization's financial stability and objectives.

Gallagher

Captive Risk Consultant

Rolling Meadows, IL · On-site

Introduction At Artex, we reimagine what risk management can be and we do it with bold thinking ... operations and attain optimal results from their alternative risk strategy. * Build out captive ...

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All JobsOperational Risk Manager JobsOperational Risk Manager Jobs in Crystal Lake, IL

Operational Risk Manager information

See Crystal Lake, IL salary details

$45.6K

$117.1K

$229.8K

How much do operational risk manager jobs pay per year?

As of Jun 22, 2026, the average yearly pay for operational risk manager in Crystal Lake, IL is $117,057.00, according to ZipRecruiter salary data. Most workers in this role earn between $71,300.00 and $154,200.00 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.
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What cities near Crystal Lake, IL are hiring for Operational Risk Manager jobs? Cities near Crystal Lake, IL with the most Operational Risk Manager job openings:
Operational Risk Manager jobs near you

Manager, Subcontractor Prequalification & Risk

pepperconstruction

Barrington, IL • On-site

Other

Posted 5 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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