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Operational Risk Manager Jobs in Elgin, IL (NOW HIRING)

Capital One

Principal Risk Manager

Chicago, 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.

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 ...

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 Elgin, IL salary details

$46.5K

$119.3K

$234.3K

How much do operational risk manager jobs pay per year?

As of Jul 10, 2026, the average yearly pay for operational risk manager in Elgin, IL is $119,319.00, according to ZipRecruiter salary data. Most workers in this role earn between $72,700.00 and $157,200.00 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 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 Elgin, IL? The most popular types of Operational Risk jobs in Elgin, IL are:
What job categories do people searching Operational Risk Manager jobs in Elgin, IL look for? The top searched job categories for Operational Risk Manager jobs in Elgin, IL are:
What cities near Elgin, IL are hiring for Operational Risk Manager jobs? Cities near Elgin, IL with the most Operational Risk Manager job openings:
Operational Risk Manager jobs near you
Principal Risk Manager

Principal Risk Manager

Capital One

Chicago, IL • On-site

Full-time

Posted 3 days ago

Capital One rating

7.8

Company rating: 7.8 out of 10

Based on 143 frontline employees who took The Breakroom Quiz

72nd of 146 rated banks

Job description

Principal Risk Manager

The Principal Risk Specialist is responsible for performing business compliance and operational risk and control activities. They are also responsible for educating and training the business to ensure compliance with regulations. They will also evaluate current operations across the business to identify areas for enhancements. They will serve also as partners with the business to implement processes.
Responsibilities:

  • Creates and distributes monthly risk and project process reporting.

  • Provides education and monitors the business on requirements of company policies and standards related to risk and control ownership.

  • Develops and implements job aids and tools to facilitate efficient completion of policy and standard requirements.

  • Identifies and implements effective controls to manage operational, financial, and compliance risks.

  • Maintains an accurate library of risks and controls. Performs control design reviews and compliance risk assessments.

  • Monitors the risk and control environment for weaknesses and identifies solutions to improve the effectiveness and efficiency of controls.

  • Executes control testing plans.

  • Leads the completion of projects and develops, implements, and administers control standardization and workflow solutions.

  • Creates continual monitoring exception reports for critical business processes.

  • Works as a liaison between Payments Risk and partners such as Operational Risk

  • Management, Internal Audit, Third Party Risk Management, etc.


Basic Qualifications:

  • Bachelor's Degree in Business Or Marketing.

  • 4+ years of experience in Financial Services, Marketing, Compliance, Internal Audit Operations or Vendor Management.

Preferred Qualifications:

  • 6+ years of experience in Financial Services, Marketing, Compliance, Internal Audit Operations, Vendor Management areas, Operational and Regulatory risk.

  • Payments/Financial industry experience

  • Excellent presentation skills


At this time, Capital One will not sponsor a new applicant for employment authorization for this position.

The minimum and maximum full-time annual salaries for this role are listed below, by location. Please note that this salary information is solely for candidates hired to perform work within one of these locations, and refers to the amount Capital One is willing to pay at the time of this posting. Salaries for part-time roles will be prorated based upon the agreed upon number of hours to be regularly worked.

Chicago, IL: $109,900 - $125,400 for Principal Risk Specialist


McLean, VA: $120,800 - $137,900 for Principal Risk Specialist


Richmond, VA: $109,900 - $125,400 for Principal Risk Specialist


Riverwoods, IL: $109,900 - $125,400 for Principal Risk Specialist








Candidates hired to work in other locations will be subject to the pay range associated with that location, and the actual annualized salary amount offered to any candidate at the time of hire will be reflected solely in the candidate's offer letter.

This role is also eligible to earn performance based incentive compensation, which may include cash bonus(es) and/or long term incentives (LTI). Incentives could be discretionary or non discretionary depending on the plan.

Capital One offers a comprehensive, competitive, and inclusive set of health, financial and other benefits that support your total well-being. Learn more at theCapital One Careers website. Eligibility varies based on full or part-time status, exempt or non-exempt status, and management level.

This role is expected to accept applications for a minimum of 5 business days.No agencies please. Capital One is an equal opportunity employer (EOE, including disability/vet) committed to non-discrimination in compliance with applicable federal, state, and local laws. Capital One promotes a drug-free workplace. Capital One will consider for employment qualified applicants with a criminal history in a manner consistent with the requirements of applicable laws regarding criminal background inquiries, including, to the extent applicable, Article 23-A of the New York Correction Law; San Francisco, California Police Code Article 49, Sections 4901-4920; New York City's Fair Chance Act; Philadelphia's Fair Criminal Records Screening Act; and other applicable federal, state, and local laws and regulations regarding criminal background inquiries.

If you have visited our website in search of information on employment opportunities or to apply for a position, and you require an accommodation, please contact Capital One Recruiting at 1-800-304-9102 or via email at RecruitingAccommodation@capitalone.com. All information you provide will be kept confidential and will be used only to the extent required to provide needed reasonable accommodations.

For technical support or questions about Capital One's recruiting process, please send an email to Careers@capitalone.com

Capital One does not provide, endorse nor guarantee and is not liable for third-party products, services, educational tools or other information available through this site.

Capital One Financial is made up of several different entities. Please note that any position posted in Canada is for Capital One Canada, any position posted in the United Kingdom is for Capital One Europe and any position posted in the Philippines is for Capital One Philippines Service Corp. (COPSSC).

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