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

Northern Trust

Hedge Fund Risk Manager

Chicago, IL · On-site

$80K - $133K/yr

  • Medical

  • Dental

  • Vision

  • Life

  • Retirement

  • PTO

... in continuous operation since 1889. Northern Trust is proud to provide innovative financial ... Role Overview We are seeking an experienced Risk Manager to join our investment team and oversee ...

BMO

Senior Manager, ONFR Programs

Chicago, IL · On-site

$102 - $190/hr

  • Medical

  • Life

  • Retirement

The Senior Manager, ONFR Programs, is a key member of the Operational Non-Financial Risk (ONFR) Program team, responsible for advancing the enterprise-wide Non-Financial Risk Key Risk Indicator (KRI ...

New

ElectronX

Head of Risk

Chicago, IL · On-site

$225K - $300K/yr

  • Medical

  • Dental

  • Vision

  • Retirement

  • PTO

Stand up the operational risk program covering technology risk, business continuity, and third-party risk management. * Build real-time risk monitoring and surveillance systems that can scale with ...

ElectronX

Head of Risk

Chicago, IL · On-site

$150 - $250/hr

  • Medical

  • Dental

  • Vision

  • Retirement

  • PTO

Stand up the operational risk program covering technology risk, business continuity, and third-party risk management. * Build real-time risk monitoring and surveillance systems that can scale with ...

Bank of Montreal

Senior Manager, ONFR Programs

Chicago, IL · On-site

$102 - $190/hr

  • Medical

  • Life

  • Retirement

Audit, Risk & ComplianceThe Senior Manager, ONFR Programs, is a key member of the Operational Non-Financial Risk (ONFR) Program team, responsible for advancing the enterprise-wide Non-Financial Risk ...

Altorfer CAT

Director of Safety & Risk Management

Addison, IL · On-site

$95K - $140K/yr

  • Medical

  • Dental

  • Vision

  • Life

  • Retirement

  • PTO

Identify and reduce safety, operational, environmental, fleet, property, regulatory, and reputational risk. * Compliance: Ensure compliance with OSHA, DOT, EPA, MSHA, and applicable state safety and ...

Bank of Montreal

Senior Manager, ONFR Programs

Chicago, IL · On-site

  • Medical

  • Life

  • Retirement

Audit, Risk & Compliance The Senior Manager, ONFR Programs, is a key member of the Operational Non-Financial Risk (ONFR) Program team, responsible for advancing the enterprise-wide Non-Financial Risk ...

Smarkets

Chief Risk Officer

Chicago, IL · On-site

$150 - $200/hr

... management, ideally within derivatives markets, exchanges, clearinghouses, or other financial infrastructure providers. * 4+ years of hands‑on experience owning enterprise or operational risk ...

pepperconstruction

Director, Risk Management

Barrington, IL · On-site

  • Medical

  • Dental

  • Vision

  • Life

  • Retirement

  • PTO

Works closely with Operations, Safety, Fleet Management, Human Resources, Facilities Management ... Oversees fleet risk strategy, including driver standards, insurance coverage, loss trends, auto ...

pepperconstruction

Director, Risk Management

Barrington, IL

  • Medical

  • Dental

  • Vision

  • Life

  • Retirement

  • PTO

Works closely with Operations, Safety, Fleet Management, Human Resources, Facilities Management ... Oversees fleet risk strategy, including driver standards, insurance coverage, loss trends, auto ...

Pepper Construction

Director, Risk Management

Barrington, IL · On-site

  • Medical

  • Dental

  • Vision

  • Life

  • Retirement

  • PTO

Works closely with Operations, Safety, Fleet Management, Human Resources, Facilities Management ... Oversees fleet risk strategy, including driver standards, insurance coverage, loss trends, auto ...

Servbank

AVP, Banking Risk & Controls

Oswego, IL · On-site

$94K - $110K/yr

The position is responsible for overseeing and managing the banking risk and controls framework within Deposit Operations across both commercial and consumer lines of business, in partnership with ...

Servbank

AVP, Banking Risk & Controls

Oswego, IL · On-site

$94K - $110K/yr

The position is responsible for overseeing and managing the banking risk and controls framework within Deposit Operations across both commercial and consumer lines of business, in partnership with ...

Servbank

AVP, Banking Risk & Controls

Oswego, IL · On-site

$94K - $110K/yr

The position is responsible for overseeing and managing the banking risk and controls framework within Deposit Operations across both commercial and consumer lines of business, in partnership with ...

BMO

Manager, Risk Appetite

Chicago, IL · On-site

$74 - $138/hr

  • Medical

  • Life

  • Retirement

Strong understanding of Risk Management and Risk Governance at large, complex financial institutions, including the Risk Management Lifecycle and key risks including credit, market, operational ...

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All JobsOperational Risk JobsOperational Risk Manager JobsOperational Risk Manager Jobs in Naperville, IL

Operational Risk Manager information

See Naperville, IL salary details

$46.9K

$120.5K

$236.6K

How much do operational risk manager jobs pay per year?

As of Aug 20, 2026, the average yearly pay for operational risk manager in Naperville, IL is $120,526.00, according to ZipRecruiter salary data. Most workers in this role earn between $73,400.00 and $158,800.00 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 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 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 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 Naperville, IL?

The most popular types of Operational Risk jobs in Naperville, IL are:

What are popular job titles related to Operational Risk Manager jobs in Naperville, IL?

For Operational Risk Manager jobs in Naperville, IL, the most frequently searched job titles are:

What job categories do people searching Operational Risk Manager jobs in Naperville, IL look for?

The top searched job categories for Operational Risk Manager jobs in Naperville, IL are:

What cities near Naperville, IL are hiring for Operational Risk Manager jobs?

Cities near Naperville, IL with the most Operational Risk Manager job openings:

Operational Risk Manager jobs near you
Infographic showing various Operational Risk Manager job openings in Naperville, IL as of August 2026, with employment types broken down into 86% Full Time, 13% Part Time, and 1% Contract. Highlights an 84% Physical, 2% Hybrid, and 14% Remote job distribution, with an average salary of $120,526 per year, or $57.9 per hour.

Hedge Fund Risk Manager

Northern Trust

Chicago, IL • On-site

$80K - $133K/yr

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Re-posted 5 days ago

Northern Trust rating

8.2

Company rating: 8.2 out of 10

Based on 27 frontline employees who took The Breakroom Quiz

Job description

About Northern Trust:
Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.
Northern Trust is proud to provide innovative financial services and guidance to the world's most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.
Role Overview
We are seeking an experienced Risk Manager to join our investment team and oversee risk across a diversified portfolio of external hedge fund managers. This role focuses on portfolio-level risk aggregation, manager-level due diligence, and forward-looking risk analytics to support investment decision-making.
The ideal candidate will act as a strategic partner to the investment team, providing actionable insights on portfolio construction, diversification, and downside risk management.
Essential Duties and Responsibilities
Portfolio Risk Oversight
  • Monitor and aggregate risk exposures across underlying hedge funds by strategy, asset class, and geography
  • Assess market, liquidity, concentration, leverage, and tail risks
  • Ensure alignment with risk budgets and investment objectives
Manager Risk Assessment
  • Conduct risk-focused due diligence on hedge fund managers
  • Evaluate strategy risk, leverage, derivatives use, and drawdowns
  • Challenge portfolio construction and hedging assumptions
Risk Analytics & Reporting
  • Maintain VaR, stress testing, and scenario analysis models
  • Build dashboards and deliver risk reporting to senior stakeholders
  • Provide actionable insights to investment decision-makers
Liquidity & Capital Planning
  • Assess liquidity terms including lockups and gates
  • Monitor portfolio liquidity vs investor redemption terms
  • Run stress scenarios for market dislocation events
Portfolio Construction Support
  • Advise on allocation sizing and diversification
  • Identify hidden correlations and portfolio risks
  • Support investment decisions with forward-looking risk views
Ongoing Monitoring & Surveillance
  • Track risk metrics regularly
  • Identify early warning signals such as style drift or anomalies
  • Participate in ongoing manager monitoring
Qualifications
Necessary Experience and Education
  • 3 - 5 years in hedge fund risk management, fund of funds, asset management, risk management or related roles.
  • Bachelor's degree in Finance, Economics, Mathematics, or related field. CFA or FRM preferred.
Necessary Technical Skills
  • Strong understanding of hedge fund strategies
  • Expertise in VaR, stress testing, and risk modeling
  • Prior experience with MSCI RiskMetrics
  • Proficiency in Excel, Power BI, or SQL
Necessary Core Competencies
  • Strong analytical and quantitative skills
  • Ability to interpret limited transparency data
  • Excellent communication and stakeholder management
  • High attention to detail
Salary Range:
$80,800 - 133,400 USD
Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.
Working with Us:
As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.
Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve! Join a workplace with a greater purpose.
We'd love to learn more about how your interests and experience could be a fit with one of the world's most admired and sustainable companies! Build your career with us and apply today. #MadeForGreater
Reasonable accommodation
Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at MyHRHelp@ntrs.com .
We hope you're excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.
Apply today and talk to us about your flexible working requirements and together we can achieve greater.

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