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Operational Risk Manager Jobs in Wood Dale, IL (NOW HIRING)

Capital One

Lead Risk Specialist

Riverwoods, IL · On-site

$102K/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 ...

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 ...

Deloitte

Financial Risk Manager

Chicago, IL · On-site

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

International Motors, LLC

Senior Risk Manager

Lisle, IL · On-site

$138K - $207K/yr

The Senior Risk Manager will lead the enterprise insurance and risk financing programs; assess ... operations. This position will own the insurance purchasing cycle, manage external partners ...

NorthShore

Clinical Risk Manager

Chicago, IL · On-site

$42.54 - $65.94/hr

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

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Operational Risk Manager information

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$46.8K

$120.3K

$236.1K

How much do operational risk manager jobs pay per year?

As of Aug 19, 2026, the average yearly pay for operational risk manager in Wood Dale, IL is $120,259.00, according to ZipRecruiter salary data. Most workers in this role earn between $73,200.00 and $158,400.00 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.

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What are the most commonly searched types of Operational Risk jobs in Wood Dale, IL?

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

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

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

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

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

Operational Risk Manager jobs near you

Senior Operational Risk Testing Officer

Bank of Montreal

Chicago, IL • On-site

Full-time

Medical, Life, Retirement

Posted 15 days ago

Job description

Application Deadline:
08/19/2026
Address:
320 S Canal Street
Job Family Group:
Audit, Risk & Compliance
The Centralized Testing Team is a 2nd Line of Defense role responsible for the development, management, and execution of formal testing, monitoring, quality assurance, and review of the 1st and 2nd Line activities to assess the effectiveness of the control environment and program adherence to the bank's governance frameworks. This position will develop testing plans, test scripts, execute testing at both the transversal bank level and within specific business units, report on test results, recommend actions on any gaps identified and work with the Bank Groups to ensure remediation of those gaps.
Key Responsibilities:
  • Design and develop testing strategies and methodologies to assess the effectiveness of the Bank's control environment.
  • Execute independent testing across the organization from both a Transversal and Business Unit perspective.
  • Determine testing samples by performing in-depth risk-based analysis of the Domains.
  • Identify issues and develop recommendations to address any gaps during the test execution. Work with issue owners to develop Management Action Plans and work with the identified owners to remediate such gaps through closure.
  • Ensure implementation of consistent control frameworks across the enterprise.
  • Assess complex monitoring activities associated with the control frameworks. Ensure activities are performed accurately, thoroughly, and in accordance with dynamic regulatory, operational risk requirements, and/or industry best practices, and activities meet timeframe standards.
  • Act as a Subject Matter Expert around the Bank's Control Frameworks
  • Build effective professional relationships with business group, internal/external stakeholders and trust with regulators.
  • Works independently and regularly handles non-routine situations.

Additional Responsibilities:
  • Provides advice and guidance to assigned business/group on implementation of solutions aligned to regulatory risk appetite based on an understanding of business operations and stakeholder needs.
  • Identifies and advises on emerging issues and trends to inform decision-making.
  • Analyses and reports on compliance data, and related data to gain insights on regulatory risk.
  • Conducts and/or effectively challenges risk assessments for business/group and assists to identify more effective compliance controls.
  • Performs and/or effectively challenges monitoring and testing activities to ensure regulatory compliance controls are operating and aligned to regulatory requirements.
  • Supports root cause analysis in response to material control failures in business/group.
  • Identifies, assesses, effectively challenges and oversees the satisfactory resolution of issues, including ensuring adequate management remediation plans and validation. Elevates high profile issues/risk cases to Compliance and business/group management for prompt resolution.
  • Analyzes and reports compliance information to Compliance and business/group management.
  • Develops and maintains a high level of expertise in all regulations, directives and guidance which apply to the group(s) supported.
  • Provides input to business/group on emerging risks, regulatory developments and interpretation of regulations.
  • Accesses, monitors and reports on sensitive Bank, customer, transactional and employee information to ensure compliance with regulatory requirements.
  • Communicates the roles and importance of each of the three lines of defense, and proactively identifies regulatory risk.
  • Provides specialized consulting, analytical and technical support.
  • Exercises judgment to identify, diagnose, and solve problems within given rules.
  • Broader work or accountabilities may be assigned as needed.

Qualifications:
  • Typically minimum of 6 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience. Masters preferred.
  • In-depth knowledge and experience in Operational Risk Management in a Financial Institution.
  • Industry Certification preferred
  • Ability to run data analytics in Excel and extrapolate meaningful analysis.
  • Strong independent testing skills.
  • Strong relationship building skills to work with key stakeholders at all levels of the organization.
  • In-depth knowledge of the organization's control frameworks.
  • Knowledge of testing methodologies.
  • Ability to work independently under tight time constraints with minimal need for oversight and peer review to ensure adherence to the control framework.
  • Ability to simultaneously manage multiple high priority projects.
  • Must be able to quickly grasp complex strategies.
  • Mastery of the Microsoft Suite of products including, Power Point, Word, and Excel
  • Strong communication, critical thinking, relationship management and project management skills.
  • Verbal and written communication skills - In-depth
  • Collaboration and team skills - In-depth
  • Analytical and problem-solving skills - In-depth
  • Influence skills - In-depth
  • Data driven decision making - In-depth.

Salary:
$81,400.00 - $151,800.00
Pay Type:
Salaried
The above represents BMO Financial Group's pay range and type.
Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group's expected target for the first year in this position.
BMO Financial Group's total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards
About Us
At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.
As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one - for yourself and our customers. We'll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we'll help you gain valuable experience, and broaden your skillset.
To find out more visit us at http://jobs.bmo.com/us/en
BMO is proud to be an equal employment opportunity employer. We evaluate applicants without regard to race, religion, color, national origin, sex (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity, gender expression, transgender status, sexual stereotypes, age, status as a protected veteran, status as an individual with a disability, or any other legally protected characteristics. We also consider applicants with criminal histories, consistent with applicable federal, state and local law.
BMO is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation because of a disability for any part of the employment process, please send an e-mail to BMOCareers.Support@bmo.com and let us know the nature of your request and your contact information.
Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.
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About BMO

Sourced by ZipRecruiter

BMO, or Bank of Montreal, is one of the biggest multinational banking and financial services corporations in North America. Developed in 1817, BMO's American headquarters are located ideally in Chicago, Illinois while its main world headquarters are situated in Montreal. The bank operates in a multitude of sectors including personal and commercial banking, wealth management and investment banking products and solutions. Over the years, BMO has been recognized for its commitment to doing what's right for its customers, employees, and society.

Industry

Banking and credit intermediation

Company size

5,001 - 10,000 Employees

Headquarters location

Chicago, IL, US

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