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Quantitative Risk Manager Jobs in Illinois (NOW HIRING)

Northern Trust

Hedge Fund Risk Manager

Chicago, IL · On-site

$80K - $133K/yr

Role Overview We are seeking an experienced Risk Manager to join our investment team and oversee ... Strong analytical and quantitative skills * Ability to interpret limited transparency data

BMO

Senior Manager, Risk Appetite

Chicago, IL · On-site

$102 - $190/hr

Quantitative Skills: Ability to work with and interpret large data sets; experience in quantitative analysis pertaining to credit risk, market risk, liquidity risk, and or non-financial risks ...

New

ElectronX

Head of Risk

Chicago, IL · On-site

$225K - $300K/yr

... quantitative, and designed for the speed and complexity of energy markets. What will you be doing? Enterprise Risk Framework * Own the end-to-end risk management framework for the exchange and DCO.

ElectronX

Head of Risk

Chicago, IL · On-site

$150 - $250/hr

... quantitative, and designed for the speed and complexity of energy markets. What will you be doing? Enterprise Risk Framework * Own the end-to-end risk management framework for the exchange and DCO.

Cedar Cares, Inc

Chief Risk Officer

Chicago, IL · On-site

$259.25 - $320.25/hr

Develop the quantitative risk methodology and requirements for the Clearinghouse margin model, stress testing, and default management as new products are launched. * Enhance model and financial ...

Citizens

Fraud Risk Analytics Manager

Chicago, IL · Hybrid

$106K - $130K/yr

Description We are seeking an experienced Senior Data Scientist to lead fraud risk strategy ... Master degree in Mathematics, Statistics, Operations Management, Economics or other quantitative ...

Citizens

Fraud Risk Analytics Manager

Chicago, IL · Hybrid

$106K - $130K/yr

Description We are seeking an experienced Senior Data Scientist to lead fraud risk strategy ... Master degree in Mathematics, Statistics, Operations Management, Economics or other quantitative ...

Citizens

Fraud Risk Analytics Manager

Chicago, IL · Hybrid

$106K - $130K/yr

Description We are seeking an experienced Senior Data Scientist to lead fraud risk strategy ... Master degree in Mathematics, Statistics, Operations Management, Economics or other quantitative ...

Citizens

Fraud Risk Analytics Manager

Chicago, IL · Hybrid

$106K - $130K/yr

Description We are seeking an experienced Senior Data Scientist to lead fraud risk strategy ... Master degree in Mathematics, Statistics, Operations Management, Economics or other quantitative ...

Cboe Global Markets

Chief Risk Officer

Chicago, IL · On-site

Develop the quantitative risk methodology and requirement for the Clearinghouse margin model, stress testing, and default management in developing new products, ensuring risk methodologies remain ...

Cboe Global Markets

Chief Risk Officer

Chicago, IL

Develop the quantitative risk methodology and requirement for the Clearinghouse margin model, stress testing, and default management in developing new products, ensuring risk methodologies remain ...

Bank of America

Sr. Quantitative Finance Manager

Chicago, IL · On-site

$112K - $153K/yr

Sets quantitative work priorities in line with the bank's overall strategy and prioritization ... Risk Manager: Inspects and challenges risk controls, governance and culture to ensure the timely ...

Bank of America

Sr. Quantitative Finance Manager

Chicago, IL · On-site

$112K - $153K/yr

Sets quantitative work priorities in line with the bank's overall strategy and prioritization ... Risk Manager: Inspects and challenges risk controls, governance and culture to ensure the timely ...

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Showing results 21-40

All JobsQuantitative Risk JobsQuantitative Risk Manager JobsQuantitative Risk Manager Jobs in Illinois

Quantitative Risk Manager information

See Illinois salary details

$49.9K

$108.1K

$164.7K

How much do quantitative risk manager jobs pay per year?

As of Aug 20, 2026, the average yearly pay for quantitative risk manager in Illinois is $108,101.00, according to ZipRecruiter salary data. Most workers in this role earn between $87,200.00 and $125,000.00 per year, depending on experience, location, and employer.

What is a quantitative risk manager?

A Quantitative Risk Manager is a professional who uses mathematical models, statistical analysis, and quantitative techniques to identify, measure, and manage financial risks within an organization. They often work in banks, investment firms, or insurance companies to analyze market, credit, and operational risks. Their responsibilities include developing risk models, monitoring risk exposures, and advising senior management on risk mitigation strategies. They play a key role in ensuring that organizations make informed decisions and comply with regulatory requirements.

How does a quantitative risk manager typically collaborate with other departments within a financial institution?

Quantitative Risk Managers work closely with teams such as trading, compliance, IT, and senior management to identify, measure, and mitigate financial risks. They often translate complex quantitative models into actionable insights for non-technical stakeholders and facilitate the integration of risk metrics into daily decision-making processes. Collaboration is essential for ensuring that risk assessments align with business objectives and regulatory requirements, often requiring regular cross-functional meetings and clear communication.

What are the key skills and qualifications needed to thrive as a quantitative risk manager, and why are they important?

To thrive as a Quantitative Risk Manager, you need strong analytical abilities, a deep understanding of statistics and financial mathematics, and typically an advanced degree in finance, mathematics, or a related field. Proficiency in programming languages like Python or R, experience with risk modeling software, and certifications such as FRM or CFA are highly valuable. Exceptional problem-solving, communication, and collaboration skills help you convey complex risk metrics to stakeholders and work effectively in cross-functional teams. These skills ensure accurate risk assessments, regulatory compliance, and informed decision-making in dynamic financial environments.

What is the difference between Quantitative Risk Manager vs Quantitative Analyst?

AspectQuantitative Risk ManagerQuantitative Analyst
Primary FocusAssessing and managing risk exposure across financial portfoliosDeveloping models and algorithms for investment strategies
Required CredentialsAdvanced degrees in finance, mathematics, or related fields; certifications like FRM or CFADegrees in finance, mathematics, or statistics; often pursuing CFA or similar
Work EnvironmentFinancial institutions, risk management departmentsInvestment firms, hedge funds, banks
Key SkillsRisk assessment, regulatory knowledge, quantitative modelingData analysis, programming, financial modeling

While both roles involve quantitative skills and financial knowledge, Quantitative Risk Managers focus on identifying and mitigating risks within organizations, whereas Quantitative Analysts primarily develop models to inform investment decisions. Understanding these differences helps professionals choose the right career path or job search focus.

What are the most commonly searched types of Quantitative Risk jobs in Illinois?

The most popular types of Quantitative Risk jobs in Illinois are:

What are popular job titles related to Quantitative Risk Manager jobs in Illinois?

For Quantitative Risk Manager jobs in Illinois, the most frequently searched job titles are:

What job categories do people searching Quantitative Risk Manager jobs in Illinois look for?

The top searched job categories for Quantitative Risk Manager jobs in Illinois are:

What cities in Illinois are hiring for Quantitative Risk Manager jobs?

Cities in Illinois with the most Quantitative Risk Manager job openings:

Quantitative Risk Manager jobs near you
Infographic showing various Quantitative Risk Manager job openings in Illinois as of August 2026, with employment types broken down into 90% Full Time, 9% Part Time, and 1% Contract. Highlights an 81% Physical, 2% Hybrid, and 17% Remote job distribution, with an average salary of $108,101 per year, or $52 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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