Quantitative Risk Manager Jobs in Illinois (NOW HIRING)

Building trusted markets — powered by our people

At Cboe Global Markets, we inspire our people to solve complex challenges together because what we do matters. We provide the financial infrastructure that powers the global economy. As a leading provider of market infrastructure and tradable products, Cboe delivers cutting‑edge trading, clearing and investment solutions to market participants around the world.

We’re building meaningful ways to support professional and personal development while strengthening the trust we’ve earned as a global market leader. Our teams are empowered to share ideas, actively pursue them and bring on a challenge. As champions of internal mobility and access to opportunity, we encourage our people to “go for it” and equip our managers with the training to coach their teams to the next level. We strive to provide employees a safe space to network, share ideas and create opportunities.

To support strong partnership and team connection, this role follows a four‑day in‑office work model.

Cboe HQ is located in the historic Old Post Office district, it’s a landmark that blends classic architecture with modern amenities. The building features expansive spaces with high ceilings and large windows, offering an abundance of natural light and panoramic views of the city skyline and the Chicago River.

With its prime location in the heart of downtown, the OPO Building provides easy access to major transportation hubs, including Union Station and multiple CTA lines, making it convenient for commuters. The building is home to a variety of amenities, including restaurants, a fitness center, and collaborative workspaces, creating a vibrant and dynamic work environment in one of Chicago’s most iconic areas.

Cboe Clear US (Clearinghouse) is registered with the Commodities Futures Trading Commission (CFTC) as a Derivatives Clearing Organization (DCO) and the Securities and Exchange Commission as a Covered Clearing Agency, currently supporting margin‑eligible digital asset derivatives and binary options. Cboe Clearinghouse is hiring a Chief Risk Officer to provide strategic leadership and oversight of the financial risk management function for the Clearinghouse. This role carries significant governance responsibility, reporting to the President, Cboe Clearing US, as well as to the Board of Directors and the Risk Management Committee of the Clearinghouse. The Chief Risk Officer will partner closely with second‑ and third‑line functions, clearing members, and market participants to ensure the Clearinghouse’s risk framework remains robust, compliant, and positioned to support future product growth.

• Provide leadership for the growth and direction of the risk management function for the Clearinghouse while working collaboratively across teams to execute strategic initiatives
• Design and enhance market, credit, and liquidity risk management frameworks and implement in accordance with regulatory and company requirements
• Oversee credit risk management of clearing members, settlement bank, and other counterparties including onboarding and ongoing credit due diligence, along with Watch List escalations
• 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 sound and robust
• Enhance model and financial resources back‑testing, stress testing scenarios, and credit modelling to ensure robustness and regulatory standards are met
• Conduct default management planning and testing in collaboration with clearing members and exchange liquidity providers; ensure the Clearinghouse maintains adequate resources to manage possible member defaults
• Lead Credit and Margin Committees and provide regular updates to the Board of Directors, Risk Management Committee, and other governing bodies
• Liaison with CFTC, SEC, FINRA, and other regulators in their exams process, responding to various inquiries on new rules or methodologies, understanding the regulatory expectations and building frameworks to meet those requirements
• Implement and manage the Enterprise Risk Management (ERM) program for the Clearinghouse and ensure operations comply with internal policies and applicable regulations
• Collaborate with second‑ and third‑line departments — including the Chief Compliance Officer, Chief Information Security Officer, and Internal Audit — to develop and deploy ERM tools, practices, and policies for identifying, analyzing, and reporting enterprise risks
• Partner with sales and product teams to understand the product roadmap and strategic initiatives; develop strategies for the Clearinghouse to offer new products and services supported by robust risk modeling and monitoring systems
• Ensure the Clearinghouse maintains robust business continuity and disaster recovery processes, and coordinate testing of operational resiliency across business processes
• Stay abreast of emerging risks and regulations applicable to the Clearinghouse

• 10‑15 years of experience in trading, clearing, or capital markets risk management, or risk management technology
• Hands‑on experience with post‑trade operational workflows, FCM risk management, CCP risk management, or portfolio risk modeling for a trading business
• Experience with regulatory relations and operating within Legal and Regulatory strategic engagement guidelines, including the ability to self‑interpret regulatory rules and guidelines — specifically CFTC DCO core principles and SEC CCA requirements
• Designed and built margin models, stress testing, liquidity, default management, and overall market and credit risk management at a CCP, FCM, broker‑dealer, or similar entity
• Experience creating and reviewing risk management policiesExperience operating within a well‑defined governance framework, including reporting to a Board or Risk Committee
• Strong critical thinking skills with an interest in designing risk management governance frameworks across markets, funding, and credit
• A hands‑on orientation with acute attention to detail; strong SQL, Python, and GitHub skills to effectively leverage existing tools
• Prior experience creating or implementing ERM programs, with a strong understanding of risk appetite and tolerances, inherent and residual risks, risk controls, and risk factors such as SDLC, vendor risk management, and business continuity/disaster recovery
• Results‑driven and organized, with the ability to manage and lead multiple functions simultaneously and a passion for delivering high‑quality service
• Proven strategic agility with broad knowledge and perspective, able to accurately anticipate future consequences and trends
• Ability to adapt quickly to changes in priorities and situations, work under pressure, and meet deadlines
• Excellent written and oral communication skills, including the ability to organize and present ideas clearly to individuals or groups, listen actively, and prepare clear, concise written materials and presentations
• Ability to communicate with colleagues, management, clients, and others in a courteous, concise, and professional manner
• Have had a leadership role directing other risk management staff and can mentor to elevate them to higher levels of achievement
• Bachelor’s degree required; Master’s degree strongly preferred
• Familiarity with digital assets, options, and prediction markets is a plus

We value the total wellbeing of our people — including health, financial, personal and social wellness. We believe standard benefits like health insurance and fair pay are a given at any organization. Still, you should know we offer:

• Fair and competitive salary and incentive compensation packages with an upside for overachievement
• Generous paid time off, including vacation, personal days, sick days and annual community service days
• Health, dental and vision benefits, including access to telemedicine and mental health services
• 2:1 401(k) match, up to 8% match immediately upon hire
• Discounted Employee Stock Purchase Plan
• Tax Savings Accounts for health, dependent and transportation
• Employee referral bonus programVolunteer opportunities to help you give back to your communities

Some of our associates’ favorite benefits and perks include:

• Complimentary lunch, snacks and coffee in any Cboe office
• Paid Tuition assistance and education opportunities
• Generous charitable giving company match
• Paid parental leave and fertility benefits
• On‑site gyms and discounts to other fitness centers
• Paid Time Off

We’re reimagining the future of the workplace by focusing on what matters most, our people. Our journey is an inclusive one. We’re investing deeply in leadership programs and career development initiatives that ensure everyone has an equal chance to succeed.

We work with purpose, solving problems with ingenuity, collaboration, and a lot of passion. We’re an engaged and excited team connecting markets across borders and embracing growth in all its forms to achieve incredible outcomes.

Learn more about life at Cboe on our website and LinkedIn.

We’re proud to be an equal‑opportunity employer do not discriminate against any employee or applicant for employment based on any legally protected chara