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Risk Modeling Jobs in Chicago, IL (NOW HIRING)

SageSure

Senior Catastrophe Risk Analyst

Chicago, IL · On-site

Evaluate third-party catastrophe models (e.g., RMS, Verisk, CoreLogic) and contribute to the development of internal risk views. * Analyze large datasets (e.g., exposure data, claims data, hazard ...

Pwc

Risk Modeling Services P&C - Director

Chicago, IL · On-site

$134K - $410K/yr

  • Medical

  • Dental

  • Vision

  • Retirement

  • PTO

Industry/Sector Not Applicable Specialism Assurance Management Level Director & Summary At PwC, our people in risk and compliance focus on maintaining regulatory compliance and managing risks for ...

Cedar Cares, Inc

Chief Risk Officer

Chicago, IL · On-site

$259.25 - $320.25/hr

  • Medical

  • Dental

  • Vision

  • Retirement

  • PTO

We are hiring a Chief Risk Officer to provide strategic leadership and oversight of the financial ... Enhance model and financial resource back‑testing, stress‑testing scenarios, and credit ...

ElectronX

Head of Risk

Chicago, IL · On-site

$150 - $250/hr

  • Medical

  • Dental

  • Vision

  • Retirement

  • PTO

Design and oversee margin model validation, stress testing, and back-testing programs. * Manage counterparty credit risk assessment and ongoing monitoring for clearing members. * Develop position ...

ElectronX

Head of Risk

Chicago, IL · On-site

$225K - $300K/yr

  • Medical

  • Dental

  • Vision

  • Retirement

  • PTO

Design and oversee margin model validation, stress testing, and back-testing programs. * Manage counterparty credit risk assessment and ongoing monitoring for clearing members. * Develop position ...

Cboe Global Markets

Chief Risk Officer

Chicago, IL

  • Medical

  • Dental

  • Vision

  • Life

  • Retirement

  • PTO

The Chief Risk Officer will partner closely with second- and third-line functions, clearing members ... Enhance model and financial resources back-testing, stress testing scenarios, and credit modelling ...

Cboe Global Markets

Chief Risk Officer

Chicago, IL · On-site

  • Medical

  • Dental

  • Vision

  • Life

  • Retirement

  • PTO

The Chief Risk Officer will partner closely with second- and third-line functions, clearing members ... Enhance model and financial resources back-testing, stress testing scenarios, and credit modelling ...

Northern Trust

Hedge Fund Risk Manager

Chicago, IL · On-site

$80K - $133K/yr

  • Medical

  • Dental

  • Vision

  • Life

  • Retirement

  • PTO

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 ...

Northern Trust

Hedge Fund Risk Manager

Chicago, IL

$80K - $133K/yr

  • Medical

  • Dental

  • Vision

  • Life

  • Retirement

  • PTO

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 ...

Northern Trust

Hedge Fund Risk Manager

Chicago, IL · On-site

$80K - $133K/yr

  • Medical

  • Dental

  • Vision

  • Life

  • Retirement

  • PTO

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 ...

Peterson Technology Partners

Model Risk Analyst

Chicago, IL · On-site

$75K - $125K/yr

Recommend new ways to automate and improve the modeling process, ensuring efficiency and accuracy in our financial risk assessments. What You Can Expect: * Explain and present testing results to MRM ...

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Risk Modeling information

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How much do risk modeling jobs pay per hour?

As of Aug 14, 2026, the average hourly pay for risk modeling in Chicago, IL is $31.25, according to ZipRecruiter salary data. Most workers in this role earn between $20.05 and $39.86 per hour, depending on experience, location, and employer.

What does a risk modeling do?

A risk modeler analyzes data to identify and quantify potential risks that could impact an organization or project. They develop mathematical models using statistical tools and software to assess risk levels, helping companies make informed decisions and manage uncertainties effectively.

What is the difference between Risk Modeling vs Risk Analyst?

AspectRisk Modeling
AspectRisk Modeling

Risk Modeling involves developing quantitative models to predict and assess potential risks using statistical and mathematical techniques. Risk Analysts interpret these models, analyze data, and provide insights to support decision-making. While Risk Modeling focuses on creating models, Risk Analysts apply these models to real-world scenarios. Both roles often require similar credentials like certifications in risk management and work in similar environments such as finance, insurance, or banking. Understanding the distinction helps organizations allocate resources effectively and professionals target their skill development.

What is risk modeling?

Risk modeling is the process of using statistical and mathematical techniques to predict potential risks and their impact on an organization or financial system. Professionals in this field develop models to assess the likelihood and severity of various risks, such as credit, market, operational, or environmental risks. These models help organizations make informed decisions, comply with regulations, and minimize potential losses by preparing for uncertain events.

Do risk analysts make good money?

Risk analysts typically earn a competitive salary that varies by industry, experience, and location. Entry-level positions often start around $60,000 annually, with experienced professionals earning over $100,000, especially if they hold certifications like FRM or CFA. The role often involves analytical skills, proficiency with data tools, and understanding of financial or operational risks.

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

To thrive as a Risk Modeler, you need strong quantitative analysis skills, a background in statistics or mathematics, and typically a relevant degree such as finance, economics, or engineering. Familiarity with statistical software (like SAS, R, or Python), risk management frameworks, and regulatory requirements is essential, and certifications such as FRM or CFA are often valued. Attention to detail, problem-solving abilities, and effective communication help translate complex data into actionable insights for various stakeholders. These skills ensure accurate risk assessment, regulatory compliance, and informed decision-making in high-stakes environments.

What are some common challenges faced by professionals in risk modeling roles, and how are they typically addressed?

Risk modeling professionals often encounter challenges such as managing incomplete or inconsistent data, keeping up with rapidly evolving regulatory requirements, and ensuring their models remain accurate as market conditions change. To address these, teams frequently collaborate with data engineers, compliance specialists, and business stakeholders to validate data sources, implement robust model governance processes, and regularly update models. Continuous learning and cross-functional communication are key to staying effective in this dynamic environment.

What are the most commonly searched types of Risk Modeling jobs in Chicago, IL?

The most popular types of Risk Modeling jobs in Chicago, IL are:

What are popular job titles related to Risk Modeling jobs in Chicago, IL?

For Risk Modeling jobs in Chicago, IL, the most frequently searched job titles are:

What job categories do people searching Risk Modeling jobs in Chicago, IL look for?

The top searched job categories for Risk Modeling jobs in Chicago, IL are:

Risk Modeling jobs near you
Infographic showing various Risk Modeling job openings in Chicago, IL as of August 2026, with employment types broken down into 100% Full Time. Highlights an 88% In-person, and 12% Remote job distribution, with an average salary of $65,002 per year, or $31.3 per hour.

Catastrophe Risk Modeling Specialist

MSIG Holdings USA, Inc.

Chicago, IL • Hybrid

$95K - $125K/yr

Full-time

Posted 2 days ago

New

Job description

MSIG USA continues to grow!

Company Overview:

MSIG USA is the US-based subsidiary ofMS&AD Insurance Group Holdings, Inc., one of the world's top P&C carriers and a global Class 15 insurer, with A+ ratings and a reach that spans 40+ countries and regions. Leveraging our 350-year heritage, MSIG USA brings the financial strength, expertise, and global footprint to offer commercial insurance solutions that address your business's unique risks.

Location

Location: Hybrid role; Atlanta, GA preferred. Warren, NJ or NY considered. Other MSMM office locations may be possible.

Position Overview:

As an expanding and critical area in the insurance industry, catastrophe modeling plays a key role in protecting insureds from the impacts of climate change. MSMM is seeking a motivated individual with strong analytical skills and an interest in quantitative analysis to join our Catastrophe Modeling team.

The Catastrophe Modeling Analyst will work closely with experienced modelers to perform account-level modeling for the company's property portfolio using vendor software (AIR) and internal tools. This role involves collecting, analyzing, and ensuring the quality of property data, as well as supporting underwriters with outputs needed for informed risk decisions. Additional responsibilities include portfolio-level analysis for PML calculations, property aggregations, profitability, and trend indications.

Essential Functions:

  • Perform account-level property catastrophe modeling and assist underwriters with day-to-day requests.

  • Review and validate high-impact account modeling results; support initiatives to improve modeling efficiency.

  • Identify and monitor aggregate exposures to mitigate potential losses from extreme events (e.g., hurricanes, earthquakes, wildfires).

  • Track and analyze underwriting data to manage MSMM's property portfolio.

  • Maintain data quality through regular file and portfolio reviews and completion of QC checklists.

  • Collaborate with underwriting, reinsurance, and management teams to implement best practices for data integrity.

  • Provide modeling support for field underwriters and resolve related issues.

  • Deliver data and modeling results for Ceded Re, Actuarial, and Finance teams; complete ad hoc projects as needed.

  • Support monthly and quarterly modeling processes.

  • Assist in developing internal/external training programs related to catastrophe management.

  • Enhance reporting capabilities and create new reports for senior leadership.

Education & Experience:

  • 2-3 years of experience in catastrophe modeling, preferably in commercial lines with portfolio modeling focus.

  • Proficiency in Verisk CAT modeling; Moody's experience is a plus.

  • Strong understanding of commercial property insurance terms and ability to accurately model complex structures.

  • Advanced skills in Excel and SQL; experience with Python, VBA, or R is beneficial.

  • Excellent communication skills to present complex analyses to business stakeholders.

  • Highly organized with attention to detail; ability to manage multiple priorities and deliver high-quality work on time.

  • Bachelor's degree in a quantitative field (mathematics, data science, computer science, or physical sciences).

Salary: The base pay range is $95,000.00 - 125,000.00. Salary determinations are based on various factors, including but not limited to, relevant work experience, skills, certifications and location.

#LI-HYBRID

It's an exciting time for our company and a great opportunity to join a financially sound and growing global insurance group!


It is the policy of MSIG USA to provide equal employment opportunity (EEO) to all persons regardless of age, color, national origin, citizenship status, physical or mental disability, race, religion, creed, gender, sex, sexual orientation, gender identity and/or expression, genetic information, marital status, status with regard to public assistance, veteran status, or any other characteristic protected by federal, state or local law. In addition, MSIG USA will provide reasonable accommodations for qualified individuals with disabilities.

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