AI Risk & Controls Lead

001 The Northern Trust Company; Chicago (IL); On-site; USD 137,000 - 234,000; Full time

Benefits offered by this job

401k and pension

Health and welfare benefits

Paid time off

Parental and caregiver leave

Life & disability insurance

Discretionary bonus

Job summary

Northern Trust is seeking an AI Risk & Controls Lead to establish first-line-of-defence AI controls across the enterprise, ensuring alignment with regulatory expectations while enabling responsible innovation.

In this role you will collaborate with Risk, Compliance and Audit, manage AI model inventories and documentation, and deliver audit-ready evidence and risk dashboards for leadership. This position requires experience in AI governance and financial services.

Qualifications

• Deep experience in AI governance / AI audit / model risk management.
• Experience with model inventories, usage tracking, and control frameworks.
• Desirable: Financial services / regulated environment experience; Understanding of AI/ML concepts; Regulatory landscape.

Responsibilities

• Define and implement AI control frameworks across the lifecycle.
• Oversee AI model inventory, classification, and governance standards.
• Own end-to-end AI documentation for audits and regulatory reviews.
• Define and track AI control metrics and compliance indicators.
• Partner with 1LOD, Risk, Compliance and Audit to support audits.
• Advise AI delivery teams on control requirements.

Skills

AI governance

Model risk mgmt

Audit readiness

Regulatory compliance

Control design

Job description

About Northern Trust

As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families, corporations and institutions. Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide. With more than 135 years of financial experience and over 24,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

Role Purpose

The AI Risk & Controls Lead is responsible for establishing and operationalising first-line-of-defence (1LOD) controls for AI across the enterprise. This role ensures that AI solutions are designed, deployed, and managed in line with regulatory, risk, and audit expectations, while enabling responsible innovation at scale.

Key Responsibilities

• AI Governance & Control Framework: Define and implement AI control frameworks aligned to enterprise risk standards. Embed 1LOD controls across AI lifecycle (design → build → deploy → monitor). Partner with Risk, Compliance, and Audit to ensure alignment with enterprise policies.
• AI Model Management & Oversight: Oversee AI model inventory, classification, and lifecycle management. Define and enforce model governance standards (documentation, approvals, controls). Ensure traceability of models, datasets, and decision logic.
• Documentation & Regulatory Readiness: Own end-to-end AI documentation standards (models, use cases, controls). Ensure readiness for internal audit, regulatory inspection, and model validation. Maintain audit‑ready evidence repositories.
• Controls Monitoring & Reporting: Define and track AI control metrics, usage tracking, and compliance indicators. Monitor adherence to policies (ethical AI, data usage, model risk). Provide risk dashboards and reporting to leadership.
• AI Risk & Audit Partnership: Act as primary 1LOD interface with 2LOD (Risk) and 3LOD (Audit). Support audits, reviews, and issue remediation. Translate regulatory expectations into practical control execution.
• Enablement & Advisory: Advise AI delivery teams (CoPilot, Digital Co-Worker, ACE, etc.) on control requirements. Embed controls into AI operating model and delivery pipelines. Drive awareness of responsible AI practices across teams.

Key Skills & Experience Required

• Deep experience in: AI governance / AI audit / model risk management; Control design and operationalisation (1LOD); AI model lifecycle & documentation practices.
• Experience with: Model inventories, usage tracking, and control frameworks; Audit readiness and regulatory expectations.
• Desirable: Financial services / regulated environment experience; Understanding of: AI/ML concepts (not necessarily data scientist level); Regulatory landscape (EU AI Act, SR 11‑7, model risk frameworks).

Success Measures

• Percentage of AI use cases onboarded into governance framework.
• Audit findings / control gaps reduction.
• Time to evidence production for audit.
• Coverage of AI model inventory & tracking.
• Adoption of AI control standards across platforms.

Salary Range

$137,400 - 233,600 USD. Salary range is a good faith estimate of base pay.

Benefits

• 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.
• Other voluntary and well‑being benefits.
• Discretionary bonus program that may include an equity component.

Work Authorization

Applicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity (no sponsorship is available for H-1B, L-1, TN, O-1, E-3, H-1B1, F-1, J-1, OPT, CPT or any other employment-based visa).

Working with Us

As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to an inclusive workplace and assisting the communities we serve.

Philanthropy is deeply rooted in Northern Trust’s history and is an essential element of our culture.

Employees around the world give their time and talent to work for the greater good of their communities.

Reasonable Accommodation

Northern Trust is committed to working with and providing adjustments to individuals with health conditions and disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at [e-mail], or alternatively you can discuss your individual requirements with the recruiter you are working with.

Looking for greater? You found it.

A global financial leader with more than 22,000 employees in 23 locations worldwide, Northern Trust empowers our employees to achieve more than just business goals. Our focus on work‑life balance, career mobility and unique opportunities are just a few of the reasons we’ve been named one of the world’s most admired companies.

Terms and Conditions

Candidate Privacy Notice California Applicant Privacy Notice Pay Transparency Nondiscrimination Provision (U.S) Transparency in Coverage Disclosure – North America. Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities.

APAC/INDIA EEO STATEMENT

Northern Trust does not discriminate on the basis of race, colour, religion or belief, nationality, ethnic or national origin, sex, marital status, sexual orientation, disability or age. All employment decisions will be made in a non‑discriminatory manner in accordance with our obligations under the law and codes of practice. This includes human resources’ decisions relating to recruitment, terms and conditions of employment, transfers, promotions and access to learning and development.

Canada EEO STATEMENT

Northern Trust is an Equal Opportunity Employer. Hiring and other employment decisions at Northern Trust are made without regard to race, colour, religion, sex, ancestry, national origin, ethnic origin, age, disability, citizenship, veteran status, sexual orientation, record of offences, marital status, family status, or any other characteristic protected by federal, provincial, or local law, regulation, or ordinance.

EMEA EOO STATEMENT

Northern Trust does not discriminate on the basis of race, colour, religion or belief, nationality, ethnic or national origin, sex, marital status, sexual orientation, disability or age. All employment decisions will be made in a non‑discriminatory manner in accordance with our obligations under the law and codes of practice. This includes human resources’ decisions relating to recruitment, terms and conditions of employment, transfers, promotions and access to learning and development.

USA EEO STATEMENT

It is the policy of The Northern Trust Company to afford equal opportunity in all phases of employment without regard to an individual's age, race, color, religion, creed, gender, national origin, citizenship status, marital status, pregnancy, sexual orientation, gender identity, gender expression, genetic tests and information, physical or mental disability, protected veteran status or any other legally protected status.

EEO Know Your Rights (U.S.)