Model Risk Analyst: Innovate, Validate & Automate

Federal Home Loan Bank of Chicago; Chicago, Northern (IL, KY); Hybrid; USD 75,000 - 126,000; Full time

Benefits offered by this job

Competitive compensation and bonus

401(k) and pension plan

PTO 5 weeks + 11 holidays

Lifestyle Spending Account

Downtown Chicago location

Job summary

FHLBank Chicago is seeking a Model Risk Analyst to support model validation and risk governance within the Model Risk Management Group. The role blends technical data analytics with documentation responsibilities to strengthen the bank's financial models.

You will drive innovation, collaborate with model owners and stakeholders, and propose improvements to automate the modeling process while contributing to risk management practices.

Qualifications

• 0-3 years of modeling or model validation experience.
• Passionate about risk management and interested in model validation.
• Detail-oriented with strong communication skills.
• Proficient in statistics and data analysis; familiar with SQL/R/Python.
• Knowledge of fixed income securities or mortgage products a plus; CFA/FRM a plus.

Responsibilities

• Explain and present testing results to MRM, model owners and stakeholders.
• Perform ad-hoc analysis to support model-related initiatives.
• Review model data sources, assumptions, and underlying theory for conceptual soundness.
• Perform sensitivity and attribution analyses to identify key risk factors.
• Benchmark, back test and analyze applicable models independently.
• Recommend automation and improvements to the modeling process.
• Challenge model owners and provide constructive recommendations.

Skills

Risk management

Detail-oriented

Excellent communication

Critical thinking

Tools

Excel

Word

Access

PowerPoint

SQL

R

Python

Tableau

Job description

FHLBank Chicago is seeking a Model Risk Analyst to support model validation and risk governance within the Model Risk Management Group. The role blends technical data analytics with documentation responsibilities to strengthen the bank's financial models.

You will drive innovation, collaborate with model owners and stakeholders, and propose improvements to automate the modeling process while contributing to risk management practices.