Model Risk Governance Lead

Federal Home Loan Bank of Chicago

Chicago (IL)

On-site

USD 151,025 - 265,525

Full time

14 days+

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Benefits offered by this job

401(k) and Pension

Medical, dental, and vision insurance

Lifestyle Spending Account

Five weeks PTO

11 holidays per year

Remote days allocation

Job summary

Federal Home Loan Bank of Chicago is seeking a Model Risk Analyst to strengthen governance over financial models and EUCs within the Model Risk Management Group. You will support model validation, regulatory compliance, and risk reporting while improving governance practices across the model lifecycle.

The role requires 7–10 years in risk management, familiarity with FRM/CFA, and a strong grasp of fixed income risk.

Qualifications

Bachelor's or master's degree in finance, economics, risk management, or a related field.
Relevant professional certifications (e.g., FRM, CFA) are a plus.
Extensive experience (7-10 years) in risk management, regulatory compliance, or related fields, focusing on model risk governance and compliance.
0-5 years of management experience required.
Strong knowledge of regulatory guidelines and industry best practices related to model risk governance and compliance.
Familiarity with model risk management frameworks, model validation, and model development processes.
Experience in developing and implementing policies, procedures, and controls related to model risk governance and compliance.
Strong understanding of regulatory requirements and ability to interpret and apply them practically.
Advanced understanding of financial regulatory environment, fixed income products and risk management concepts.

Responsibilities

Implement and maintain a comprehensive model risk governance framework.
Stay up-to-date with regulatory guidelines and assess their impact on governance and compliance practices.
Conduct periodic assessments to identify gaps and remediation actions.
Maintain an up-to-date model inventory and coordinate EUCs reviews.
Collaborate with model validation to perform annual reviews and ensure governance standards are met.
Conduct peer reviews for validation reports to ensure compliance with governance standards.
Engage in regulatory interactions, including examinations and inquiries, and support audits.
Develop and deliver training on model risk governance for stakeholders.
Prepare reports and presentations for senior management and oversight committees.